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Payment Systems and Netting Bill 1998

 

 

 

 

Payment Systems and Netting Act 1998

 

No. 83, 1998

 

 

 

 

   

   

   



 

 

 

 

Payment Systems and Netting Act 1998

 

No. 83, 1998

 

 

 

 

An Act to make provision in relation to payment and settlement systems and netting contracts, and for related purposes

   

   

   



Contents

Part 1—Preliminary                                                                                                               

1............ Short title............................................................................................

2............ Commencement..................................................................................

3............ Crown bound by this Act..................................................................

4............ Application of Criminal Code ...........................................................

5............ Definitions..........................................................................................

Part 2—Integrity of approved RTGS payment systems                                  

6............ External administration not to affect transactions carried out on the day of appointment               

7............ Obligation to notify system administrator of external administration

8............ Application for approval of payment system...................................

9............ Reserve Bank may approve payment system...................................

Part 3—Integrity of approved netting arrangements                                       

10.......... Effectiveness of approved multilateral netting arrangements...........

11.......... Application for approval of netting arrangement.............................

12.......... Reserve Bank may approve netting arrangement.............................

13.......... Qualified privilege............................................................................

Part 4—Close-out netting contracts                                                                           

14.......... Effectiveness of close-out netting contracts.....................................

15.......... Declaration that section 14 does not apply.....................................

Part 5—Market netting contracts                                                                               

16.......... Effectiveness of market netting contracts........................................

Part 6—Administration                                                                                                      

17.......... Prescribed forms...............................................................................

18.......... Regulations.......................................................................................

 



Payment Systems and Netting Act 1998

No. 83, 1998

 

 

 

An Act to make provision in relation to payment and settlement systems and netting contracts, and for related purposes

[ Assented to 2 July 1998 ]

The Parliament of Australia enacts: