Media Release Regulation of Purchased Payment Facilities under the Payment Systems (Regulation) Act 1998

Number 2004-04
Date

The Payments System Board has reviewed the Reserve Bank's regulatory responsibilities under the Payment Systems (Regulation) Act 1998 for purchased payment instruments. Following a decision by the Board, the Reserve Bank has today published exemptions in the Gazette such that a purchased payment facility will not be subject to the Act where:

  • the total outstanding amount of the facility is limited to less than $1,000,000, or where a facility can be used to make payments to 50 or fewer persons; or
  • its obligations are guaranteed by an authorised deposit-taking institution, or by a Commonwealth, state or local government authority.

A Regulation Impact Statement is available on the website of the Reserve Bank of Australia (www.rba.gov.au).

Enquiries

John Simon
Senior Manager
Payments Policy Department
Reserve Bank of Australia
SYDNEY

Phone: +61 2 9551 8705

Manager, Media Office
Information Department
Reserve Bank of Australia
SYDNEY

Phone: +61 2 9551 8111
Fax: +61 2 9221 5528
E-mail: rbainfo@rba.gov.au