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. > purchased payment facility means a facility described in subsection 9(1), other than a facility covered by a declaration under subsection 9(3). > purposes direction has the meaning given by paragraph 11F(1)(b). > Regulatory Powers Act means the Regulatory Powers (Standard Provisions) Act 2014. > Reserve Bank means the Reserve Bank of Australia. > responsible Minister has the same meaning as in the Public Governance, Performance and Accountability Act 2013. > special designated payment system means a payment system that is designated under section 11B. > special regulator has the meaning given by section 11C. > standard means a standard in force under section 18. (2) In this Act, a person is the head of a special regulator (including a special regulator that is a nominated special regulator) if: (a) in the case of the Reserve Bank—the person is the Governor of the Reserve Bank; or (b) in the case of an entity prescribed by the regulations as a special regulator—the person is prescribed by the regulations as the head of that special regulator.