Commonwealth Consolidated Acts Commonwealth Consolidated ActsNo. 83, 1998
Compilation No. 18
Compilation date: 24 September 2024
Includes amendments: Act No. 87, 2024
About this compilation
This compilation
This is a compilation of the Payment Systems and Netting Act 1998 that shows the text of the law as amended and in force on 24 September 2024 (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 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 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 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If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Part 1--Preliminary
1 Short title
2 Commencement
3 Crown bound by this Act
4 Application of Criminal Code
5 Definitions
5AA Meaning of related body corporate
5AB Meaning of subsidiary
5A Security given over a person's right to require payment or performance of an obligation
Part 2--Integrity of approved RTGS payment systems
6 Winding up not to affect transactions carried out on the day of appointment
6A Non-terminal administration not to affect transactions
7 Obligation to notify system administrator of external administration
8 Application for approval of payment system
9 Reserve Bank may approve payment system
Part 3--Integrity of approved netting arrangements
10 Effectiveness of approved multilateral netting arrangements
11 Application for approval of netting arrangement
12 Reserve Bank may approve netting arrangement
13 Qualified privilege
Part 4--Close-out netting contracts
Division 1--Effectiveness of close-out netting contracts
14 Effectiveness of close-out netting contracts
14A Effectiveness of security given in respect of obligations under close-out netting contracts
15 Declaration that section 14 does not apply
Division 2--Ceasing non-direction stays for derivatives contracts
15A Ceasing non-direction stays for derivatives contracts
15B When APRA may declare that non-direction stays cease
15C When APRA may declare that non-direction stays continue--regulated body is party to trigger contract
15D When APRA may declare that non-direction stays continue--related body corporate of regulated body is party to trigger contract
15E Declaration under subsection 15D(3)--total or partial transfer of business
Part 5--Market netting contracts
16 Effectiveness of market netting contracts
Part 6--Administration
18 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 how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.
If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and "(md not incorp)" is added to 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 |
83, 1998 | 2 July 1998 | 2 July 1998 (s 2) |
| |
Corporations (Repeals, Consequentials and Transitionals) Act 2001 | 55, 2001 | 28 June 2001 | ||
Financial Services Reform (Consequential Provisions) Act 2001 | 123, 2001 | 27 Sept 2001 | Sch 1 (items 260-262): 11 Mar 2002 (s 2(1), (6)) | -- |
Bankruptcy Legislation Amendment (Superannuation Contributions) Act 2007 | 57, 2007 | 15 Apr 2007 | Sch 1 (item 14): 28 July 2006 (s 2(1) item 2) | -- |
Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 | 154, 2007 | 24 Sept 2007 | Sch 4 (items 53, 54): 24 Sept 2007 (s 2(1) item 7) | -- |
46, 2011 | 27 June 2011 | Sch 2 (item 908) and Sch 3 (items 10, 11): 27 Dec 2011 (s 2(1) items 7, 12) | Sch 3 (items 10, 11) | |
Corporations and Financial Sector Legislation Amendment Act 2013 | 59, 2013 | 21 June 2013 | Sch 1 (items 1-9): 19 July 2013 (s 2(1) item 2) | Sch 1 (items 8, 9) |
11, 2016 | 29 Feb 2016 | Sch 2 (item 307): 1 Mar 2017 (s 2(1) item 7) | -- | |
Financial System Legislation Amendment (Resilience and Collateral Protection) Act 2016 | 43, 2016 | 4 May 2016 | Sch 1 (items 1-35, 48): 1 June 2016 (s 2(1) item 2) | Sch 1 (item 48) |
Treasury Laws Amendment (2017 Enterprise Incentives No. 2) Act 2017 | 112, 2017 | 18 Sept 2017 | Sch 1 (items 15-17): 1 July 2018 (s 2(1) item 3) | Sch 1 (item 17) |
Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Act 2018 | 10, 2018 | 5 Mar 2018 | Sch 5: 5 Mar 2018 (s 2(1) item 2) | Sch 5 (items 30, 31) |
Corporations Amendment (Asia Region Funds Passport) Act 2018 | 61, 2018 | 29 June 2018 | Sch 2A (item 9): 18 Sept 2018 (s 2(1) item 2) | -- |
Treasury Laws Amendment (2019 Measures No. 3) Act 2020 | 64, 2020 | 22 June 2020 | Sch 3 (items 255-257, 325, 326): 1 Oct 2020 (s 2(1) item 6) | Sch 3 (items 325, 326) |
Corporations Amendment (Corporate Insolvency Reforms) Act 2020 | 130, 2020 | 15 Dec 2020 | Sch 1 (items 112-114): 1 Jan 2021 (s 2(1) item 2) | -- |
Financial Accountability Regime (Consequential Amendments) Act 2023 | 68, 2023 | 14 Sept 2023 | Sch 1 (items 71-73): 15 Sept 2023 (s 2(1) item 2) | -- |
Statute Law Amendment (Prescribed Forms and Other Updates) Act 2023 | 74, 2023 | 20 Sept 2023 | Sch 1 (items 99-104): 20 Mar 2024 (s 2(1) item 2) | Sch 1 (item 104) |
Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 | 76, 2023 | 20 Sept 2023 | Sch 2 (items 687-691): 20 Oct 2023 (s 2(1) item 2) | -- |
Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Act 2024 | 87, 2024 | 17 Sept 2024 | Sch 1 (items 41-43): 24 Sept 2024 (s 2(1) item 2) | -- |
Provision affected | How affected |
Part 1 |
|
s 5..................... | am No 55, 2001; No 123, 2001; No 57, 2007; No 46, 2011; No 11, 2016; No 43, 2016; No 112, 2017; No 10, 2018; No 61, 2018; No 130, 2020; No 68, 2023; No 76, 2023; No 87, 2024 |
s 5AA................... | ad No 10, 2018 |
| ed C10 |
s 5AB................... | ad No 10, 2018 |
s 5A.................... | ad No 43, 2016 |
Part 2 |
|
s 6..................... | am No 43, 2016 |
s 6A.................... | ad No 43, 2016 |
s 8..................... | am No 74, 2023 |
s 9..................... | am No 154, 2007 |
Part 3 |
|
s 10.................... | am No 43, 2016; No 76, 2023 |
s 11.................... | am No 74, 2023 |
Part 4 |
|
Division 1 |
|
Division 1 heading.......... | ad No 43, 2016 |
s 14.................... | am No 43, 2016 |
s 14A................... | ad No 43, 2016 |
s 15.................... | am No 64, 2020 |
Division 2 |
|
Division 2 heading.......... | ad No 43, 2016 |
s 15A................... | ad No 43, 2016 |
| am No 10, 2018 |
s 15B................... | ad No 43, 2016 |
| am No 10, 2018 |
s 15C................... | ad No 43, 2016 |
| am No 10, 2018; No 87, 2024 |
s 15D................... | ad No 10, 2018 |
| am No 87, 2024 |
s 15E................... | ad No 10, 2018 |
Part 5 |
|
s 16.................... | am No 59, 2013; No 43, 2016 |
Part 6 |
|
s 17.................... | rep No 74, 2023 |