Document ID: chunk:federal_register_of_legislation:F2019N00027:body:0:p15
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and issuers must comply fully with the current standards. Thereafter, schemes and issuers must comply with the revised standards.

3.              Next Steps
Section 18(4) of the Payment Systems (Regulation) Act 1998 requires the Bank to consult prior to determining or varying a standard. The Bank invites submissions on the issues discussed in Section 2 of this document, as well as in relation to Appendix A of this document, which sets out drafts of Standard No. 1 of 2016 and Standard No. 2 of 2016 as varied to reflect proposals 1 to 7 inclusive, and the first alternative for proposal 8 (the proposed changes are shown in mark-up).
Interested parties should provide their views on the proposals and the draft varied standards in writing, by no later than 28 March 2019, to: PYSubmissions@rba.gov.au. The Bank welcomes public submissions proposing alternate approaches for clarifying the standards consistent with the narrow-scope aims of this consultation. Submissions will be published on the Bank's website, unless they are clearly marked as confidential or the Bank determines that there are reasons not to do so. The Bank will endeavour to meet with stakeholders that make submissions.
Submissions provided by email should be in a separate document, in Word or equivalent format. Submissions in PDF format must be accompanied by a version in an accessible format such as .rtf or .doc.

Privacy
Unless requested otherwise, published submissions will include contact details and any other personal information contained in those documents. For information about the Bank's collection of personal information and approach to privacy, please refer to the Personal Information Collection Notice for Website Visitors and the Bank's Privacy Policy.

Appendix A: Draft Variation to Standards

This Appendix sets out the changes the Bank proposes to:
Standard No.1 of 2016: The Setting of Interchange Fees in the Designated Credit Card Schemes and
Net Payments to Issuers
Standard No.2 of 2016: The Setting of Interchange Fees in the Designated Debit and Prepaid Card
Schemes and Net Payments to Issuers

Standard No. 1 of 2016

The Setting of Interchange Fees in the Designated Credit Card Schemes and Net Payments to Issuers

    1. Objective

    The objective of this Standard is to ensure that the setting of interchange fees and payments and other transfers of valuable consideration having an equivalent object or effect to interchange fees in each designated credit card scheme is transparent and promotes:

        efficiency; and

        competition

    in the Australian payments system.

    2. Application

    2.1 This Standard is determined under Section 18 of the Payment Systems (Regulation) Act 1998 (the Act).

    2.2 This Standard applies to each of the following, each of which is referred to in this Standard as a Scheme:

       (a) the payment system operated within