Banking Amendment Regulations 2000 (No. 1)
Statutory Rules 2000 No. 114
I, WILLIAM PATRICK DEANE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Banking Act 1959.
Dated 7 June 2000
Governor-General
By His Excellency’s Command,
JOE HOCKEY
Banking Amendment Regulations 2000 (No. 1)1
made under the
Contents
Page
1 Name of Regulations
2 Commencement
3 Amendment of Banking Regulations
Schedule 1 Amendment
These Regulations are the Banking Amendment Regulations 2000 (No. 1).
These Regulations commence on gazettal.
3 Amendment of Banking Regulations
Schedule 1 amends the Banking Regulations.
(regulation 3)
[1] Regulations 1 and 2
substitute
1 Name of Regulations
These Regulations are the Banking Regulations 1966.
2 Definitions
In these Regulations:
Act means the Banking Act 1959.
holder of the stored value, in relation to a purchased payment facility, has the meaning given by the Payment Systems (Regulation) Act 1998.
purchased payment facility has the meaning given by the Payment Systems (Regulation) Act 1998.
3 Banking business: purchased payment facilities
For the purposes of subparagraph (b) (ii) of the definition of banking business in subsection 5 (1) of the Act, the provision of a purchased payment facility is banking business if APRA determines that the facility:
(a) is of a type for which the purchaser of the facility is able to demand payment, in Australian currency, of all, or any part, of the balance of the amount held in the facility that is held by the holder of the stored value; and
(b) is available, on a wide basis, as a means of payment, having regard to:
(i) any restrictions that limit the number or types of people who may purchase the facility; and
(ii) any restrictions that limit the number or types of people to whom payments may be made using the facility.
Notes
1. These Regulations amend Statutory Rules 1966 No. 157.
2. Made by the Governor-General on 7 June 2000, and notified in the Commonwealth of Australia Gazette on 15 June 2000.