Banking Amendment Regulations 2000 (No. 1) (Cth)

Banking Amendment Regulations 2000 (No. 1)

Statutory Rules 2000 No. 114

I, WILLIAM PATRICK DEANE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Banking Act 1959.

Dated 7 June 2000

WILLIAM DEANE

Governor-General

By His Excellency’s Command,

JOE HOCKEY

Minister for Financial Services and Regulation

Banking Amendment Regulations 2000 (No. 1)1

Statutory Rules 2000 No. 1142

made under the

Banking Act 1959

   

Contents

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1Name of Regulations

 These Regulations are the Banking Amendment Regulations 2000 (No. 1).

2Commencement

 These Regulations commence on gazettal.

3Amendment of Banking Regulations

 Schedule 1 amends the Banking Regulations.

Schedule 1Amendment

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(regulation 3)

[1]Regulations 1 and 2

substitute

1Name of Regulations

 These Regulations are the Banking Regulations 1966.

2Definitions

 In these Regulations:

Act means the Banking Act 1959.

holder of the stored value, in relation to a purchased payment facility, has the meaning given by the Payment Systems (Regulation) Act 1998.

purchased payment facility has the meaning given by the Payment Systems (Regulation) Act 1998.

3Banking business: purchased payment facilities

 For the purposes of subparagraph (b) (ii) of the definition of banking business in subsection 5 (1) of the Act, the provision of a purchased payment facility is banking business if APRA determines that the facility:

• (a)

  is of a type for which the purchaser of the facility is able to demand payment, in Australian currency, of all, or any part, of the balance of the amount held in the facility that is held by the holder of the stored value; and

• (b)

  is available, on a wide basis, as a means of payment, having regard to:

  • (i)

    any restrictions that limit the number or types of people who may purchase the facility; and

  • (ii)

    any restrictions that limit the number or types of people to whom payments may be made using the facility.

Notes

1. These Regulations amend Statutory Rules 1966 No. 157.

2. Made by the Governor-General on 7 June 2000, and notified in the Commonwealth of Australia Gazette on 15 June 2000.