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Payment Systems (Regulation) Bill 1998

Part 1 P reliminary

   

1   Short title

                   This Act may be cited as the Payment Systems (Regulation) Act 1998 .

2   Commencement

                   This Act commences on the commencement of the Australian Prudential Regulation Authority Act 1998 .

3   Crown is bound by this Act

                   This Act binds the Crown in all its capacities, but does not make the Crown liable to be prosecuted for an offence.

4   Application of this Act to external Territories

                   This Act extends to every external Territory.

5   Application of Criminal Code

                   The Criminal Code applies to all offences against this Act.

6   Overview of Act

             (1)  This Act provides for the regulation of payment systems and purchased payment facilities.

Note:          The regulation of purchased payment facilities operates through regulation of the holders of the stored value of such facilities.

             (2)  Part 2 contains definitions of terms used in this Act.

             (3)  Part 3 deals with the regulation of payment systems. It provides for:

                     (a)  the designation of payment systems (see Division 2); and

                     (b)  the imposition of access regimes on participants in designated payment systems (see Division 3); and

                     (c)  standards to be complied with by participants in designated payment systems (see Division 4); and

                     (d)  the arbitration of disputes relating to designated payment systems (see Division 5); and

                     (e)  directions to be complied with by participants in designated payment systems (see Division 6).

             (4)  Part 4 deals with the regulation of holders of the stored value of purchased payment facilities.

             (5)  Part 5 deals with miscellaneous matters.