Long Title

Part I PRELIMINARY

Part II FUNCTIONS AND POWERS OF AUTHORITY

Part III INFORMATION GATHERING POWERS OVER PAYMENT SYSTEMS

Part IV DESIGNATION OF PAYMENT SYSTEMS

Part V OBLIGATIONS OF OPERATORS AND SETTLEMENT INSTITUTIONS OF DESIGNATED PAYMENT SYSTEMS

Part VI OVERSIGHT POWERS OVER DESIGNATED PAYMENT SYSTEMS

Part VII STORED VALUE FACILITIES

Part VIII ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES

Part IX MISCELLANEOUS

Legislative Source Key

Legislative History

Comparative Table

PART II
FUNCTIONS AND POWERS OF AUTHORITY
Authority to exercise oversight functions in respect of payment systems and stored value facilities
4.  The Authority shall —
(a)
exercise oversight functions in respect of payment systems and stored value facilities under this Act; and
(b)
have power to do all such acts, matters and things as are necessary to be carried out by the Authority under this Act.
Authority to have regard to public interest
5.  In exercising its powers in relation to payment systems under this Act, the Authority shall have regard to the interests of the public, and in this respect, the Authority may take into consideration —
(a)
whether any payment system is, in the opinion of the Authority —
(i)
financially safe for use by participants;
(ii)
efficient; and
(iii)
not materially causing or contributing to increased risk to the financial system; and
(b)
such other matters as the Authority may consider to be relevant.
[Aust Payment Systems Act 1998, s. 8]