Payment Systems and Netting Act 1998 (Cth)

Payment Systems and Netting Act 1998

No. 83, 1998

Compilation No. 18

Compilation date: 24 September 2024

Includes amendments: Act No. 87, 2024

About this compilation

This compilation

This is a compilation of the Payment Systems and Netting Act 1998 that shows the text of the law as amended and in force on 24 September 2024 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

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 (www.legislation.gov.au). 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.

Application, saving and transitional provisions for provisions and amendments

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.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

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.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.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 Part 1—Preliminary 1 Short title 2 Commencement 3 Crown bound by this Act 4 Application of Criminal Code 5 Definitions 5AA Meaning of related body corporate 5AB Meaning of subsidiary 5A Security given over a person's right to require payment or performance of an obligation Part 2—Integrity of approved RTGS payment systems 6 Winding up not to affect transactions carried out on the day of appointment 6A Non‑terminal administration not to affect transactions 7 Obligation to notify system administrator of external administration 8 Application for approval of payment system 9 Reserve Bank may approve payment system Part 3—Integrity of approved netting arrangements 10 Effectiveness of approved multilateral netting arrangements 11 Application for approval of netting arrangement 12 Reserve Bank may approve netting arrangement 13 Qualified privilege Part 4—Close‑out netting contracts Division 1—Effectiveness of close‑out netting contracts 14 Effectiveness of close‑out netting contracts 14A Effectiveness of security given in respect of obligations under close‑out netting contracts 15 Declaration that section 14 does not apply Division 2—Ceasing non‑direction stays for derivatives contracts 15A Ceasing non‑direction stays for derivatives contracts 15B When APRA may declare that non‑direction stays cease 15C When APRA may declare that non‑direction stays continue—regulated body is party to trigger contract 15D When APRA may declare that non‑direction stays continue—related body corporate of regulated body is party to trigger contract 15E Declaration under subsection 15D(3)—total or partial transfer of business Part 5—Market netting contracts 16 Effectiveness of market netting contracts Part 6—Administration 18 Regulations Endnotes Endnote 1—About the endnotes Endnote 2—Abbreviation key Endnote 3—Legislation history Endnote 4—Amendment history