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This is a Bill, not an Act. For current law, see the Acts databases.
1996-97-98
The Parliament of
the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Payment Systems
(Regulation) Bill 1998
No. ,
1998
(Treasury)
A Bill
for an Act to provide for the regulation of payment systems and purchased
payment facilities, and for related purposes
9802920—787/24.3.1998—(29/98)
Cat. No. 97 2812 0 ISBN 0644 518774
Contents
A Bill for an Act to provide for the regulation of
payment systems and purchased payment facilities, and for related
purposes
The Parliament of Australia enacts:
This Act may be cited as the Payment Systems (Regulation) Act
1998.
This Act commences on the commencement of the Australian Prudential
Regulation Authority Act 1998.
This Act binds the Crown in all its capacities, but does not make the
Crown liable to be prosecuted for an offence.
This Act extends to every external Territory.
The Criminal Code applies to all offences against this
Act.
(1) This Act provides for the regulation of payment systems and purchased
payment facilities.
Note: The regulation of purchased payment facilities
operates through regulation of the holders of the stored value of such
facilities.
(2) Part 2 contains definitions of terms used in this Act.
(3) Part 3 deals with the regulation of payment systems. It provides
for:
(a) the designation of payment systems (see Division 2); and
(b) the imposition of access regimes on participants in designated payment
systems (see Division 3); and
(c) standards to be complied with by participants in designated payment
systems (see Division 4); and
(d) the arbitration of disputes relating to designated payment systems
(see Division 5); and
(e) directions to be complied with by participants in designated payment
systems (see Division 6).
(4) Part 4 deals with the regulation of holders of the stored value of
purchased payment facilities.
(5) Part 5 deals with miscellaneous matters.
In this Act:
access, in relation to a payment system, means the
entitlement or eligibility of a person to become a participant in the system, as
a user of the system, on a commercial basis on terms that are fair and
reasonable.
access regime, in relation to a designated payment system,
means an access regime:
(a) that has been imposed by the Reserve Bank under section 12;
and
(b) that is in force.
constitutional corporation means a corporation to which
paragraph 51(xx) of the Constitution applies.
designated payment system means a payment system that is
designated under section 11.
Federal Court means the Federal Court of Australia.
holder of the stored value, in relation to a purchased
payment facility, has the meaning given by subsection 9(2).
participant in a payment system means:
(a) a constitutional corporation that is a participant in the system in
accordance with the rules governing the operation of the system; or
(b) a constitutional corporation that is an administrator of the
system.
payment system means a funds transfer system that facilitates
the circulation of money, and includes any instruments and procedures that
relate to the system.
public interest has the meaning given by section 8.
purchased payment facility means a facility described in
subsection 9(1), other than a facility covered by a declaration under subsection
9(3).
Reserve Bank means the Reserve Bank of Australia.
standard means a standard in force under section
18.
In determining, for the purposes of this Act, if particular action is or
would be in, or contrary to, the public interest, the Reserve Bank is to have
regard to the desirability of payment systems:
(a) being (in its opinion):
(i) financially safe for use by participants; and
(ii) efficient; and
(iii) competitive; and
(b) not (in its opinion) materially causing or contributing to increased
risk to the financial system.
The Reserve Bank may have regard to other matters that it considers are
relevant, but is not required to do so.
(1) A purchased payment facility is a facility (other than
cash) in relation to which the following conditions are satisfied:
(a) the facility is purchased by a person from another person;
and
(b) the facility is able to be used as a means of making payments up to
the amount that, from time to time, is available for use under the conditions
applying to the facility; and
(c) those payments are to be made by the provider of the facility or by a
person acting under an arrangement with the provider (rather than by the user of
the facility).
However, a facility covered by a declaration under subsection (3) is not a
purchased payment facility for the purposes of this Act.
(2) The holder of the stored value, in relation to a
purchased payment facility, is the person who is to make payments as mentioned
in paragraph (1)(c).
(3) The Reserve Bank may, by notice in writing published in the
Gazette, declare that this Act does not apply to a specified facility, or
to facilities included in a specified class of facilities, if the Reserve Bank
considers that it is not appropriate for this Act to apply to the facility, or
to each facility of that class, having regard to:
(a) any restrictions that limit the number or types of people who may
purchase the facility; or
(b) any restrictions that limit the number or types of people to whom
payments may be made using the facility.
