Commonwealth Consolidated Acts Commonwealth Consolidated ActsNo. 58, 1998
Compilation No. 6
Compilation date: 1 October 2020
Includes amendments up to: Act No. 64, 2020
Registered: 28 October 2020
About this compilation
This compilation
This is a compilation of the Payment Systems (Regulation) Act 1998 that shows the text of the law as amended and in force on 1 October 2020 (the compilation date).
The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.
Uncommenced amendments
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.
Application, saving and transitional provisions for provisions and amendments
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Editorial changes
For more information about any editorial changes made in this compilation, see the endnotes.
Modifications
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.
Self-repealing provisions
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
Part 1--Preliminary
1 Short title
2 Commencement
3 Crown is bound by this Act
4 Application of this Act to external Territories
5 Application of Criminal Code
6 Overview of Act
Part 2--Interpretation
8 Meaning of public interest
9 Meaning of purchased payment facility and holder of the stored value
Part 3--Regulation of payment systems
Division 1--Overview
10 Overview of main regulatory provisions
Division 2--Designation of payment systems
11 Reserve Bank may designate payment systems
Division 3--Access to designated systems
Subdivision A--Access regimes
12 Imposition of access regime
13 When access regimes are in force
14 Variation of access regime
15 When access regimes cease to be in force
15A Authorisation of conduct under access regime for the purposes of the Competition and Consumer Act 2010
Subdivision B--Enforcement of access regimes
16 Right to ask Reserve Bank to give a direction
17 Right to apply to the Federal Court
Division 4--Standards for designated systems
18 Reserve Bank may make standards for designated systems
18A Authorisation of conduct under certain standards for the purposes of the Competition and Consumer Act 2010
Division 5--Arbitration of disputes relating to designated systems
19 Disputes to which Division applies
20 Arbitration of disputes
Division 6--Directions to participants in designated systems
21 Directions
Part 4--Regulation of purchased payment facilities
22 Holder of stored value must be an ADI or be authorised or exempted under this Part
23 Authority to be the holder of the stored value
24 Directions on failure to comply with conditions
25 Exemptions
Part 5--Miscellaneous
26 Persons to give Reserve Bank information
27 Power to determine requirements for applications
29 Notification obligations
31 Delegation
32 Regulations
Endnotes
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history
The endnotes provide information about this compilation and the compiled law.
The following endnotes are included in every compilation:
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history
Abbreviation key--Endnote 2
The abbreviation key sets out abbreviations that may be used in the endnotes.
Legislation history and amendment history--Endnotes 3 and 4
Amending laws are annotated in the legislation history and amendment history.
The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.
The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.
Editorial changes
The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.
If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.
Misdescribed amendments
A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation "(md)" added to the details of the amendment included in the amendment history.
If a misdescribed amendment cannot be given effect as intended, the abbreviation "(md not incorp)" is added to the details of the amendment included in the amendment history.
ad = added or inserted | o = order(s) |
am = amended | Ord = Ordinance |
amdt = amendment | orig = original |
c = clause(s) | par = paragraph(s)/subparagraph(s) |
C[x] = Compilation No. x | /sub-subparagraph(s) |
Ch = Chapter(s) | pres = present |
def = definition(s) | prev = previous |
Dict = Dictionary | (prev ... ) = previously |
disallowed = disallowed by Parliament | Pt = Part(s) |
Div = Division(s) | r = regulation(s)/rule(s) |
ed = editorial change | reloc = relocated |
exp = expires/expired or ceases/ceased to have | renum = renumbered |
effect | rep = repealed |
F = Federal Register of Legislation | rs = repealed and substituted |
gaz = gazette | s = section(s)/subsection(s) |
LA = Legislation Act 2003 | Sch = Schedule(s) |
Sdiv = Subdivision(s) | |
(md) = misdescribed amendment can be given | SLI = Select Legislative Instrument |
effect | SR = Statutory Rules |
(md not incorp) = misdescribed amendment | Sub-Ch = Sub-Chapter(s) |
cannot be given effect | SubPt = Subpart(s) |
mod = modified/modification | underlining = whole or part not |
No. = Number(s) | commenced or to be commenced |
Endnote 3--Legislation history
Act | Number and year | Assent | Commencement | Application, saving and transitional provisions |
58, 1998 | 29 June 1998 | 1 July 1998 (s 2) |
| |
65, 2005 | 26 June 2005 | 1 July 2005 (s 2(1) item 2) | Sch 1 (item 2) | |
Trade Practices Amendment (Australian Consumer Law) Act (No. 2) 2010 | 103, 2010 | 13 July 2010 | Sch 6 (items 1, 83): 1 Jan 2011 (s 2(1) items 3, 5) | -- |
Corporations and Other Legislation Amendment (Trustee Companies and Other Measures) Act 2011 | 24, 2011 | 12 Apr 2011 | Sch 2: 13 Apr 2011 (s 2(1) item 7) | -- |
Statute Law Revision Act (No. 1) 2016 | 4, 2016 | 11 Feb 2016 | Sch 4 (items 1, 229): 10 Mar 2016 (s 2(1) item 6) | -- |
Treasury Laws Amendment (2019 Measures No. 3) Act 2020 | 64, 2020 | 22 June 2020 | Sch 3 (items 258-291, 325, 326): 1 Oct 2020 (s 2(1) item 6) | Sch 3 (items 325, 326) |
Provision affected | How affected |
Part 2 |
|
s 9..................... | am No 64, 2020 |
Part 3 |
|
Division 2 |
|
s 11.................... | am No 64, 2020 |
Division 3 |
|
Subdivision A |
|
s 12.................... | am No 64, 2020 |
s 13.................... | am No 64, 2020 |
s 14.................... | am No 64, 2020 |
s 15.................... | am No 64, 2020 |
s 15A................... | ad No 24, 2011 |
Division 4 |
|
s 18.................... | am No 64, 2020 |
Heading to 18A............ | am No 103, 2010 |
s 18A................... | ad No 65, 2005 |
| am No 103, 2010 |
Division 6 |
|
s 21.................... | am No 4, 2016 |
Part 4 |
|
s 22.................... | am No 4, 2016 |
s 23.................... | am No 64, 2020 |
s 24.................... | am No 4, 2016 |
s 25.................... | am No 64, 2020 |
Part 5 |
|
s 26.................... | am No 4, 2016 |
s 27.................... | am No 64, 2020 |
s 28.................... | rep No 64, 2020 |
s 29.................... | am No 64, 2020 |
s 30.................... | rep No 64, 2020 |