PAYMENT SYSTEMS (REGULATION) ACT 1998 - SECT 7 Definitions
PAYMENT SYSTEMS (REGULATION) ACT 1998 - SECT 7
Definitions"access" , in relation to a payment system, means the entitlement or eligibility of a person to become a participant in the system, as a user of the system, on a commercial basis on terms that are fair and reasonable.
"access regime" , in relation to a designated payment system, means an access regime:
(a) that has been imposed by the Reserve Bank under section 12; and
"constitutional corporation" means a corporation to which paragraph 51(xx) of the Constitution applies.
"designated payment system" means a payment system that is designated under section 11.
"Federal Court" means the Federal Court of Australia.
"holder of the stored value" , in relation to a purchased payment facility, has the meaning given by subsection 9(2).
"participant" in a payment system means:
(a) a constitutional corporation that is a participant in the system in accordance with the rules governing the operation of the system; or
(b) a constitutional corporation that is an administrator of the system.
"payment system" means a funds transfer system that facilitates the circulation of money, and includes any instruments and procedures that relate to the system.
"public interest" has the meaning given by section 8.
"purchased payment facility" means a facility described in subsection 9(1), other than a facility covered by a declaration under subsection 9(3).
"Reserve Bank" means the Reserve Bank of Australia .