Financial Institutions Duty Amendment Regulations (No. 3) 1998 (WA)

6328	GOVERNMENT GAZETTE, WA	[24 November 1998
SX301*

Financial Institutions Duty Act 1983

Financial Institutions Duty Amendment

Regulations (No. 3) 1998

Made by the deputy of the Governor in Executive Council.

1.     Citation

These regulations may be cited as the Financial Institutions
Duty Amendment Regulations (No. 3) 1998.

2.      Regulation 5A inserted

The Financial Institutions Duty Regulations 1984* are amended

by inserting after regulation 5 the following regulation —

64  

Prescription under section 10(4)(r) — Real Time

Gross Settlement system accounts

A receipt —

(a) received by a financial institution for the credit

of a customer's RTGS account; and

(b) arising as a result of —

(2) In subregulation (1) —
"financial institution" means a registered financial account with the Reserve Bank of Australia; institution that holds an exchange settlement

(i)a transaction settled through the Real

Time Gross Settlement system; or

(ii) a transfer of money from another

account of that customer in Western that the RTGS account retains a credit balance,

is prescribed under section 10(4)(r) of the Act as a
receipt to which the Act does not apply.

24 November 1998] GOVERNMENT GAZETTE, WA 6329

"Real Time Gross Settlement system" means the

electronic system operated by the Reserve Bank of
Australia to effect transactions received by
electronic feeder systems operated by the Reserve
Bank of Australia, Austraclear Limited
(ACN 002 060 773) or Australian Payments

Clearing Association Limited (ACN 055 136 519);

"RTGS account" means an account —

(a)	kept by a fmancial institution solely for the purpose of recording —
(i) transactions settled through the Real

Time Gross Settlement system; and

(ii) transfers of money from other accounts

of that customer in Western Australia for the purposes of ensuring that the account retains a credit balance;

and

(b) the balance of which is transferred daily to
another account kept for that customer in this
State by the fmancial institution.

[* Reprinted as at 25 June 1997.

For amendments to 3 November 1998 see 1997 Index to
Legislation of Western Australia, Table 4, p. 79 and

Gazette 21 and 24 July 1998.]

By Command of the deputy of the Governor, ROD SPENCER, Clerk of the Executive Council.