Commonwealth Consolidated Regulations

BANKING REGULATIONS 1966 - REG 4

                For subparagraph (b) (ii) of the definition of banking business in subsection 5 (1) of the Act, the activities of credit card acquiring and credit card issuing are banking business, if performed by a participant in a credit card scheme that was designated as a payment system under section 11 of the Payment Systems Act on 11 April 2001.

Note    Instruments designating the Bankcard Scheme, the VISA system and the Mastercard system were published in the Gazette (Special Gazette S 130) on 12 April 2001.