Payment Systems and Netting Regulations 2001 (Cth)
made under the
This is a compilation of the
The notes at the end of this compilation
(the
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register ( The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
For more information about any editorial changes made in this compilation, see the endnotes.
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
These Regulations are the
Payment Systems and Netting Regulations 2001 .
In these Regulations:
Act means thePayment Systems and Netting Act 1998 .
(1) For paragraph (b) of the definition of
market netting contract in section 5 of the Act, a gas trading exchange agreement is declared to be a market netting contract for the purposes of the Act.(2) In this regulation:
AEMO means Australian Energy Market Operator Limited (ACN 072 010 327).gas trading exchange means a facility:(a) established by AEMO exercising its functions under subsection 91BRK(1) of the
National Gas Law set out in the Schedule to theNational Gas (South Australia) Act 2008 (SA); and(b) through which persons may elect to buy and sell natural gas or related goods or services (including pipeline capacity).
gas trading exchange agreement means an agreement:(a) that relates to participation in, and the operation and administration of, a gas trading exchange; and
(b) to which AEMO, or a person appointed by AEMO to operate the gas trading exchange, and a person who becomes a member of the exchange, are parties.
For paragraph (b) of the definition of
netting market in section 5 of the Act, each of the following is declared to be a netting market:
(a) the arrangement consisting of the system for the settlement, by CLS Bank International, of payment instructions arising from foreign exchange transactions;
(b) the arrangement consisting of the system for the settlement, by CLS Bank International, of derivative payment instructions.
(1) This regulation is made for paragraph (g) of the definition of
financial property in section 5 of the Act.(2) The following property is declared to be
financial property for the purposes of the Act:(a) a document evidencing ownership of gold, silver or platinum;
(b) cash collateral (including cash, certificates of deposit and bank bills);
(c) property described in paragraph 5(b), (c) or (e), or paragraph 25, of Attachment H to
Prudential Standard APS 112—Capital Adequacy: Standardised Approach to Credit Risk , made by APRA under section 11AF of theBanking Act 1959 and as in force from time to time, as property that may be recognised as eligible collateral (ignoring any conditions set out in the Attachment);(d) property described in paragraph 5(d) of Attachment H to that prudential standard, ignoring:
(i) the words “and the ADI holding the security has no information suggesting that the security justifies a rating below this level”; and
(ii) any conditions set out in the Attachment;
(e) a covered bond (within the meaning of the
Banking Act 1959 ).
Obligations that may be eligible obligations (1) An obligation that relates to an arrangement that is a forward, swap or option, or any combination of those things, in relation to one or more commodities, is prescribed for the purposes of paragraph 14A(8)(a) of the Act.
Obligations that are not eligible obligations (2) None of the following are
eligible obligations in relation to a close‑out netting contract:
(a) an obligation under a credit facility (as defined in regulations made for the purposes of subparagraph 765A(1)(h)(i) of the
Corporations Act 2001 ), including:
(i) a margin lending facility (within the meaning of the
Corporations Act 2001 ); and(ii) an obligation under a financial product that is declared by the Australian Securities and Investments Commission under subsection 761EA(9) of the
Corporations Act 2001 not to be a margin lending facility;(b) an obligation under a deposit‑taking facility;
(c) an obligation under a reciprocal purchase agreement (otherwise known as a repurchase agreement), a sell‑buyback arrangement or securities loan arrangement;
(d) an obligation under a contract of insurance, including a life policy or a sinking fund policy within the meaning of the
Life Insurance Act 1995 ;(e) an obligation under a managed investment scheme (within the meaning of the
Corporations Act 2001 );(f) an obligation under a lease or licence;
(g) an obligation under a guarantee;
(h) an obligation to pay money under:
(i) a cheque; or
(ii) an order for the payment of money; or
(iii) a bill of exchange.
Authority for subregulation (2) (3) Subregulation (2) is made under subsection 14A(9) of the Act.
For the purposes of paragraphs 15A(1)(a) and (2)(a) of the Act, an obligation of a party to a close‑out netting contract to which a regulated body is a party is prescribed, if the obligation is created under one of the following:
(a) a reciprocal purchase agreement (otherwise known as a repurchase agreement);
(b) a sell‑buyback arrangement;
(c) a securities loan arrangement.
The endnotes provide information about this compilation and the compiled law.
The following endnotes are included in every compilation:
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
The abbreviation key sets out abbreviations that may be used in the endnotes.
Amending laws are annotated in the legislation history and amendment history.
The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.
The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.
The
If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.
A misdescribed amendment is an
amendment that does not accurately describe how an amendment is to be made. If,
despite the misdescription, the amendment can be given effect as intended, then
the misdescribed amendment can be incorporated through an editorial change made
under section 15V of the
If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.
ad = added or inserted | o = order(s) |
am = amended | Ord = Ordinance |
amdt = amendment | orig = original |
c = clause(s) | par = paragraph(s)/subparagraph(s) |
C[x] = Compilation No. x | /sub‑subparagraph(s) |
Ch = Chapter(s) | pres = present |
def = definition(s) | prev = previous |
Dict = Dictionary | (prev…) = previously |
disallowed = disallowed by Parliament | Pt = Part(s) |
Div = Division(s) | r = regulation(s)/rule(s) |
ed = editorial change | reloc = relocated |
exp = expires/expired or ceases/ceased to have | renum = renumbered |
effect | rep = repealed |
F = Federal Register of Legislation | rs = repealed and substituted |
gaz = gazette | s = section(s)/subsection(s) |
LA
= | Sch = Schedule(s) |
LIA
= | Sdiv = Subdivision(s) |
(md) = misdescribed amendment can be given | SLI = Select Legislative Instrument |
effect | SR = Statutory Rules |
(md not incorp) = misdescribed amendment | Sub‑Ch = Sub‑Chapter(s) |
cannot be given effect | SubPt = Subpart(s) |
mod = modified/modification | |
No. = Number(s) | commenced or to be commenced |
224, 2001 | 23 Aug 2001 | 23 Aug 2001 (s 2 and gaz 2001, No S345) | |
181, 2002 | 1 Aug 2002 | 1 Aug 2002 (s 2 and gaz 2002, No S288) | — |
402, 2004 | 23 Dec 2004 | 23 Dec 2004 (s 2 and gaz 2004, No S544) | — |
365, 2007 | 18 Dec 2007 (F2007L04731) | 19 Dec 2007 (s 2) | — |
33, 2014 | 14 Mar 2014 (F2014L00261) | Sch 2 (item 5): 15 Mar 2014 (s 2) | — |
Financial System Legislation Amendment (Resilience and Collateral Protection) Regulation 2016 | 9 May 2016 (F2016L00724) | Sch 2: 1 June 2016 (s 2(1) item 1) | — |
Treasury Laws Amendment (ALRC Financial Services Interim Report) Regulations 2023 | 31 Oct 2023 (F2023L01458) | Sch 2 (item 39): 1 Nov 2023 (s 2(1) item 1) | — |
r 2............................................. | rep LA s 48D |
r 3............................................. | am No 181, 2002; No 402, 2004 |
r 3A........................................... | ad No 33, 2014 |
r 4............................................. | rs No 181, 2002; No 402, 2004; No 365, 2007 |
r 5............................................. | ad F2016L00724 |
r 6............................................. | ad F2016L00724 |
am F2023L01458 | |
r 7............................................. | ad F2016L00724 |
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