The Reserve Bank may have regard to other matters that it considers are
relevant, but is not required to do so.
(4) In this section:
(a) a reference to a facility includes a reference to a right to use a
facility; and
(b) a reference to the purchase of a facility includes a reference to the
payment of an amount for a right to use a facility.
(1) Under this Part, the Reserve Bank is given the power to designate
payment systems (see Division 2).
(2) The Reserve Bank has the following powers in relation to a designated
payment system:
(a) it may impose an access regime on the participants in the payment
system (see Division 3); and
(b) it may make standards to be complied with by participants in the
payment system (see Division 4); and
(c) it may arbitrate disputes relating to the payment system (see Division
5); and
(d) it may give directions to participants in the payment system (see
Division 6).
(1) The Reserve Bank may designate a payment system if it considers that
designating the system is in the public interest. The designation is to be by
notice in writing published in the Gazette.
(2) The designation has effect until it is revoked.
(3) The Reserve Bank may revoke the designation if it no longer considers
that it is in the public interest that the system be designated. The revocation
is to be by notice in writing published in the Gazette.
(1) The Reserve Bank may impose an access regime on the participants in a
designated payment system.
(2) The access regime imposed must be one that the Reserve Bank considers
appropriate, having regard to:
(a) whether imposing the access regime would be in the public interest;
and
(b) the interests of the current participants in the system; and
(c) the interests of people who, in the future, may want access to the
system; and
(d) any other matters the Reserve Bank considers relevant.
(3) The Reserve Bank must not impose the access regime unless it has first
consulted in accordance with section 28.
(4) The decision to impose the access regime is to be in writing and is to
set out the access regime.
(5) As soon as practicable after imposing the access regime, the Reserve
Bank must provide notification under section 29.
(6) A failure to comply with subsection (5) does not affect the validity
of the access regime.
An access regime:
(a) comes into force:
(i) unless subparagraph (ii) applies—on the day on which the
decision to impose the access regime is made; or
(ii) if that decision specifies a later day as the day on which the access
regime comes into force—on the day so specified; and
(b) may be varied as provided in section 14; and
(c) remains in force until it ceases to be in force as provided in section
15.
(1) The Reserve Bank may vary an access regime if the Reserve Bank
considers it is appropriate to do so, having regard to:
(a) whether the variation would be in the public interest; and
(b) the interests of the current participants in the system; and
(c) the interests of people who, in the future, may want access to the
system; and
(d) any other matters the Reserve Bank considers relevant.
(2) The Reserve Bank must not vary the access regime unless it has first
consulted in accordance with section 28.
(3) The Reserve Bank may vary the access regime without complying with
subsection (2) if it considers that the variation is of a minor technical
nature.
(4) A decision to vary the access regime is to be in writing and is to set
out the variation.
(5) If the Reserve Bank varies the access regime it must, as soon as
practicable, provide notification under section 29.
(6) A failure to comply with subsection (5) does not affect the validity
of a variation of the access regime.
(7) A variation of the access regime takes effect:
(a) unless paragraph (b) applies—on the day on which the decision to
vary the access regime is made; or
(b) if that decision specifies a later day as the day on which the
variation comes into force—on the day so specified.
(1) An access regime ceases to be in force if:
(a) the access regime contains an expiry date and that date is reached;
or
(b) the Reserve Bank, on the application of the participants in the
designated payment system concerned, revokes the access regime; or
(c) the Reserve Bank revokes the access regime on its own initiative;
or
(d) the payment system concerned ceases to exist or ceases to be a
designated payment system.
(2) An application for the revocation of the regime must comply with the
applicable requirements determined under section 27.
(3) The Reserve Bank may revoke the access regime (pursuant to an
application or on its own initiative) if the Reserve Bank considers it
appropriate to do so, having regard to:
(a) whether revoking the access regime would be in the public interest;
and
(b) the interests of the current participants in the system; and
(c) the interests of people who, in the future, may want access to the
system; and
(d) any other matters the Reserve Bank considers relevant.
(4) A decision to revoke the access regime is to be in writing.
(5) If the Reserve Bank revokes the access regime it must, as soon as
practicable, provide notification under section 29.
(6) A failure to comply with subsection (5) does not invalidate the
revocation of the access regime.
