Payment Systems (Regulation) Regulations 2006¹

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 (Regulation) Act 1998.

Dated 7 September 2006

P. M. JEFFERY

Governor‑General

By His Excellency’s Command

CHRIS PEARCE

1              Name of Regulations

                These Regulations are the Payment Systems (Regulation) Regulations 2006.

2              Commencement

                These Regulations commence on the day after they are registered.

3              Repeal

                The Payment Systems (Regulation) Regulations 2003 are repealed.

4              Definition

                In these Regulations:

Act means the Payment Systems (Regulation) Act 1998.

5              Specified standards

                For paragraph 18A (2) (b) of the Act, the following standards are specified:

                (a)    the standard titled The Setting of Wholesale (“Interchange”) Fees in the Designated Credit Card Schemes, determined by the Reserve Bank of Australia on 24 November 2005;

               (b)    the standard titled The Setting of Interchange Fees in the Visa Debit Payment System, determined by the Reserve Bank of Australia on 7 July 2006.

1.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See www.frli.gov.au.