Treasury Laws Amendment (Payments System Modernisation) Bill 2025
The question is that amendment (1) on sheet 3392 be agreed to. Australian Greens ' circulated amendment s — (1) Page 44 (after line 12), at the end of the bill, add: Schedule 2 — Reducing conflicts of interest on Reserve Bank boards Reserve Bank Act 1959 1 Subsection 5(1) Insert: ASX listed company means a company any of the shares in the capital of which are listed for quotation in the official list of ASX Limited. licensed CS facility has the same meaning as in the Corporations Act 2001. participant, in a payment system, has the same meaning as in the Payment Systems (Regulation) Act 1998. payment system has the same meaning as in the Payment Systems (Regulation) Act 1998. 2 Paragraph 25AB(2)(c) Repeal the paragraph, substitute: (c) a director, officer or employee of an ADI or an ASX listed company. 3 After section 25AJ Insert: 25AJA Undertaking by Board members (1) Each person who is a member of the Monetary Policy Board must, before first starting to perform the duties of the office, give the Treasurer a written undertaking that the person will not, within the period of 5 years after ceasing to hold the office, become a director, officer or employee of an ADI or an ASX listed company.
(2) The undertaking must be in the form (if any) prescribed by the regulations. (3) The Treasurer must cause a copy of the undertaking to be published on the Department's website. 4 Subparagraph 25AM(2)(c)(iii) Repeal the subparagraph, substitute: (iii) a director, officer or employee of an ADI or an ASX listed company. 5 After subsection 25B(3) Insert: (3A) A person must not be appointed under subsection (3) if the person is a director, officer or employee of an ADI, a licensed CS facility or a participant in a payment system that is an administrator of the system. 6 After section 25E Insert: 25EAA Undertaking by Board members (1) Each person who is a member of the Payments System Board must, before first starting to perform the duties of the office, give the Treasurer a written undertaking that the person will not, within the period of 5 years after ceasing to hold the office, become a director, officer or employee of an ADI, a licensed CS facility or a participant in a payment system that is an administrator of the system.
(2) The undertaking must be in the form (if any) prescribed by the regulations. (3) The Treasurer must cause a copy of the undertaking to be published on the Department's website. 7 After paragraph 25L(4)(b) Insert: (ba) the member is or becomes a director, officer or employee of an ADI, a licensed CS facility or a participant in a payment system that is an administrator of the system; or 8 Application of amendments (1) The amendments of sections 25AB, 25AM, 25B and 25L of the Reserve Bank Act 1959 made by this Schedule apply in relation to appointments that are made on or after the commencement of this item.
(2) Section 25AJA of the Reserve Bank Act 1959, as inserted by this Schedule, applies in relation to a member of the Monetary Policy Board who first starts to perform the duties of the office on or after the commencement of this item. (3) Section 25EAA of the Reserve Bank Act 1959, as inserted by this Schedule, applies in relation to a member of the Payments System Board who first starts to perform the duties of the office on or after the commencement of this item.