(7) A revocation of the access regime takes effect:
(a) unless paragraph (b) applies—on the day on which the decision to
revoke the access regime is made; or
(b) if that decision specifies a later day as the day on which the
revocation takes effect—on the day so specified.
If a person who has been denied access to a designated payment system
considers that the denial of access constitutes, or is attributable (wholly or
partly) to, a breach of a provision of an access regime by a participant, the
person may ask the Reserve Bank to use its power under section 21 to give a
direction to remedy the situation.
(1) If a person who has been denied access to a designated payment system
considers that the denial of access constitutes, or is attributable (wholly or
partly) to, a breach of a provision of an access regime by a participant, the
person may apply to the Federal Court for an order under subsection
(3).
(2) The person must notify the Reserve Bank of the application to the
Federal Court. The Reserve Bank may apply to the Federal Court to be joined as a
party to the proceedings for the order.
(3) If the Federal Court is satisfied that the participant has breached a
provision of the access regime, the Court may make all or any of the following
orders:
(a) an order directing the participant to comply with that provision of
the access regime;
(b) an order directing the participant to compensate any other person who
has suffered loss or damage as a result of the breach;
(c) any other order that the Court considers appropriate.
(4) The Federal Court may discharge or vary an order made under this
section.
(1) The Reserve Bank may, in writing, determine standards to be complied
with by participants in a designated payment system if it considers that
determining the standards is in the public interest.
Note: A failure to comply with a standard is not an offence,
but it may lead to a direction being given under section 21.
(2) A standard:
(a) comes into force:
(i) unless subparagraph (ii) applies—on the day on which the
determination of the standard is made; or
(ii) if that determination specifies a later day as the day on which the
standard comes into force—on the day so specified; and
(b) continues in force until it is revoked.
(3) The Reserve Bank may, in writing, vary or revoke a standard.
(4) The Reserve Bank must not determine or vary a standard unless it has
first consulted in accordance with section 28.
(5) The Reserve Bank may determine or vary a standard without complying
with subsection (4) if:
(a) the Reserve Bank considers that there is an urgent need for the
determination or variation of the standard; or
(b) in the case of a variation—the Reserve Bank considers that the
variation is of a minor technical nature.
(6) If the Reserve Bank determines a standard, or varies or revokes a
standard, it must, as soon as practicable, provide notification under section
29.
(7) A failure to comply with subsection (6) does not affect the validity
of a standard or of the variation or revocation of a standard.
This Division applies to the following kinds of disputes:
(a) a dispute between 2 or more participants in a designated payment
system that arises out of, or that is otherwise connected with, that
system;
(b) a dispute between a person and 2 or more participants in a designated
payment system for which there is an access regime, being a dispute relating to
whether the access regime is being complied with.
(1) The Reserve Bank may arrange for a dispute to which this Division
applies to be settled by arbitration in accordance with this section. The
Reserve Bank must only do so if:
(a) it considers that the dispute raises issues related to:
(i) the financial safety of payment systems for participants; or
(ii) the efficiency of payment systems; or
(iii) the competitiveness of payment systems; or
(iv) risk to the financial system; and
(b) the parties to the dispute agree to the Reserve Bank arranging the
arbitration.
Note: The Reserve Bank may be acting on its own initiative
or in response to a request from one or more of the parties to the dispute in
arranging for the arbitration.
(2) The arbitration is to be conducted by the Governor of the Reserve
Bank, or by a person appointed in writing by the Governor for the
purpose.
(3) The person conducting an arbitration is not subject to any action,
claim or demand by, or liable to, any person in respect of anything done, or
omitted to be done, in good faith in connection with the arbitration.
(4) The arbitration must be conducted in accordance with the
regulations.
(5) The fact the dispute is being, or has been, settled by arbitration
under this section does not prevent a party to the dispute from bringing an
action in a court in connection with the dispute, unless the court otherwise
orders.
(1) The Reserve Bank may give a direction to a participant in a designated
payment system if the Reserve Bank considers that:
(a) the participant has failed to comply with a standard; or
(b) the participant has failed to comply with an access regime.
(2) The direction is to require the participant to take specified action,
or to refrain from specified action, as the Reserve Bank considers appropriate
having regard to the failure.
(3) The direction must be consistent with any applicable standards and
with any applicable access regime.
(4) The direction may deal with the time by which, or the period during
which, it is to be complied with.
