2004-2005

The Parliament of the
Commonwealth of Australia

HOUSE OF REPRESENTATIVES



Presented and read a first time




Payment Systems (Regulation)
Amendment Bill 2005
No.           , 2005
(Treasury)




A Bill for an Act to amend the Payment Systems
(Regulation) Act 1998, and for related purposes


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                 1       Short title.......................................................................................1
                 2       Commencement .............................................................................1
                 3       Schedule(s)....................................................................................1

Schedule 1--Amendments                                                                                                    3
          Payment Systems (Regulation) Act 1998                                                                           3




i   Payment Systems (Regulation) Amendment Bill 2005                    No.       , 2005


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 2   (Regulation) Act 1998, and for related purposes
 3   The Parliament of Australia enacts:
 4   1 Short title
 5              This Act may be cited as the Payment Systems (Regulation)
 6              Amendment Act 2005.

 7   2 Commencement
 8              This Act commences on 1 July 2005.

 9   3 Schedule(s)
10              Each Act that is specified in a Schedule to this Act is amended or
11              repealed as set out in the applicable items in the Schedule




                     Payment Systems (Regulation) Amendment Bill 2005   No.   , 2005   1


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2             according to its terms.




    2   Payment Systems (Regulation) Amendment Bill 2005   No.   , 2005


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 1
 2   Schedule 1--Amendments
 3


 4   Payment Systems (Regulation) Act 1998
 5   1 At the end of Division 4 of Part 3
 6         Add:

 7   18A Authorisation of conduct under certain standards for the
 8            purposes of the Trade Practices Act 1974
 9          (1) For the purposes of subparagraph 51(1)(a)(i) of the Trade
10              Practices Act 1974, anything that is done:
11                (a) by a participant in relation to the setting, or charging, of
12                    wholesale fees (also known as interchange fees) payable
13                    under a payment system to which an interchange fees
14                    standard applies; and
15                (b) in accordance with that standard;
16              is taken to be specified in, and specifically authorised by, this Act.
17          (2) In this section:
18              interchange fees standard means any of the following standards as
19              amended and in force from time to time:
20                (a) a standard that is known as Standard No. 1, The Setting of
21                    Wholesale ("Interchange") Fees and that was determined by
22                    the Reserve Bank on 26 August 2002;
23                (b) a standard specified by the regulations for the purposes of
24                    this paragraph.

25   2 Application of amendment made by item 1
26         The amendment made by item 1 applies to things done on or after the
27         commencement of the amendment.




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