Payment Systems and Netting Amendment Regulations 2004 (No. 1) (Cth)

Payment Systems and Netting Amendment Regulations 2004 (No. 1)¹

Statutory Rules 2004 No. 402²

I, PHILIP MICHAEL JEFFERY, 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 16 December 2004

P. M. JEFFERY

Governor-General

By His Excellency’s Command

CHRIS PEARCE

Parliamentary Secretary to the Treasurer

1. Name of Regulations

These Regulations are the Payment Systems and Netting Amendment Regulations 2004 (No. 1).

1. Commencement

These Regulations commence on the date of their notification in the Gazette.

1. Amendment of Payment Systems and Netting Regulations 2001

Schedule 1 amends the Payment Systems and Netting Regulations 2001.

Schedule 1          Amendments

(regulation 3)

[1]          Regulation 3, definitions of bond, clearing facilities, repurchase agreement and SFE Clearing

omit

[2]          Regulation 4

substitute

1. Declaration under definition of netting market

For paragraph (b) of the definition of netting market in section 5 of the Act, the arrangement consisting of the system for the settlement, by CLS Bank International, of payment instructions arising from foreign exchange transactions is declared to be a netting market.

Notes

1. These Regulations amend Statutory Rules 2001 No. 224, as amended by 2002 No. 181.

1. Notified in the Commonwealth of Australia Gazette on 23 December 2004.