Payment Systems and Netting Amendment Regulations 2002 (No. 1)1
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 25 July 2002
PETER HOLLINGWORTH
Governor-General
By His Excellency’s Command
IAN CAMPBELL
1 Name of Regulations
These Regulations are the Payment Systems and Netting Amendment Regulations 2002 (No. 1).
2 Commencement
These Regulations commence on gazettal.
3 Amendment of Payment Systems and Netting Regulations 2001
Schedule 1 amends the Payment Systems and Netting Regulations 2001.
Schedule 1 Amendments
(regulation 3)
[1] Regulation 3, definition of Arrangement
omit
[2] Regulation 4
substitute
4 Declaration under definition of netting market
For paragraph (b) of the definition of netting market in section 5 of the Act, each of the following arrangements is declared to be a netting market:
(a) the arrangement consisting of:
(i) any clearing facilities provided by SFE Clearing for bonds and repurchase agreements over bonds; and
(ii) any clearing and settlement facilities provided by SFE Clearing under the Australian CS facility licence granted to it under subsection 1425 (2) of the Corporations Act 2001 on 8 March 2002;
(b) the arrangement consisting of the system for the settlement, by CLS Bank International, of payment instructions arising from foreign exchange transactions.
Notes
1. These Regulations amend Statutory Rules 2001 No. 224.
2. Notified in the Commonwealth of Australia Gazette on 1 August 2002.