(5) The direction is to be given by notice in writing given to the
participant.
(6) The participant is guilty of an offence if:
(a) the participant does, or fails to do, an act; and
(b) doing, or failing to do, the act results in a contravention of the
direction; and
(c) the doing of the act, or the failure to do the act, occurs at a time
when:
(i) the participant is still a participant in the payment system referred
to in subsection (1); and
(ii) that payment system is still a designated payment system.
Penalty: 50 penalty units
Note 1: Chapter 2 of the Criminal Code sets out the
general principles of criminal responsibility.
Note 2: If a body corporate is convicted of an offence
against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a
court to impose a fine of up to 5 times the penalty stated
above.
(7) If a contravention of the direction occurs in circumstances that give
rise to the participant committing an offence against subsection (6), the
participant is guilty of an offence against that subsection in respect
of:
(a) the day on which the contravention occurs; and
(b) each subsequent day (if any) on which the contravention continues
(including the day of conviction for any such offence or any later
day).
Note: This subsection is not intended to imply that section
4K of the Crimes Act 1914 does not apply to offences against this Act or
the regulations.
(8) The direction:
(a) comes into force:
(i) unless subparagraph (ii) applies—on the day on which it is
given; or
(ii) if the instrument giving the direction specifies a later day as the
day on which it comes into force—on the day so specified; and
(b) continues in force until it is revoked.
(9) The Reserve Bank may revoke the direction by notice in writing given
to the participant if, at the time of revocation, it considers that the
direction is no longer necessary or appropriate.
(1) A constitutional corporation is guilty of an offence if:
(a) it is the holder of the stored value of a purchased payment facility;
and
(b) it is not an authorised deposit-taking institution, within the meaning
of the Banking Act 1959; and
(c) there is no authority or exemption in force under section 23 or 25
that applies to the corporation and the purchased payment facility.
Penalty: 200 penalty units.
Note
1: Chapter 2 of the Criminal Code sets out the
general principles of criminal responsibility.
Note 2: If a body corporate is convicted of an offence
against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a
court to impose a fine of up to 5 times the penalty stated
above.
(2) If a constitutional corporation is the holder of the stored value of a
purchased payment facility in circumstances that give rise to the corporation
committing an offence against subsection (1), the corporation is guilty of an
offence against that subsection in respect of:
(a) the day on which the contravention occurs; and
(b) each subsequent day (if any) on which the contravention continues
(including the day of conviction for any such offence or any later
day).
Note: This subsection is not intended to imply that section
4K of the Crimes Act 1914 does not apply to offences against this Act or
the regulations.
(1) A constitutional corporation may apply to the Reserve Bank for an
authority to be the holder of the stored value of a class of purchased payment
facilities. The application must comply with the applicable requirements
determined under section 27.
(2) The Reserve Bank may grant the authority if it is satisfied that the
corporation will be able to satisfy its obligations as the holder of the stored
value of purchased payment facilities of the relevant class.
(3) The grant of the authority is to be by notice in writing given to the
corporation.
(4) The Reserve Bank may, at any time, by notice in writing given to the
corporation:
(a) impose conditions, or additional conditions, on the authority;
and
(b) vary or revoke conditions imposed on the authority.
The conditions must be aimed at ensuring the corporation meets its
obligations as holder of the stored value of purchased payment facilities of the
relevant class.
(5) The authority:
(a) comes into force:
(i) unless subparagraph (ii) applies—on the day on which it is
granted; or
(ii) if the instrument granting the authority specifies a later day as the
day on which it comes into force—on the day so specified; and
(b) continues in force until it is revoked.
(6) The Reserve Bank may revoke the authority by notice in writing to the
corporation if:
(a) it is no longer satisfied as mentioned in subsection (2); or
(b) it considers that the corporation has contravened a condition of the
authority; or
(c) the corporation applies to the Reserve Bank for revocation of the
authority; or
(d) the corporation ceases to be the holder of the stored value of any
purchased payment facilities of the relevant class.
An application for revocation of the authority must comply with any
applicable requirements determined under section 27.
(7) If the Reserve Bank:
(a) grants an authority under subsection (2); or
(b) imposes, varies or revokes conditions under subsection (4);
or
(c) revokes an authority under subsection (6);
the Reserve Bank must cause notice of that action to be published in the
Gazette.
