Payment Systems (Regulation) Amendment Act 2005

No. 65, 2005

An Act to amend the Payment Systems (Regulation) Act 1998, and for related purposes

Payment Systems (Regulation) Amendment Act 2005

No. 65, 2005

An Act to amend the Payment Systems (Regulation) Act 1998, and for related purposes

[Assented to 26 June 2005]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Payment Systems (Regulation) Amendment Act 2005.

2 Commencement

This Act commences on 1 July 2005.

3 Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Amendments

Payment Systems (Regulation) Act 1998

1 At the end of Division 4 of Part 3

Add:

18A Authorisation of conduct under certain standards for the purposes of the Trade Practices Act 1974

(1) For the purposes of subparagraph 51(1)(a)(i) of the Trade Practices Act 1974, anything that is done:

(a) by a participant in relation to the setting, or charging, of wholesale fees (also known as interchange fees) payable under a payment system to which an interchange fees standard applies; and

(b) in accordance with that standard;

is taken to be specified in, and specifically authorised by, this Act.

(2) In this section:

interchange fees standard means any of the following standards as amended and in force from time to time:

(a) a standard that is known as Standard No. 1, The Setting of Wholesale (“Interchange”) Fees and that was determined by the Reserve Bank on 26 August 2002;

(b) a standard specified by the regulations for the purposes of this paragraph.

2 Application of amendment made by item 1

The amendment made by item 1 applies to things done on or after the commencement of the amendment.