Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 820F

Reserve Bank determination

  (1)   For the purposes of subparagraph   820E(2)(e)(iii), the Reserve Bank may, by legislative instrument, determine a payment system.

  (2)   In making a determination under subsection   (1), the Reserve Bank must have regard to matters that include the following:

  (a)   whether the aggregate value of Australian dollar payments processed through the system is high relative to other payment systems;

  (b)   whether the system mainly handles time - critical payments;

  (c)   whether the system mainly handles high - value payments;

  (d)   whether the system is used to settle payments that effect settlement in other clearing and settlement facilities;

  (e)   whether the system is located in Australia;

  (f)   any matter prescribed by the regulations for the purposes of this paragraph.

ASIC determinations

  (3)   ASIC may, by legislative instrument:

  (a)   determine circumstances for the purposes of paragraph   820E(2)(f); or

  (b)   determine circumstances for the purposes of paragraph   820E(3)(e); or

  (c)   determine, for each paragraph of subsection   820E(3), principles for working out if that paragraph applies to a clearing and settlement facility.

Note:   A single document could cover any or all of the things mentioned in paragraphs   (a) to (c).

  (4)   In making a determination under subsection   (3), ASIC must have regard to any relevant advice received from the Reserve Bank.