Section 820F — Corporations Act 2001: Relevant determinations

Reserve Bank determination (1) For the purposes of subparagraph 820E(2)(e)(iii), the Reserve Bank may, by legislative instrument, determine a payment system. (2) In making a determination under subsection (1), the Reserve Bank must have regard to matters that include the following: (a) whether the aggregate value of Australian dollar payments processed through the system is high relative to other payment systems; (b) whether the system mainly handles time-critical payments; (c) whether the system mainly handles high-value payments; (d) whether the system is used to settle payments that effect settlement in other clearing and settlement facilities; (e) whether the system is located in Australia; (f) any matter prescribed by the regulations for the purposes of this paragraph. ASIC determinations (3) ASIC may, by legislative instrument: (a) determine circumstances for the purposes of paragraph 820E(2)(f); or (b) determine circumstances for the purposes of paragraph 820E(3)(e); or (c) determine, for each paragraph of subsection 820E(3), principles for working out if that paragraph applies to a clearing and settlement facility. Note: A single document could cover any or all of the things mentioned in paragraphs (a) to (c). (4) In making a determination under subsection (3), ASIC must have regard to any relevant advice received from the Reserve Bank.