Payment Systems (Regulation) Act 1998 - Exemption Notice for Certain Guaranteed Holders of Stored Value Under Section 25 (Cth)

RESERVE BANK OF AUSTRALIA

Payment Systems (Regulation) Act 1998

Exemption Notice for Certain Guaranteed Holders of Stored Value Under Section 25

The Reserve Bank of Australia, under section 25 of the Payment Systems (Regulation) Act 1998 ("Act"), grants an exemption to the following class of corporations allowing each corporation in the class to be the holder of the stored value in respect of purchased payment facilities in the following class even though the corporation is not an authorised deposit-taking institution (within the meaning of the Banking Act 1959), and does not have an authority under section 23 of the Act that covers those facilities, where:

(a) the class of corporations is constituted by corporations:

(i) whose obligations in respect of a purchased payment facility described in paragraph (b) are guaranteed by:

(A) an authorised deposit-taking institution (within the meaning of the Banking Act 1959); or

(B) a Commonwealth, State or local government authority; and

(ii) which are not the providers of purchased payment facilities in relation to which a determination has been made by the Australian Prudential Regulation Authority ("APRA") under regulation 3 of the Banking Regulations 1966; and

(b) the class of facilities is constituted by facilities:

(i) which do not fall within the scope of the exemption issued by the Reserve Bank of Australia pursuant to section 9(3) of the Act on 10 March 2004; and

(ii) in relation to which a determination has not been made by APRA under regulation 3 of the Banking Regulations 1966.

Unless the contrary intention appears, words used in this instrument have the same meaning as in the Act.

Signed

1J Macfarlane Governor Reserve Bank of Australia Date