{"id":"F2003B00121","name":"Payment Systems (Regulation) Regulations 2003","slug":"payment-systems-regulation-regulations-2003","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":"110 of 2003","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":31199,"registerId":"commonwealth-F2003B00121-current","compilationNumber":null,"startDate":"2026-04-01","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Payment Systems (Regulation) Regulations 2003","content":"![](image.001.png)\n\nPayment Systems (Regulation) Regulations 2003\n\nStatutory Rules 2003 No. 1101\n\nI, GUY STEPHEN MONTAGUE GREEN, Administrator of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Payment Systems (Regulation) Act 1998.\n\nDated 28 May 2003\n\nG. S. M. GREEN\n\nAdministrator\n\nBy His Excellency’s Command\n\nPETER COSTELLO\n\nTreasurer\n\n1 Name of Regulations\n\nThese Regulations are the Payment Systems (Regulation) Regulations 2003.\n\n2 Commencement\n\nThese Regulations commence on 1 July 2003.\n\n3 Definitions\n\n(1) In these Regulations:\n\n> Standard No. 1 means a standard entitled The Setting of Wholesale (“Interchange”) Fees determined by the Reserve Bank under section 18 of the Payment Systems (Regulation) Act 1998 on 26 August 2002 in relation to any of the following payment systems:\n\n(a) the Bankcard Scheme;\n\n(b) the MasterCard system;\n\n(c) the VISA system.\n\n> Note The Reserve Bank has made a standard in relation of each of the payment systems mentioned in this definition. Each standard has the same title.\n\n> Trade Practices Act means the Trade Practices Act 1974.\n\n(2) In these Regulations, a reference to Standard No. 1 is a reference to the standard as in existence immediately before these Regulations commence.\n\n> Note Standard No. 1 is expressed to come into force on 1 July 2003.\n\n4 Authorisation of certain conduct\n\nFor subparagraph 51 (1) (a) (ii) of the Trade Practices Act, anything that is:\n\n(a) done by a person in relation to the setting, or charging, of wholesale fees (also known as ‘interchange fees’) payable under a payment system to which Standard No. 1 applies; and\n\n(b) done in accordance with Standard No. 1;\n\nis specified, and specifically authorised by this regulation.\n\nNote\n\n> Note: 1. Notified in the Commonwealth of Australia Gazette on 4 June 2003.","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":2546},"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"These Regulations remain focused on their original purpose of authorising conduct in compliance with Reserve Bank interchange fee standards under competition law. No scope creep is evident."},"complexity_factors":["Incorporates by reference an external standard (Standard No. 1) made by the Reserve Bank","Interacts with competition law (Trade Practices Act 1974) via specific statutory authorisation provisions","Technical financial terminology (interchange fees, wholesale fees, payment systems)"],"plain_english_summary":"These regulations legally authorise banks and card networks to set interchange fees under the Reserve Bank’s capped rules, shielding those arrangements from Trade Practices Act (competition law) challenges.  \n\nThey affect card issuers and payment systems (Visa, MasterCard, Bankcard) and indirectly merchants and consumers because interchange fees help determine card transaction costs."}},"importantCases":[],"_links":{"self":"/api/acts/payment-systems-regulation-regulations-2003","history":"/api/acts/payment-systems-regulation-regulations-2003/history","analysis":"/api/acts/payment-systems-regulation-regulations-2003/analysis","conflicts":"/api/acts/payment-systems-regulation-regulations-2003/conflicts","importantCases":"/api/acts/payment-systems-regulation-regulations-2003/important-cases","documents":"/api/acts/payment-systems-regulation-regulations-2003/documents"}}