Corporations Regulations 2001
CHAPTER 7
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FINANCIAL SERVICES AND MARKETS
PART 7.1
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PRELIMINARY
Division 1
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General
REGULATION 7.1.04P
7.1.04P
SPECIFIC THINGS THAT ARE NOT FINANCIAL PRODUCTS
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PAYMENT SYSTEMS
For the purposes of paragraph 765A(1)(j) of the Act, each of the following is not a financial product: (a) the credit card system operated within Australia known as the MasterCard system or MasterCard network card system and designated as a payment system under section 11 of the Payment Systems (Regulation) Act 1998 on 12 April 2001; (b) the credit card system operated within Australia known as the VISA system or the VISA network card system and designated as a payment system under section 11 of the Payment Systems (Regulation) Act 1998 on 12 April 2001; (c) the debit card system operated within Australia known as Visa debit and designated as a payment system under section 11 of the Payment Systems (Regulation) Act 1998 on 23 February 2004; (d) the payment system operated within Australia known as the ATM system and designated by Designation No 1 of 2008 as a payment system under section 11 of the Payment Systems (Regulation) Act 1998 on 10 December 2008; (e) the debit card system operated within Australia known as the EFTPOS system and designated by Designation No 1 of 2012 as a payment system under subsection 11(1) of the Payment Systems (Regulation) Act 1998 on 12 June 2012; (f) the debit card system operated within Australia known as Debit MasterCard and designated by Designation No 2 of 2015 (Designation of the Debit MasterCard system) as a payment system under subsection 11(1) of the Payment Systems (Regulation) Act 1998 on 15 October 2015; (g) the prepaid card system operated within Australia and designated by Designation No 3 of 2015 (Designation of the EFTPOS prepaid system) as a payment system under subsection 11(1) of the Payment Systems (Regulation) Act 1998 on 15 October 2015; (h) the prepaid card system operated within Australia known as MasterCard Prepaid and designated by Designation No 4 of 2015 (Designation of the MasterCard prepaid system) as a payment system under subsection 11(1) of the Payment Systems (Regulation) Act 1998 on 15 October 2015; (i) the prepaid card system operated within Australia known as Visa Prepaid and designated by Designation No 5 of 2015 (Designation of the Visa prepaid system) as a payment system under subsection 11(1) of the Payment Systems (Regulation) Act 1998 on 15 October 2015.
View history note
Hide history note[ CCH Note: Pursuant to the Corporations Amendment Regulations 2001 (No 4) (SR 2001 No 319) effective 11 March 2002, Chapter 7 (Securities) comprising reg 7.1.01 - 7.15.01 and Chapter 8 (The futures industry) comprising reg 8.1.01 - 8.7.03 are replaced by a new Chapter 7 (Financial services and markets) comprising reg 7.1.01 - 7.12.01. As the subject matter of the new Chapter 7 relates to the new financial services reform regime, " inserted " has been used in the history notes for each provision, and all references to the former provisions have been removed.]
For the purposes of paragraph 765A(1)(j) of the Act, each of the following is not a financial product: (a) the credit card system operated within Australia known as the MasterCard system or MasterCard network card system and designated as a payment system under section 11 of the Payment Systems (Regulation) Act 1998 on 12 April 2001; (b) the credit card system operated within Australia known as the VISA system or the VISA network card system and designated as a payment system under section 11 of the Payment Systems (Regulation) Act 1998 on 12 April 2001; (c) the debit card system operated within Australia known as Visa debit and designated as a payment system under section 11 of the Payment Systems (Regulation) Act 1998 on 23 February 2004; (d) the payment system operated within Australia known as the ATM system and designated by Designation No 1 of 2008 as a payment system under section 11 of the Payment Systems (Regulation) Act 1998 on 10 December 2008; (e) the debit card system operated within Australia known as the EFTPOS system and designated by Designation No 1 of 2012 as a payment system under subsection 11(1) of the Payment Systems (Regulation) Act 1998 on 12 June 2012; (f) the debit card system operated within Australia known as Debit MasterCard and designated by Designation No 2 of 2015 (Designation of the Debit MasterCard system) as a payment system under subsection 11(1) of the Payment Systems (Regulation) Act 1998 on 15 October 2015; (g) the prepaid card system operated within Australia and designated by Designation No 3 of 2015 (Designation of the EFTPOS prepaid system) as a payment system under subsection 11(1) of the Payment Systems (Regulation) Act 1998 on 15 October 2015; (h) the prepaid card system operated within Australia known as MasterCard Prepaid and designated by Designation No 4 of 2015 (Designation of the MasterCard prepaid system) as a payment system under subsection 11(1) of the Payment Systems (Regulation) Act 1998 on 15 October 2015; (i) the prepaid card system operated within Australia known as Visa Prepaid and designated by Designation No 5 of 2015 (Designation of the Visa prepaid system) as a payment system under subsection 11(1) of the Payment Systems (Regulation) Act 1998 on 15 October 2015.
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