PAYMENT SYSTEMS AND NETTING ACT 1998
Table of Provisions
PART 1--PRELIMINARY
- 1 Short title
- 2 Commencement
- 3 Crown bound by this Act
- 4 Application of Criminal Code
- 5 Definitions
- 5AA Meaning of related body corporate
- 5AB Meaning of subsidiary
- 5A Security given over a person's right to require payment or performance of an obligation
PART 2--INTEGRITY--OF APPROVED RTGS PAYMENT SYSTEMS
- 6 Winding up not to affect transactions carried out on the day of appointment
- 6A Non - terminal administration not to affect transactions
- 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
Division 1--Effectiveness of close-out netting contracts
- 14 Effectiveness of close - out netting contracts
- 14A Effectiveness of security given in respect of obligations under close - out netting contracts
- 15 Declaration that section 14 does not apply
Division 2--Ceasing non-direction stays for derivatives contracts
- 15A Ceasing non - direction stays for derivatives contracts
- 15B When APRA may declare that non - direction stays cease
- 15C When APRA may declare that non - direction stays continue--regulated body is party to trigger contract
- 15D When APRA may declare that non - direction stays continue--related body corporate of regulated body is party to trigger contract
- 15E Declaration under subsection 15D(3)--total or partial transfer of business
PART 5--MARKET--NETTING CONTRACTS
- 16 Effectiveness of market netting contracts
PART 6--ADMINISTRATION
- 17 Prescribed forms
- 18 Regulations