7Definitions

7 Definitions

(1) In this Act:

access, in relation to a payment system, means the entitlement or eligibility of a person to become a participant in the payment system, as a user of the payment system, on a commercial basis on terms that are fair and reasonable.

access regime, in relation to a payment system that is a designated payment system or a special designated payment system (or both), means an access regime:

(a) that has been imposed by the Reserve Bank or a nominated special regulator under section 12; and
(b) that is in force.

civil penalty provision has the same meaning as in the Regulatory Powers Act.

constitutional corporation means a corporation to which paragraph 51(xx) of the Constitution applies.

contravene an offence or civil penalty provision has a meaning affected by section 9B.

Note: The meaning of contravention is correspondingly affected (see section 18A of the Acts Interpretation Act 1901).

designated payment system means a payment system that is designated under section 11.

Federal Court means the Federal Court of Australia.

funds includes, but is not limited to, the following:

(a) money;
(b) digital units of value, including digital currency (within the meaning of the A New Tax System (Goods and Services Tax) Act 1999).

head, of a nominated special regulator, has the meaning given by subsection (2).

holder of the stored value, in relation to a purchased payment facility, has the meaning given by subsection 9(2).

matters direction has the meaning given by paragraph 11F(1)(a).

national interest has a meaning affected by section 8A.

nominated special regulator, in relation to a special designated payment system, has the meaning given by subsection 11D(2).

participant, in a payment system, has the meaning given by subsection 7A(2).

payment system has the meaning given by subsection 7A(1).

public interest has a meaning affected by section 8.