PAYMENT SYSTEMS (REGULATION) ACT 1998

This compilation was prepared on 15 April 2011
taking into account amendments up to Act No. 24 of 2011

The text of any of those amendments not in force
on that date is appended in the Notes section

The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,
Attorney-General's Department, Canberra

Contents

Part 1--Preliminary 1

1............ Short title [see Note 1] ........................................................................ 1

2............ Commencement [see Note 1] .............................................................. 1

3............ Crown is bound by this Act ................................................................ 1

4............ Application of this Act to external Territories ..................................... 1

5............ Application of Criminal Code ............................................................. 1

6............ Overview of Act ................................................................................. 1

Part 2--Interpretation 3

7............ Definitions .......................................................................................... 3

8............ Meaning of public interest .................................................................. 4

9............ Meaning of purchased payment facility and holder of the stored value 4

Part 3--Regulation of payment systems 6

Division 1--Overview 6

10.......... Overview of main regulatory provisions ............................................. 6

Division 2--Designation of payment systems 7

11.......... Reserve Bank may designate payment systems ................................... 7

Division 3--Access to designated systems 8

Subdivision A--Access regimes 8

12.......... Imposition of access regime ................................................................ 8

13.......... When access regimes are in force ........................................................ 8

14.......... Variation of access regime .................................................................. 9

15.......... When access regimes cease to be in force ........................................... 9

15A....... Authorisation of conduct under access regime for the purposes of the Competition and Consumer Act 2010 10

Subdivision B--Enforcement of access regimes 11

16.......... Right to ask Reserve Bank to give a direction ................................... 11

17.......... Right to apply to the Federal Court ................................................... 11

Division 4--Standards for designated systems 12

18.......... Reserve Bank may make standards for designated systems .............. 12

18A....... Authorisation of conduct under certain standards for the purposes of the Competition and Consumer Act 2010 13

Division 5--Arbitration of disputes relating to designated systems 14

19.......... Disputes to which Division applies ................................................... 14

20.......... Arbitration of disputes ...................................................................... 14

Division 6--Directions to participants in designated systems 16

21.......... Directions .......................................................................................... 16

Part 4--Regulation of purchased payment facilities 18

22.......... Holder of stored value must be an ADI or be authorised or exempted under this Part 18

23.......... Authority to be the holder of the stored value ................................... 18

24.......... Directions on failure to comply with conditions ................................ 20

25.......... Exemptions ....................................................................................... 21

Part 5--Miscellaneous 23

26.......... Persons to give Reserve Bank information ....................................... 23

27.......... Power to determine requirements for applications ............................. 24

28.......... Consultation obligations .................................................................... 24

29.......... Notification obligations ..................................................................... 24

30.......... Power to publish by other means ...................................................... 25

31.......... Delegation ......................................................................................... 25

32.......... Regulations ....................................................................................... 26

Notes 27

Notes to the Payment Systems (Regulation) Act 1998

Note 1

The Payment Systems (Regulation) Act 1998 as shown in this compilation comprises Act No. 58, 1998 amended as indicated in the Tables below.

For all relevant information pertaining to application, saving or transitional provisions see Table A.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Payment Systems (Regulation) Act 1998	58, 1998	29 June 1998	1 July 1998 (see s. 2)
Payment Systems (Regulation) Amendment Act 2005	65, 2005	26 June 2005	1 July 2005	Sch. 1 (item 2)
Trade Practices Amendment (Australian Consumer Law) Act (No. 2) 2010	103, 2010	13 July 2010	Schedule 6 (items 1, 83): 1 Jan 2011	--
Corporations and Other Legislation Amendment (Trustee Companies and Other Measures) Act 2011	24, 2011	12 Apr 2011	Schedule 2: 13 Apr 2011	--

ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted
Provision affected	How affected
Part 3
Division 3
Subdivision A
S. 15A.................................	ad. No. 24, 2011
Division 4
Heading to 18A..................	am. No. 103, 2010
S. 18A.................................	ad. No. 65, 2005
	am. No. 103, 2010

Commonwealth Consolidated Acts

PAYMENT SYSTEMS (REGULATION) ACT 1998 - NOTES