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Payment Systems and Netting Act 1998
In force
Administered by
Department of the Treasury
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C2020C00319 C13
01 October 2020
-
31 December 2020
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Part 1—Preliminary
1 Short title
2 Commencement
3 Crown bound by this Act
4 Application of Criminal Code
5 Definitions
5AA Meaning of related body corporate
5AB Meaning of subsidiary
5A Security given over a person’s right to require payment or performance of an obligation
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Part 2—Integrity of approved RTGS payment systems
6 Winding up not to affect transactions carried out on the day of appointment
6A Non-terminal administration not to affect transactions
7 Obligation to notify system administrator of external administration
8 Application for approval of payment system
9 Reserve Bank may approve payment system
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Part 3—Integrity of approved netting arrangements
10 Effectiveness of approved multilateral netting arrangements
11 Application for approval of netting arrangement
12 Reserve Bank may approve netting arrangement
13 Qualified privilege
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Part 4—Close-out netting contracts
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Division 1—Effectiveness of close-out netting contracts
14 Effectiveness of close-out netting contracts
14A Effectiveness of security given in respect of obligations under close-out netting contracts
15 Declaration that section 14 does not apply
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Division 2—Ceasing non-direction stays for derivatives contracts
15A Ceasing non-direction stays for derivatives contracts
15B When APRA may declare that non-direction stays cease
15C When APRA may declare that non-direction stays continue—regulated body is party to trigger contract
15D When APRA may declare that non-direction stays continue—related body corporate of regulated body is party to trigger contract
15E Declaration under subsection 15D(3)—total or partial transfer of business
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Part 5—Market netting contracts
16 Effectiveness of market netting contracts
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Part 6—Administration
17 Prescribed forms
18 Regulations
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Endnotes
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