(8) Failure to comply with subsection (7) does not affect the validity of
the action concerned.
(1) The Reserve Bank may give a direction to a corporation that has been
granted an authority under section 23 if the Reserve Bank considers that the
corporation has failed to comply with a condition of the authority.
(2) The direction is to require the corporation to take specified action,
or to refrain from specified action, as the Reserve Bank considers appropriate
having regard to the failure.
(3) The direction may deal with the time by which, or the period during
which, it is to be complied with.
(4) The direction is to be given by notice in writing given to the
corporation.
(5) The corporation is guilty of an offence if:
(a) the corporation does, or fails to do, an act; and
(b) doing, or failing to do, the act results in a contravention of the
direction; and
(c) the doing of the act, or the failure to do the act, occurs at a time
when;
(i) the authority referred to in subsection (1) is still in force;
and
(ii) the corporation is the holder of the stored value of one or more
purchased payment facilities of the class to which that authority
applies.
Penalty: 50 penalty units.
Note 1: Chapter 2 of the Criminal Code sets out the
general principles of criminal responsibility.
Note 2: If a body corporate is convicted of an offence
against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a
court to impose a fine of up to 5 times the penalty stated
above.
(6) If a contravention of the direction occurs in circumstances that give
rise to the corporation committing an offence against subsection (5), the
corporation is guilty of an offence against that subsection in respect
of:
(a) the day on which the contravention occurs; and
(b) each subsequent day (if any) on which the contravention continues
(including the day of conviction for any such offence or any later
day).
Note: This subsection is not intended to imply that section
4K of the Crimes Act 1914 does not apply to offences against this Act or
the regulations.
(7) The direction:
(a) comes into force:
(i) unless subparagraph (ii) applies—on the day on which it is
given; or
(ii) if the instrument giving the direction specifies a later day as the
day on which it comes into force—on the day so specified; and
(b) continues in force until it is revoked.
(8) The Reserve Bank may revoke the direction by notice in writing to the
corporation if, at the time of revocation, it considers that the direction is no
longer necessary or appropriate.
(1) The Reserve Bank may grant a corporation, or corporations included in
a class of corporations, an exemption allowing the corporation, or each
corporation in the class, to be the holder of the stored value in respect of
purchased payment facilities in a particular class even though the corporation
is not an authorised deposit-taking institution, within the meaning of the
Banking Act 1959, and does not have an authority under section 23 of this
Act that covers those facilities.
(2) The Reserve Bank may be acting on its own initiative or pursuant to an
application in granting the exemption. An application for an exemption must
comply with the applicable requirements determined under section 27.
(3) The Reserve Bank may grant the exemption if it is satisfied that the
corporation, or each of the corporations in the class, will be able to satisfy
the obligations of the holder of the stored value of purchased payment
facilities of the relevant class.
(4) The exemption is to be granted:
(a) if it applies to a particular corporation—by notice in writing
given to the corporation; or
(b) if it applies to a class of corporations—by notice in writing
published in the Gazette.
(5) The exemption:
(a) comes into force:
(i) unless subparagraph (ii) applies—on the day on which it is
given; or
(ii) if the instrument granting the exemption specifies a later day as the
day on which it comes into force—on the day so specified; and
(b) continues in force until it is revoked.
(6) The Reserve Bank may revoke the exemption if it is no longer satisfied
as mentioned in subsection (3). The revocation is to be:
(a) if it applies to a particular corporation—by notice in writing
given to the corporation; or
(b) if it applies to a class of corporations—by notice in writing
published in the Gazette.
(7) If the Reserve Bank:
(a) grants an exemption to a particular corporation under subsection (3);
or
(b) revokes an exemption under subsection (6), being an exemption granted
to a particular corporation;
the Reserve Bank must cause notice of that action to be published in the
Gazette.
(8) Failure to comply with subsection (7) does not affect the validity of
the action concerned.
(1) The Reserve Bank may require a participant in a payment system
(whether or not it is a designated payment system) to give the Reserve Bank
information relating to the payment system and its participants.
(2) The Reserve Bank may require a corporation that is authorised under
section 23, or that is exempted under section 25, to give the Reserve Bank
information relating to purchased payment facilities of the class to which the
authority or exemption relates.
(3) A corporation (including a participant in a payment system) commits an
offence if it refuses or fails to comply with a requirement under this
section.
