Document ID: chunk:federal_register_of_legislation:F2019N00027:body:0:p35
Version: federal_register_of_legislation:F2019N00027
Segment Type: other
Provision Reference: 
Character Range: 87354–90160

necessary on its part to ensure compliance with this Standard.

    2.7 If any part of this Standard is invalid, this Standard is ineffective only to the extent of such part without invalidating the remaining parts of this Standard.

    2.8 This Standard is to be interpreted:

       (a) in accordance with its objective; and

       (b) by looking beyond form to substance.

    2.9 On the Commencement Date this Standard replaces each of the following Standards:

       (a) The Setting of Interchange Fees in the Visa Debit Payment System; and

       (b) Interchange Fees in the EFTPOS System.

    Neither the registration nor the terms of this Standard affect those standards before the Commencement Date.

    3. Anti-Avoidance

    A participant in a Scheme must not, either alone or together with one or more other persons, enter into, begin to carry out or carry out a plan or arrangement or otherwise be knowingly involved in a plan or arrangement if it would be concluded that the person did so for a purpose of avoiding the application of this Standard, and the plan or arrangement or part of the plan or arrangement has achieved or would but for this provision have achieved or could reasonably be considered to have achieved that purpose.

    4. Interchange Fees

       4.1 (a) An Interchange Fee (exclusive of goods and services tax) in relation to a Card Transaction must:

          (i) where the Interchange Fee is a fixed amount per transaction, not exceed 15.0 cents; or

          (ii) where the Interchange Fee is calculated by reference to the value or amount of the transaction, not exceed 0.200 per cent of that amount or value.

       (b) If an Interchange Fee applies in relation to a category of Card Transactions (whether that category is determined by reference to the nature of the holder, or type of the Card of the Scheme, the identity or nature of the Merchant, the means of effecting the transaction, the security or authentication that applies or any other matter, or is a residual category covering transactions not in any other category) (Interchange Fee Category), that Interchange Fee must be:

          (i) a percentage of the value of the Card Transaction to which it relates; or

          (ii) a fixed amount,

       applying to all Card Transactions in the category, and cannot be expressed as a range of rates or amounts.

    4.2 If:

       (a) the total value of Interchange Fees (exclusive of goods and services tax) payable in relation to Card Transactions undertaken in a Scheme during a Reference Period divided by the number of those Card Transactions exceeds the Scheme Benchmark; and

       (b) for the Scheme Pair of which the Scheme referred to in sub-paragraph (a) forms part, the total value of Interchange Fees (exclusive of goods and