PAYMENT SYSTEMS (REGULATION) ACT 1998 - NOTES

PAYMENT SYSTEMS (REGULATION) ACT 1998 - NOTES

No. 58, 1998

Compilation No. 6

Compilation date: 1 October 2020

Includes amendments up to: Act No. 64, 2020

Registered: 28 October 2020

About this compilation

This compilation

This is a compilation of the Payment Systems (Regulation) Act 1998 that shows the text of the law as amended and in force on 1 October 2020 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.

Self-repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

Part 1--Preliminary

1 Short title

2 Commencement

3 Crown is bound by this Act

4 Application of this Act to external Territories

5 Application of Criminal Code

6 Overview of Act

Part 2--Interpretation

7 Definitions

8 Meaning of public interest

9 Meaning of purchased payment facility and holder of the stored value

Part 3--Regulation of payment systems

Division 1--Overview

10 Overview of main regulatory provisions

Division 2--Designation of payment systems

11 Reserve Bank may designate payment systems

Division 3--Access to designated systems

Subdivision A--Access regimes

12 Imposition of access regime

13 When access regimes are in force

14 Variation of access regime

15 When access regimes cease to be in force

15A Authorisation of conduct under access regime for the purposes of the Competition and Consumer Act 2010

Subdivision B--Enforcement of access regimes

16 Right to ask Reserve Bank to give a direction

17 Right to apply to the Federal Court

Division 4--Standards for designated systems

18 Reserve Bank may make standards for designated systems

18A Authorisation of conduct under certain standards for the purposes of the Competition and Consumer Act 2010

Division 5--Arbitration of disputes relating to designated systems

19 Disputes to which Division applies

20 Arbitration of disputes

Division 6--Directions to participants in designated systems

21 Directions

Part 4--Regulation of purchased payment facilities

22 Holder of stored value must be an ADI or be authorised or exempted under this Part

23 Authority to be the holder of the stored value

24 Directions on failure to comply with conditions

25 Exemptions

Part 5--Miscellaneous

26 Persons to give Reserve Bank information

27 Power to determine requirements for applications

29 Notification obligations

31 Delegation

32 Regulations

Endnotes

Endnote 1--About the endnotes

Endnote 2--Abbreviation key

Endnote 3--Legislation history

Endnote 4--Amendment history

Endnotes

Endnote 1--About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1--About the endnotes

Endnote 2--Abbreviation key

Endnote 3--Legislation history

Endnote 4--Amendment history

Abbreviation key--Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history--Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Editorial changes

The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.

If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation "(md)" added to the details of the amendment included in the amendment history.

If a misdescribed amendment cannot be given effect as intended, the abbreviation "(md not incorp)" is added to the details of the amendment included in the amendment history.

Endnote 2--Abbreviation key

Endnote 3--Legislation history

Endnote 4--Amendment history