Submissions on the Future Regulatory Framework for the EFTPOS System

In September 2011, the Reserve Bank announced that it would undertake a review of the regulatory framework for the EFTPOS system. The Bank considers the review is necessary because of developments in the system over recent years – most notably the establishment of EFTPOS Payments Australia Limited as a governing body for the EFTPOS system. In May, the Payments System Board completed the first phase of its review of the EFTPOS system, with its decision to implement a new designation. This consultation – the second phase of the review – sought comments on the future regulatory framework for the EFTPOS system. In particular, it sought views on options for the Bank's future regulation of EFTPOS interchange fees and access to the EFTPOS system, including whether an interchange fees standard and access regime continue to be required, and whether transitional arrangements may be appropriate given the large shift that is taking place in both the governance and regulatory framework for the EFTPOS system. The closing date for submissions was 31 July.

Received by 31 July 2012

Received after 31 July 2012