№ files_lp_4_process_2_57244
Exposure draft explanatory material for a legislative bill detailing proposed amendments to the Payment Systems (Regulation) Act 1998, including expanded definitions, Ministerial powers, and updated civil and criminal penalties, intended to guide Parliament and stakeholders in understanding the policy rationale and operational changes.
Year: 2022–2023
Jurisdiction: Commonwealth of Australia
Topic: Payment Systems Regulation
Document type: Exposure Draft Explanatory Materials
Legislative body: Parliament of the Commonwealth of Australia, House of Representatives
Authoring department: Australian Treasury
Intended audience: Parliamentarians, regulatory stakeholders, financial industry participants
Relevant legislation: Payment Systems (Regulation) Act 1998, Regulatory Powers (Standard Provisions) Act 2014, Acts Interpretation Act 1901
Date of publication: 2023
Scope of amendments: Definitions of payment system and participant, regulatory powers, civil and criminal penalties, Ministerial powers, transitional provisions
Key regulatory agencies referenced: Reserve Bank of Australia (RBA), Australian Prudential Regulation Authority (APRA), Australian Securities and Investments Commission (ASIC), Australian Competition and Consumer Commission (ACCC)
Implementation period: 2023 onwards
Price: 8 / 10 USD
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