Document ID: chunk:federal_register_of_legislation:F2008B00304:body:0:p2
Version: federal_register_of_legislation:F2008B00304
Segment Type: other
Provision Reference: 
Character Range: 2554–5390

5.             If any part of this Access Regime is invalid, it is ineffective only to the extent of such part without invalidating the remaining parts of this Access Regime.

6.             This Access Regime is to be interpreted:

         * in accordance with its objective;  and

         * by looking beyond form to substance.

7.             This Access Regime comes into force on 23 February 2004.

Eligibility for participation

8.             Any person who is an authorised deposit-taking institution is eligible to apply to participate in the Scheme in Australia.  Subject to paragraph 9, any criteria may be applied by the Scheme in assessing applications for participation in the Scheme in Australia.

9.             Neither the rules of the Scheme nor any participant in the Scheme shall discriminate between specialist credit card institutions as a class and other authorised deposit-taking institutions as a class in relation to any of the criteria applied in assessing applications for participation or in relation to the rights and obligations of participants in the Scheme in Australia.

Terms of participation

10.        Neither the rules of the Scheme nor any participant in the Scheme shall prevent a participant in the Scheme in Australia from being:

(i) an issuer only; or

(ii) an acquirer only; or

 (iii) both an issuer and an acquirer.

11.        Neither the rules of the Scheme nor any participant in the Scheme shall impose on a participant in the Scheme in Australia any fee, charge, loading or any form of penalty as a consequence of, or which is related in any way to, that participant's activity as an acquirer relative to its activity as an issuer in the Scheme.

12.        Neither the rules of the Scheme nor any participant in the Scheme shall prohibit a participant in the Scheme in Australia from being a self acquirer if the participant can reasonably establish in accordance with the rules of the Scheme that, as a self acquirer, it has the capacity to meet the obligations of an acquirer.

Transparency

13.        The administrator of the Scheme or a representative of the participants in the Scheme in Australia must publish the criteria applied in assessing applications for participation in the Scheme in Australia on the Scheme's website, or make such criteria generally available through other means within three months after this Access Regime comes into force.

14.        The administrator of the Scheme must provide to a person that has applied to participate in the Scheme in Australia an estimate of the time it will take to assess the application before a decision on the application will be made.  The administrator must assess applications in a timely manner without undue delay.

15.        The administrator of the Scheme must provide to a person that has