Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.3 - LICENSING OF CLEARING AND SETTLEMENT FACILITIES  

Division 1 - Requirement to be licensed  

SECTION 820F   RELEVANT DETERMINATIONS  

Reserve Bank determination

820F(1)    
For the purposes of subparagraph 820E(2)(e)(iii) , the Reserve Bank may, by legislative instrument, determine a payment system.

820F(2)    
In making a determination under subsection (1) , the Reserve Bank must have regard to matters that include the following:

(a)    whether the aggregate value of Australian dollar payments processed through the system is high relative to other payment systems;

(b)    whether the system mainly handles time-critical payments;

(c)    whether the system mainly handles high-value payments;

(d)    whether the system is used to settle payments that effect settlement in other clearing and settlement facilities;

(e)    whether the system is located in Australia;

(f)    any matter prescribed by the regulations for the purposes of this paragraph.

ASIC determinations

820F(3)    
ASIC may, by legislative instrument:

(a)    determine circumstances for the purposes of paragraph 820E(2)(f) ; or

(b)    determine circumstances for the purposes of paragraph 820E(3)(e) ; or

(c)    determine, for each paragraph of subsection 820E(3) , principles for working out if that paragraph applies to a clearing and settlement facility.

Note: A single document could cover any or all of the things mentioned in paragraphs (a) to (c) .

820F(4)    
In making a determination under subsection (3) , ASIC must have regard to any relevant advice received from the Reserve Bank.