Payment Systems and Netting Amendment Regulations 2002 (No. 1) (Cth)

Payment Systems and Netting Amendment Regulations 2002 (No. 1)1

Statutory Rules 2002 No. 1812

I, PETER JOHN HOLLINGWORTH, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Payment Systems and Netting Act 1998.

Dated 25 July 2002

PETER HOLLINGWORTH

Governor-General

By His Excellency’s Command

IAN CAMPBELL

Parliamentary Secretary to the Treasurer

1Name of Regulations

These Regulations are the Payment Systems and Netting Amendment Regulations 2002 (No. 1).

2Commencement

These Regulations commence on gazettal.

3Amendment of Payment Systems and Netting Regulations 2001

Schedule 1 amends the Payment Systems and Netting Regulations 2001.

Schedule 1Amendments

(regulation 3)

  

[1]Regulation 3, definition of Arrangement

omit

[2]Regulation 4

substitute

4Declaration under definition of netting market

For paragraph (b) of the definition of netting market in section 5 of the Act, each of the following arrangements is declared to be a netting market:

1. (a)

   the arrangement consisting of:

   1. (i)

      any clearing facilities provided by SFE Clearing for bonds and repurchase agreements over bonds; and

   2. (ii)

      any clearing and settlement facilities provided by SFE Clearing under the Australian CS facility licence granted to it under subsection 1425 (2) of the Corporations Act 2001 on 8 March 2002;

2. (b)

   the arrangement consisting of the system for the settlement, by CLS Bank International, of payment instructions arising from foreign exchange transactions.

Notes

1. These Regulations amend Statutory Rules 2001 No. 224.

2. Notified in the Commonwealth of Australia Gazette