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Payment Systems and Netting Act 1998
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Administered by
Department of the Treasury
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C2024C00102 C17
20 March 2024
-
23 September 2024
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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
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
18 Regulations
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Endnotes
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
