{"id":"F2007B01051","name":"Payment Systems and Netting Act 1998 - Approval of the Reserve Bank Information and Transfer System (RITS) as an approved RTGS system (19/02/1999)","slug":"payment-systems-and-netting-act-1998-approval-of-the-reserve-bank-information-and-transfer-system-ri","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":62531,"registerId":"commonwealth-F2007B01051-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Payment Systems and Netting Act 1998 - Approval of the Reserve Bank Information and Transfer System (RITS) as an approved RTGS system (19/02/1999)","content":"19 February 1999\n\nMr GH Board  \nAssistant Governor (Business Services)  \nReserve Bank of Australia  \nSYDNEY NSW 2000\n\nDear Mr Board,\n\nPAYMENT SYSTEMS AND NETTING ACT 1998 -  \nAPPLICATION FOR APPROVAL OF RTGS SYSTEM\n\nI refer to your application of 7 August 1998 for approval of the Reserve Bank Information and Transfer System (RITS) as an “approved RTGS system” in terms of the Payment Systems and Netting Act 1998.\n\nI am pleased to inform you that, under section 9 of the Act, the Payments System Board of the Reserve Bank has declared the Reserve Bank Information and Transfer System to be an approved RTGS system for the purposes of the Act.\n\nThis approval is a disallowable instrument under section 46A of the Acts Interpretation Act 1901 and, accordingly, is being tabled before each House of the Commonwealth Parliament for a period of 15 sitting days. Subject to disallowance, the approval will take effect from the date of this letter.\n\nThis approval may be reviewed from time to time.\n\nYours sincerely,\n\nIJ Macfarlane  \nGovernor\n\nReserve Bank of Australia","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument applies an existing statutory mechanism by declaring RITS an approved RTGS system under section 9; it does not amend or expand the Act’s statutory scope. The approval is subject to parliamentary disallowance (s46A Acts Interpretation Act 1901) and may be administratively reviewed."},"complexity_factors":["Single declaratory action (approval of RITS as an approved RTGS system) — low structural complexity.","Legal authority cited: section 9 of the Payment Systems and Netting Act 1998 (basis for approval).","Instrument status: disallowable under section 46A of the Acts Interpretation Act 1901, requiring tabling before each House for 15 sitting days (parliamentary oversight).","Operational effect is immediate from the date of the letter, subject to disallowance (simple temporal condition).","Administrative discretion flagged: approval 'may be reviewed from time to time' (ongoing executive discretion).","Document contains no detailed operational, compliance, or fee provisions — limited detail increases predictability but leaves implementation specifics to existing arrangements."],"plain_english_summary":"This instrument declares the Reserve Bank Information and Transfer System (RITS) to be an “approved RTGS system” under the Payment Systems and Netting Act 1998. The Payments System Board of the Reserve Bank made the declaration; the approval takes effect from 19 February 1999 unless Parliament disallows it. The letter contains no fee or payment obligations and notes the approval may be reviewed and is subject to 15 sitting‑day tabling under the Acts Interpretation Act."},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This is an original approval instrument made under the Payment Systems and Netting Act 1998, consistent with the Act's original purpose of providing legal certainty for payment and netting systems. The scope has not expanded beyond the original legislative intent."},"complexity_factors":["Single-purpose administrative instrument (approval letter) rather than substantive legislation","No defined terms within the document itself (relies on definitions in parent Act)","No conditional logic or nested exceptions — straightforward declaration of approval","Minimal cross-referencing (only cites section 9 of the Payment Systems and Netting Act 1998 and section 46A of the Acts Interpretation Act 1901)","Short length (single page letter format)","Standard administrative procedure language (disallowable instrument, tabling requirements)"],"plain_english_summary":"The Governor of the Reserve Bank of Australia formally approved the Reserve Bank Information and Transfer System (RITS) as an \"approved RTGS system\" on 19 February 1999. This gives RITS statutory protections under the Payment Systems and Netting Act 1998, notably shielding real-time, high‑value payments from claw‑back if a participant becomes insolvent.\n\nThat legal certainty encourages banks to use RITS and helps preserve the reliability and stability of Australia’s payments infrastructure; the approval remains subject to parliamentary disallowance and future review."}},"importantCases":[],"_links":{"self":"/api/acts/payment-systems-and-netting-act-1998-approval-of-the-reserve-bank-information-and-transfer-system-ri","history":"/api/acts/payment-systems-and-netting-act-1998-approval-of-the-reserve-bank-information-and-transfer-system-ri/history","analysis":"/api/acts/payment-systems-and-netting-act-1998-approval-of-the-reserve-bank-information-and-transfer-system-ri/analysis","conflicts":"/api/acts/payment-systems-and-netting-act-1998-approval-of-the-reserve-bank-information-and-transfer-system-ri/conflicts","importantCases":"/api/acts/payment-systems-and-netting-act-1998-approval-of-the-reserve-bank-information-and-transfer-system-ri/important-cases","documents":"/api/acts/payment-systems-and-netting-act-1998-approval-of-the-reserve-bank-information-and-transfer-system-ri/documents"}}