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This is a Bill, not an Act. For current law, see the Acts databases.


PAYMENT SYSTEMS (REGULATION) AMENDMENT BILL 2005

2004-2005
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Payment Systems (Regulation)
Amendment Bill 2005
No. , 2005
(Treasury)
A Bill for an Act to amend the Payment Systems
(Regulation) Act 1998, and for related purposes
i Payment Systems (Regulation) Amendment Bill 2005 No. , 2005
Contents
1
Short title.......................................................................................1
2
Commencement .............................................................................1
3
Schedule(s)....................................................................................1
Schedule 1--Amendments
3
Payment Systems (Regulation) Act 1998
3
Payment Systems (Regulation) Amendment Bill 2005 No. , 2005 1
A Bill for an Act to amend the Payment Systems
1
(Regulation) Act 1998, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act may be cited as the Payment Systems (Regulation)
5
Amendment Act 2005.
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2 Commencement
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This Act commences on 1 July 2005.
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3 Schedule(s)
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Each Act that is specified in a Schedule to this Act is amended or
10
repealed as set out in the applicable items in the Schedule
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2 Payment Systems (Regulation) Amendment Bill 2005 No. , 2005
concerned, and any other item in a Schedule to this Act has effect
1
according to its terms.
2
Amendments Schedule 1
Payment Systems (Regulation) Amendment Bill 2005 No. , 2005 3
1
Schedule 1--Amendments
2
3
Payment Systems (Regulation) Act 1998
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1 At the end of Division 4 of Part 3
5
Add:
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18A Authorisation of conduct under certain standards for the
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purposes of the Trade Practices Act 1974
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(1) For the purposes of subparagraph 51(1)(a)(i) of the Trade
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Practices Act 1974, anything that is done:
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(a) by a participant in relation to the setting, or charging, of
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wholesale fees (also known as interchange fees) payable
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under a payment system to which an interchange fees
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standard applies; and
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(b) in accordance with that standard;
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is taken to be specified in, and specifically authorised by, this Act.
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(2) In this section:
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interchange fees standard means any of the following standards as
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amended and in force from time to time:
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(a) a standard that is known as Standard No. 1, The Setting of
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Wholesale ("Interchange") Fees and that was determined by
21
the Reserve Bank on 26 August 2002;
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(b) a standard specified by the regulations for the purposes of
23
this paragraph.
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2 Application of amendment made by item 1
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The amendment made by item 1 applies to things done on or after the
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commencement of the amendment.
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