PURCHASED PAYMENT FACILITIES

Under Section 9(3) of the Payment Systems (Regulation) Act 1998, the Reserve Bank may declare that this Act does not apply to a specified purchased payment facility or to facilities included in a specified class of facilities. The Bank may also exempt corporations from the Act, under Section 25. Such an exemption allows them to be the holders of the stored value in respect of purchased payment facilities, even though they are not authorised deposit-taking institutions (ADIs) or hold an authority under Section 23 of the Act. This page provides links to current declarations and exemptions and to relevant media releases.

Declarations under Section 9(3): Exempt Purchased Payment Facilities

Number	Facility	Date of Gazettal	Media Release
Declaration No. 1, 2006	Loyalty schemes (ASIC CO 05/737) Gift card facilities (ASIC CO 05/738) Electronic road toll devices (ASIC CO 05/739) Pre-paid mobile phone accounts (ASIC CO 05/740)	27 April 2006	2006-02
Declaration No. 2, 2006	Limited-value ($10,000,000) Limited-participant (50 persons)	27 April 2006	2006-02

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Exemptions under Section 25: Holders of Stored Value

Coverage of Exemption	Date of Gazettal	Media Release
Corporations guaranteed by an ADI or government authority	10 March 2004	2004-04