Document ID: chunk:federal_register_of_legislation:F2016L01901:reg:6
Version: federal_register_of_legislation:F2016L01901
Segment Type: reg
Provision Reference: reg 6
Character Range: 4028–4980

6  Banking business—purchased payment facilities
  For the purposes of subparagraph (b)(ii) of the definition of banking business in subsection 5(1) of the Act, the provision of a purchased payment facility (within the meaning of the Payment Systems (Regulation) Act 1998) is banking business if APRA determines that the facility:
 (a) is of a type for which the purchaser of the facility is able to demand payment, in Australian currency, of all, or any part, of the balance of the amount held in the facility that is held by the holder of the stored value (within the meaning of the Payment Systems (Regulation) Act 1998); and
 (b) is available, on a wide basis, as a means of payment, having regard to:
 (i) any restrictions that limit the number or types of people who may purchase the facility; and
 (ii) any restrictions that limit the number or types of people to whom payments may be made using the facility.

Part 2—Financial claims scheme