6Overview of Act

6 Overview of Act

(1) This Act provides for the regulation of payment systems and purchased payment facilities.

Note: The regulation of purchased payment facilities operates through regulation of the holders of the stored value of such facilities.

(2) Part 2 contains definitions of terms used in this Act. (3) Part 3 deals with the regulation of payment systems. It provides for: (a) the designation of payment systems (see Division 2 for designated payment systems and Division 2A for special designated payment systems); and (b) the imposition of access regimes on participants in payment systems that are designated payment systems or special designated payment systems (or both) (see Division 3); and (c) standards to be complied with by participants in payment systems that are designated payment systems or special designated payment systems (or both) (see Division 4); and (d) the arbitration of disputes relating to payment systems that are designated payment systems or special designated payment systems (or both) (see Division 5); and (e) directions to be complied with by participants in payment systems that are designated payment systems or special designated payment systems (or both) (see Division 6).

Note: A payment system may be a designated payment system and a special designated payment system: see subsections 11(1A) and 11B(2).

(4) Part 4 deals with the regulation of holders of the stored value of purchased payment facilities. (5) Part 5 deals with miscellaneous matters.