Penalty: 200 penalty units.
Note 1: Chapter 2 of the Criminal Code sets out the
general principles of criminal responsibility.
Note 2: If a body corporate is convicted of an offence
against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a
court to impose a fine of up to 5 times the penalty stated
above.
Note 3: The secrecy requirements of Part 6 of the Reserve
Bank Act 1959 apply to information provided under this
section.
(4) If a refusal or failure to comply with a requirement under this
section occurs in circumstances that give rise to a corporation (including a
participant in a payment system) committing an offence against subsection (3),
the corporation is guilty of an offence against that subsection in respect
of:
(a) the day on which the refusal or failure occurs; and
(b) each subsequent day (if any) until the requirement is complied with
(including the day of conviction for any such offence or any later
day).
Note: This subsection is not intended to imply that section
4K of the Crimes Act 1914 does not apply to offences against this Act or
the regulations.
The Reserve Bank may, in writing, determine requirements to be complied
with in relation to applications under this Act, including (but not limited to)
requirements relating to:
(a) the means by which an application is to be made; and
(b) the information or documentation that is to be included in or
submitted with an application; and
(c) the verification of an application or of information or documentation
included in or submitted with it.
(1) Subsection (2) applies to the following actions proposed to be taken
by the Reserve Bank:
(a) the proposed imposition of an access regime;
(b) the proposed variation of an access regime, other than a variation to
which subsection 14(3) applies;
(c) the proposed determination of a standard, other than a determination
to which subsection 18(5) applies;
(d) the proposed variation of a standard, other than a variation to which
subsection 18(5) applies.
(2) If this subsection applies to a proposed action, the Reserve Bank
must, before taking the action:
(a) cause a notice to be published in the Gazette:
(i) advising of the proposed action; and
(ii) summarising its purpose and effect; and
(iii) inviting people to make submissions within a specified time to the
Reserve Bank on the proposed action; and
(b) consider any submissions that are received within that time
limit.
Notification of determination or variation of standard or imposition or
variation of access regime
(1) Subsection (2) applies to the following actions taken by the Reserve
Bank:
(a) the imposition of an access regime;
(b) the variation of an access regime;
(c) the determination of a standard;
(d) the variation of a standard.
(2) If this subsection applies to an action, the Reserve Bank
must:
(a) cause a notice to be published in the Gazette:
(i) advising of the action; and
(ii) summarising its purpose and effect; and
(b) take reasonable steps to ensure that the participants in the payment
system concerned are informed of the action; and
(c) take reasonable steps to ensure that people will be able to get access
to the current text of the standard or the access regime.
Notification of revocation of a standard or an access
regime
(3) If the Reserve Bank revokes a standard or an access regime, the
Reserve Bank must:
(a) cause a notice advising of the revocation to be published in the
Gazette; and
(b) take reasonable steps to ensure that any participants in the payment
system concerned are informed of the revocation.
If, under this Act, the Reserve Bank is required or permitted to publish
notice of a matter in the Gazette, or to take particular action by notice
published in the Gazette, the Reserve Bank may also publish notice of the
matter, or of the taking of the action, in any other way it considers
appropriate (including by electronic means).
(1) The Reserve Bank may, by written instrument, delegate all or any of
its functions or powers under this Act to a person who holds any of the
following offices:
(a) Governor of the Reserve Bank;
(b) Deputy Governor of the Reserve Bank;
(c) Assistant Governor of the Reserve Bank;
(d) Department Head of the Reserve Bank;
(e) any other prescribed office in the Reserve Bank Service.
(2) The Governor of the Reserve Bank may, in writing, delegate all or any
of the Governor’s functions or powers under this Act to a person who holds
any of the following offices:
(a) Deputy Governor of the Reserve Bank;
(b) Assistant Governor of the Reserve Bank;
(c) Department Head of the Reserve Bank;
(d) any other prescribed office in the Reserve Bank Service.
(3) In exercising powers under a delegation under subsection (1) or (2),
the delegate must comply with any directions of the delegator.
Note: For further information about delegations, see
sections 34AA to 34A of the Acts Interpretation Act
1901.
The Governor-General may make regulations, not inconsistent with this
Act, prescribing matters:
(a) required or permitted by this Act to be prescribed; or
(b) necessary or convenient for carrying out or giving effect to this
Act.