Commonwealth Numbered Regulations

BANKING AMENDMENT REGULATIONS 2000 (NO. 1) 2000 NO. 114 - SCHEDULE 1

(regulation 3)

[1] Regulations 1 and 2

substitute

These Regulations are the Banking Regulations 1966 .

In these Regulations:

"Act" means the Banking Act 1959 .

"holder of the stored value", in relation to a purchased payment facility, has the meaning given by the Payment Systems (Regulation) Act 1998 .

"purchased payment facility" has the meaning given by the Payment Systems (Regulation) Act 1998 .

For the purposes of subparagraph (b) (ii) of the definition of banking business in subsection 5 (1) of the Act, the provision of a purchased payment facility is banking business if APRA determines that the facility:

(a)

is of a type for which the purchaser of the facility is able to demand payment, in Australian currency, of all, or any part, of the balance of the amount held in the facility that is held by the holder of the stored value; and

(b)

is available, on a wide basis, as a means of payment, having regard to:

(i)

any restrictions that limit the number or types of people who may purchase the facility; and

(ii)

any restrictions that limit the number or types of people to whom payments may be made using the facility.