Banking Amendment (Credit Card) Regulation 2014 (Cth)

Banking Amendment (Credit Card) Regulation 2014

Select Legislative Instrument No. 207, 2014

I, General the Honourable Sir Peter Cosgrove AK MC (Ret’d), Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulation.

Dated 11 December 2014

Peter Cosgrove

Governor‑General

By His Excellency’s Command

Mathias Cormann

Minister for Finance

for the Treasurer

Contents

1............ Name.................................................................................................. 1

2............ Commencement.................................................................................. 1

3............ Authority............................................................................................ 1

4............ Schedules............................................................................................ 1

Schedule 1—Amendments                                                                            2

Banking Regulations 1966                                                                      2

1Name

This is the Banking Amendment (Credit Card) Regulation 2014.

2Commencement

This instrument commences on 1 January 2015.

3Authority

This instrument is made under the Banking Act 1959.

4Schedules

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1—Amendments

Banking Regulations 1966

1  Subregulation 2(1)

Repeal the following definitions:

                    (a)  definition of constitutional corporation;

                    (b)  definition of credit card acquiring;

                    (c)  definition of credit card issuing;

                    (d)  definition of credit card transaction;

                    (e)  definition of limit;

                     (f)  definition of merchant;

                    (g)  definition of participant;

                    (h)  definition of payment system;

                     (i)  definition of specialist credit card institution.

2  Subregulation 2(2)

Repeal the subregulation.

3  Regulation 4

Repeal the regulation.

4  Paragraph 4AAB(b)

Repeal the paragraph.