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.

  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


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 <www.rba.gov.au>.

 

Signed

 

 

Glenn Stevens

Governor

Reserve Bank of Australia

29 August 2012