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Payment Systems and Netting Act 1998

Submitted by Richard_Li on
Distinguished Terms in this instrument
Term(s) Definition Defined in Legislation See Section(s)
ADI

is short for authorised deposittaking institution.

Banking Act 1959 Banking Act 1959 - 5 Interpretation
approved netting arrangement

means a netting arrangement approved under section 12.

Payment Systems and Netting Act 1998 Payment Systems and Netting Act 1998 - 5 Definitions
Payment Systems and Netting Act 1998 - 12 Reserve Bank may approve netting arrangement
approved RTGS system

means a payment or settlement system approved under section 9.

Payment Systems and Netting Act 1998 Payment Systems and Netting Act 1998 - 5 Definitions
Payment Systems and Netting Act 1998 - 9 Reserve Bank may approve payment system
APRA

means the Australian Prudential Regulation Authority.

Payment Systems and Netting Act 1998 Payment Systems and Netting Act 1998 - 5 Definitions
Banking Act statutory manager

has the meaning given by subsection 13A(2).

Banking Act 1959 Banking Act 1959 - 5 Interpretation
Banking Act 1959 - 13A Consequences of inability or failure of ADI etc. to meet certain requirements
closeout netting contract

means:

(a) a contract under which, if a particular event happens:

(i) particular obligations of the parties terminate or may be terminated; and

Payment Systems and Netting Act 1998 Payment Systems and Netting Act 1998 - 5 Definitions
Payment Systems and Netting Act 1998 - 15 Declaration that section 14 does not apply
Commonwealth constitutional reach

: a contract or arrangement is entered into in circumstances that are within if:

(a) a constitutional corporation is a party to the contract or arrangement; or

Payment Systems and Netting Act 1998 Payment Systems and Netting Act 1998 - 5 Definitions
constitutional corporation

means:

(a) a foreign corporation; or

(b) a trading or financial corporation formed within the limits of the Commonwealth.

Payment Systems and Netting Act 1998 Payment Systems and Netting Act 1998 - 5 Definitions
derivative

has the same meaning as in Chapter 7 of the

Corporations Act 2001

.

Payment Systems and Netting Act 1998
eligible obligation

has the meaning given by section 14A.

Payment Systems and Netting Act 1998 Payment Systems and Netting Act 1998 - 5 Definitions
Payment Systems and Netting Act 1998 - 14A Effectiveness of security given in respect of obligations under close‐out netting contracts
external administration

of a company: see section 515.

Corporations Act 2001 Corporations Act 2001 - 515 General liability of contributory
Corporations Act 2001 - 515 General liability of contributory
external administrator

for a person who goes into external administration is the person who takes control of the persons property under the administration.

Payment Systems and Netting Act 1998 Payment Systems and Netting Act 1998 - 5 Definitions
financial property

means any of the following personal property:

(a) chattel paper;

(b) currency;

(c) a document of title;

(d) an investment instrument;

Personal Property Securities Act 2009 Personal Property Securities Act 2009 - 10 The Dictionary
foreign exchange contract

means a contract:

(a) to buy or sell currency (whether Australian or not); or

(b) to exchange one currency (whether Australian or not) for another (whether Australian or not).

Corporations Act 2001 Corporations Act 2001 - 761A Meaning of some terms relating to financial services and markets
Corporations Act 2001 - 761A Meaning of some terms relating to financial services and markets
general insurer

has the meaning given by section 11.

Insurance Act 1973 Insurance Act 1973 - 11 Meaning of general insurer
Insurance Act 1973 - 3 Interpretation
general participant

in a payment or settlement system means a participant who cannot, under the operating rules for the system, settle transactions on their own account through the system.

Payment Systems and Netting Act 1998 Payment Systems and Netting Act 1998 - 5 Definitions
give security

has a meaning affected by section 5A.

Payment Systems and Netting Act 1998 Payment Systems and Netting Act 1998 - 5 Definitions
Payment Systems and Netting Act 1998 - 5A Security given over a person’s right to require payment or performance of an obligation
Insurance Act statutory manager

has the meaning given by subsection 62ZOA(8).

Insurance Act 1973 Insurance Act 1973 - 3 Interpretation
Insurance Act 1973 - 62ZOA Consequences of inability or failure of general insurer etc. to meet certain requirements
intermediated financial property

means the rights mentioned in paragraph (h) of the definition of

financial property

.

Payment Systems and Netting Act 1998 Payment Systems and Netting Act 1998 - 5 Definitions
market netting contract

means:

(a) a contract:

(i) entered into in accordance with the rules that govern the operation of a netting market; and

(ii) under which obligations between parties to the contract are netted; or

Payment Systems and Netting Act 1998 Payment Systems and Netting Act 1998 - 5 Definitions

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