Payment Systems (Regulation) Act 1998 - Variation to the Access Regime for the ATM System

Link to law: https://www.comlaw.gov.au/Details/F2012L01787

Payment Systems (Regulation) Act 1998
Variation to the Access Regime for the ATM System
This notice is published in accordance with the requirements set out in Section 29(2)(a) of the Payment Systems (Regulation) Act 1998 (the Act). The variation is made under Section 14 of the Act, and commences on 29 August 2012.
The Reserve Bank of Australia varies the access regime entitled Access Regime for the ATM System, gazetted on 24 February 2009, as it applies to the designated payment system operated within Australia known as the ATM system, as described below.
Access Regime for the ATM System
1.    paragraph 2
after
10 December 2008 and
delete
referred to below
insert
is referred to in this Access Regime
2.    paragraph 7
after
Access Regime
delete
comes into force on 3 March 2009.
insert
originally came into force on 3 March 2009. This Access Regime as amended comes into force on 29 August 2012.
3.    in the heading entitled ‘Exemptions from paragraph 11 of this Regime’
after
from
delete
paragraph 11
insert
paragraphs 11 and 12
 
4.    paragraph 16
after
requirements of
delete
paragraph 11
insert
paragraphs 11 and 12
 
Purpose and effect of the variation to the Access Regime
The purpose of the variation to the Access Regime for the ATM System (the Access Regime) is to improve efficiency and competition in the ATM system by providing the Reserve Bank with more flexibility to facilitate ATM arrangements that it considers appropriate. The Access Regime continues to set out the factors that the Bank will have regard to in deciding whether an exemption is appropriate – the public interest, the interest of current and potential future participants in the system, and any other matters that the Reserve Bank considers relevant.
The variation has the effect of extending the Reserve Bank’s exemption powers under the Access Regime, thereby enabling it to facilitate ATM arrangements involving a participant that both pays and receives interchange fees in one-way arrangements. This makes the process of dealing with otherwise prohibited ATM arrangements that are consistent with the objective of the Access Regime more streamlined, compared with the alternative means of facilitating such arrangements by varying the Access Regime on a case-by-case basis.
Additional discussion of the variation is contained in the Reserve Bank’s Media Release on 29 August 2012 and A Variation to the Access Regime for the ATM System: Conclusions, which can be found on the Reserve Bank’s website at .
 
Signed
 
 
Glenn Stevens
Governor
Reserve Bank of Australia
29 August 2012
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