Australia’s payment systems: more changes on the horizon
Is the transfer of funds a core competent of your business model? Is the safety, competitiveness and efficiency of Australia’s payment systems important to your organisation? Will recent and foreshadowed changes affect you?
The Reserve Bank of Australia (RBA) has primary regulatory responsibility for Australia’s payment systems, including any systemically important payment system (SIPS), and has recently completed its first self-assessment of the Reserve Bank Information and Transfer System (RITS) against the Principles for Financial Market Infrastructures published by the Basel Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO). RITS is the only domestic SIPS, although CLS Bank International is an international SIPS that plays an important role in the settlement of foreign exchange trades (including those involving Australian dollars).
The arrangements that allow consumers, businesses and other organisations to transfer funds, usually held in an account at one financial institution transferred to another (i.e. payment systems), are essential in supporting the day-to-day business of the Australian economy. They must be safe, competitive and efficient…
If you are registered and logged in to the site, click on the link below to read the rest of the King & Wood Mallesons briefing. If not, please register or sign in with your details below.
News from King & Wood Mallesons
News from The Lawyer
Briefings from King & Wood Mallesons
Principals and contractors need to be aware that in not registering security interests under the PPSA 2009, they may risk serious consequences.
The New Companies Ordinance (NCO) will come into effect on 3 March 2014. It includes changes that affect the way documents may be executed.
Analysis from The Lawyer
Hong Kong IPO activity is hotting up again, but UK legal stalwarts are looking over their shoulders as US rivals make up ground fast
All-encompassing change is now a reality for the UK’s top 200 firms. How are they coping with the unprecedented upheaval? The Lawyer finds out