Payment Systems (Regulation) Regulations 2003

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Payment Systems (Regulation) Regulations 2003

Statutory Rules 2003 No. 1101

I, 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.

Dated 28 May 2003

G. S. M. GREEN

Administrator

By His Excellency’s Command

PETER COSTELLO

Treasurer

1 Name of Regulations

These Regulations are the Payment Systems (Regulation) Regulations 2003.

2 Commencement

These Regulations commence on 1 July 2003.

3 Definitions

(1) In these Regulations:

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:

(a) the Bankcard Scheme;

(b) the MasterCard system;

(c) the VISA system.

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.

Trade Practices Act means the Trade Practices Act 1974.

(2) In these Regulations, a reference to Standard No. 1 is a reference to the standard as in existence immediately before these Regulations commence.

Note Standard No. 1 is expressed to come into force on 1 July 2003.

4 Authorisation of certain conduct

For subparagraph 51 (1) (a) (ii) of the Trade Practices Act, anything that is:

(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

(b) done in accordance with Standard No. 1;

is specified, and specifically authorised by this regulation.

Note

Note: 1. Notified in the Commonwealth of Australia Gazette on 4 June 2003.