Case Study: Reserve Bank of Australia
The Reserve Bank is Australia's central bank and is the regulator of payment systems in Australia. It needs legal advice on payment system regulation and the exercise of its statutory powers as the regulator of payment systems, including in relation to the making and variation of legally binding standards.
For almost 20 years we have helped the RBA, as the regulator of payment systems, to make legally binding standards, which impact across the affected payment systems (and the payments system more broadly). Payment systems include the Visa MasterCard credit and debit system, Amex systems, EFTPOS (the Australian proprietary electronic funds point of sale system). We're relied on to help the RBA in relation to the exercise of its powers, and in drafting and amending standards that have a significant impact on the regulatory environment affecting payment systems and on the payments system more broadly. In addition, Clayton Utz has acted as the primary external technology lawyer to the RBA for the last 10 years, advising on major technology procurement projects, including those underpinning the Australian financial system and the RBA's new cloud-based infrastructure platform.
Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.