Document ID: chunk:federal_register_of_legislation:F2022C00002:body:0:p11
Version: federal_register_of_legislation:F2022C00002
Segment Type: other
Provision Reference: 
Character Range: 25296–28059

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) in relation to a Scheme:

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

          (ii)  for the Scheme Pair of which the Scheme referred to in sub-paragraph (a)(i) forms part, the total value of Interchange Fees (exclusive of goods and services tax) payable in relation to Card Transactions undertaken in each of the Schemes in the Scheme Pair during the Reference Period divided by the number of those Card Transactions exceeds the Scheme Benchmark; or

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

    that Reference Period will be an Above Benchmark Reference Period for the Scheme referred to in paragraph (a) or (b) above (as applicable) and the participants in that Scheme must take all necessary steps to vary the rates or amounts of Interchange Fees applicable under that Scheme, with effect no later than 2 months and 1 day after the end of the Above Benchmark Reference Period, to rates or amounts such that, had those varied rates or amounts applied under the Scheme during the Above Benchmark Reference Period, that Reference Period would not have been an Above Benchmark Reference Period for that Scheme unless, in relation to a Scheme referred to in paragraph (a) above:

       (c) prior to the end of that period of 2 months and 1 day, a variation to the rates or amounts of Interchange Fees applicable under the other Scheme in the Scheme Pair takes effect; and

       (d) the varied Interchange Fees referred to in paragraph (c) are such that, had they applied under that other Scheme during the Above Benchmark Reference Period, the Reference Period would not have been an Above Benchmark Reference Period.

    4.3 If at any time any Interchange Fee applicable under