Payment Systems and Netting Regulations 2001

Statutory Rules 2001 No. 2241

I, PETER JOHN HOLLINGWORTH, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Payment Systems and Netting Act 1998.

Dated 16 August 2001

PETER HOLLINGWORTH

Governor-General

By His Excellency’s Command

JOE HOCKEY

Minister for Financial Services and Regulation

1 Name of Regulations

These Regulations are the Payment Systems and Netting Regulations 2001.

2 Commencement

These Regulations commence on gazettal.

3 Definitions

In these Regulations:

Act means the Payment Systems and Netting Act 1998.

Arrangement means the arrangement consisting of:

(a) any clearing facilities provided by SFE Clearing for bonds and repurchase agreements over bonds; and

(b) any facilities provided by SFE Clearing that constitute an approved futures clearing house under the Corporations Act 2001.

bond means a bond issued by the Commonwealth or by the government of a State or Territory.

clearing facilities means facilities for the matching and registration of transactions, the novation of contracts, margining, netting and the determination of settlement amounts.

repurchase agreement means a repurchase transaction in 1 of the recognised forms of master repurchase agreement for bonds.

SFE Clearing means SFE Clearing Corporation Pty Ltd (ABN 91050615864).

4 Declaration under definition of netting market

For paragraph (b) of the definition of netting market in section 5 of the Act, the Arrangement is declared to be a netting market.