(4) The Reserve Bank may, at any time, by notice in writing given to the corporation: (a) impose conditions, or additional conditions, on the authority; and (b) vary or revoke conditions imposed on the authority.The conditions must be aimed at ensuring the corporation meets its obligations as holder of the stored value of purchased payment facilities of the relevant class. (1) The Reserve Bank may give a direction to a participant in a designated payment system if the Reserve Bank considers that: (a) the participant has failed to comply with a standard; or (b) the participant has failed to comply with an access regime. The law is subject to change and no representation or warranty is made with regard to accuracy or fitness for a particular purpose.The Columbia Institute for Tele-Information (CITI) is a university-based research center focusing on strategy, management, and policy issues in telecommunications, computing, and electronic mass media.© Columbia University, CITI 2016. (1) For the purposes of subparagraph 51(1)(a)(i) of the (a) by a participant in relation to the setting, or charging, of wholesale fees (also known as interchange fees) payable under a payment system to which an interchange fees standard applies; and (b) in accordance with that standard;is taken to be specified in, and specifically authorised by, this Act.
(3) If the Federal Court is satisfied that the participant has breached a provision of the access regime, the Court may make all or any of the following orders: (a) an order directing the participant to comply with that provision of the access regime; (b) an order directing the participant to compensate any other person who has suffered loss or damage as a result of the breach; (c) any other order that the Court considers appropriate.
The Reserve Bank must only do so if: (a) it considers that the dispute raises issues related to: (i) the financial safety of payment systems for participants; or (ii) the efficiency of payment systems; or (iii) the competitiveness of payment systems; or (iv) risk to the financial system; and (b) the parties to the dispute agree to the Reserve Bank arranging the arbitration.Note: The Reserve Bank may be acting on its own initiative or in response to a request from one or more of the parties to the dispute in arranging for the arbitration. PAYMENT SYSTEMS (REGULATION) ACT 1998.
This regulation outlines an access regime to all participants within a designated payment system. (3) The Reserve Bank must not impose the access regime unless it has first consulted in accordance with section 28. (3) The direction must be consistent with any applicable standards and with any applicable access regime. It may then impose an access regime or establish standards to be complied with by participants in the system. TABLE OF PROVISIONSLong TitlePART 1--PRELIMINARY1.
(5) The direction is to be given by notice in writing given to the participant. (3) The grant of the authority is to be by notice in writing given to the corporation. Act No. (7) A variation of the access regime takes effect: (a) unless paragraph (b) applies—on the day on which the decision to vary the access regime is made; or (b) if that decision specifies a later day as the day on which the variation comes into force—on the day so specified.