Contents

Part 1--Preliminary                                                                                                              1

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

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

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

4............ Application of Criminal Code ............................................................. 1

5............ Definitions .......................................................................................... 1

Part 2--Integrity of approved RTGS payment systems                                 6

6............ External administration not to affect transactions carried out on the day of appointment           6

7............ Obligation to notify system administrator of external administration .. 6

8............ Application for approval of payment system ....................................... 7

9............ Reserve Bank may approve payment system ...................................... 7

Part 3--Integrity of approved netting arrangements                                       9

10.......... Effectiveness of approved multilateral netting arrangements ............... 9

11.......... Application for approval of netting arrangement ............................... 10

12.......... Reserve Bank may approve netting arrangement ............................... 11

13.......... Qualified privilege ............................................................................. 11

Part 4--Close-out netting contracts                                                                           13

14.......... Effectiveness of close-out netting contracts ....................................... 13

15.......... Declaration that section 14 does not apply ........................................ 15

Part 5--Market netting contracts                                                                               16

16.......... Effectiveness of market netting contracts .......................................... 16

Part 6--Administration                                                                                                     18

17.......... Prescribed forms ............................................................................... 18

18.......... Regulations ....................................................................................... 18

Notes                                                                                                                                              19

  

Notes to the Payment Systems and Netting Act 1998

Note 1

The Payment Systems and Netting Act 1998 as shown in this compilation comprises Act No. 83, 1998 amended as indicated in the Tables below.

For application, saving or transitional provisions made by the Corporations (Repeals, Consequentials and Transitionals) Act 2001, see Act No. 55, 2001.

For all other 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 and Netting Act 1998	83, 1998	2 July 1998	2 July 1998
Corporations (Repeals, Consequentials and Transitionals) Act 2001	55, 2001	28 June 2001	Ss. 4-14 and Schedule 3 (items 402-408): 15 July 2001 (see Gazette 2001, No. S285) (a)	Ss. 4-14 [see Note 1]
Financial Services Reform (Consequential Provisions) Act 2001	123, 2001	27 Sept 2001	Schedule 1 (items 260-262): 11 Mar 2002 (see Gazette 2001, No. GN42) (b)	--
Bankruptcy Legislation Amendment (Superannuation Contributions) Act 2007	57, 2007	15 Apr 2007	Schedule 1 (item 14): 28 July 2006	--
Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007	154, 2007	24 Sept 2007	Schedule 4 (items 53, 54): Royal Assent	--
Acts Interpretation Amendment Act 2011	46, 2011	27 June 2011	Schedule 2 (item 908) and Schedule 3 (items 10, 11): 27 Dec 2011	Sch. 3 (items 10, 11)

(a)     The Payment Systems and Netting Act 1998 was amended by Schedule 3 (items
402-408) only of the Corporations (Repeals, Consequentials and Transitionals) Act 2001, subsection 2(3) of which provides as follows:

                 (3)   Subject to subsections (4) to (10), Schedule 3 commences, or is taken to have commenced, at the same time as the Corporations Act 2001.

(b)     The Payment Systems and Netting Act 1998 was amended by Schedule 1 (items
260-262) only of the Financial Services Reform (Consequential Provisions) Act 2001, subsections 2(1) and (6) of which provide as follows:

                 (1)   In this section :

                         FSR commencement means the commencement of item 1 of Schedule 1 to the Financial Services Reform Act 2001.

                 (6)   Subject to subsections (7) to (17), the other items of Schedule 1 commence on the FSR commencement.

Table of Amendments

ad. = added or inserted      am. = amended      rep. = repealed     rs. = repealed and substituted
Provision affected	How affected
Part 1
S. 5......................................	am. Nos. 55 and 123, 2001; No. 57, 2007; No. 46, 2011
Part 2
S. 9......................................	am. No. 154, 2007

Table A

Application, saving or transitional provisions

Acts Interpretation Amendment Act 2011 (No. 46, 2011)

Schedule 3

10  Saving--appointments

The amendments made by Schedule 2 do not affect the validity of an appointment that was made under an Act before the commencement of this item and that was in force immediately before that commencement.

11  Transitional regulations

The Governor-General may make regulations prescribing matters of a transitional nature (including prescribing any saving or application provisions) relating to the amendments and repeals made by Schedules 1 and 2.