Banking Amendment (Financial Claims Scheme) Regulation 2014 (Cth)

Banking Amendment (Financial Claims Scheme) Regulation 2014

Select Legislative Instrument No. 138, 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 18 September 2014

Peter Cosgrove

Governor‑General

By His Excellency’s Command

Mathias Cormann

Minister for Finance
for the Treasurer

Contents

1............ Name of regulation............................................................................. 1

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

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

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

Schedule 1—Amendments                                                                            2

Banking Regulations 1966                                                                      2

1Name of regulation

This regulation is the Banking Amendment (Financial Claims Scheme) Regulation 2014.

2Commencement

This regulation commences on the day after it is registered.

3Authority

This regulation 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Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.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) (definition of farm management deposit)

Repeal the definition, substitute:

farm management deposit has the meaning given by section 393‑20 of the Income Tax Assessment Act 1997.

2  Subregulation 2(1)

Insert:

specialist credit card institution means an ADI that:

                    (a)  engages in credit card issuing or credit card acquiring, or both; and

                    (b)  does not otherwise carry on banking business.

3  Before regulation 4AA

Insert:

4AAA  Protected accounts

For paragraph 5(4)(a) of the Act, the following kinds of accounts are prescribed:

                    (a)  savings accounts;

                    (b)  call accounts;

                    (c)  cash management accounts;

                    (d)  cheque accounts;

                    (e)  current accounts;

                     (f)  debit card accounts;

                    (g)  farm management deposit accounts;

                    (h)  first home saver accounts;

                     (i)  mortgage offset accounts (whether a full or partial offset) that are separate deposit accounts;

                     (j)  pensioner deeming accounts;

                    (k)  personal basic accounts;

                     (l)  retirement savings accounts;

                   (m)  term deposit accounts;

                    (n)  transactions accounts;

                    (o)  trustee accounts.

4AAB  Accounts that are not protected accounts

For subsection 5(7) of the Act, the following are prescribed:

                    (a)  accounts kept at a foreign branch of an ADI;

                    (b)  accounts with a specialist credit card institution;

                    (c)  credit balances on credit card facilities or other loans;

                    (d)  purchased payment facilities;

                    (e)  pre‑paid card facilities or similar products;

                     (f)  nostro accounts and vostro accounts of foreign corporations that carry on banking business or otherwise provide financial services in a foreign country.