Document ID: chunk:federal_register_of_legislation:F2022C00001:body:0:p4
Version: federal_register_of_legislation:F2022C00001
Segment Type: other
Provision Reference: 
Character Range: 7794–10525

device, including a code or device where no physical card or other embodiment is issued and a code or device used or to be used for only one transaction;

    Direct Issuer Participant means, in relation to a Scheme, a participant in that Scheme in Australia as an Issuer, or as a Sponsor for one or more Issuers, that is not an Indirect Issuer Participant in that Scheme in Australia. Without limitation, for the:

       (a) MasterCard System this means any Principal Customer or Association Customer, each as defined in the Rules of the Scheme, in its capacity as Issuer or as Sponsor for one or more Issuers; or

       (b) VISA System this means any Principal-Type Member as defined in the Rules of the Scheme in its capacity as Issuer or as Sponsor for one or more Issuers;

    Direct Issuer Participant Payments has the meaning given to it in clause 5.2;

    Direct Issuer Participant Receipts has the meaning given to it in clause 5.2;

    Fair Value means, in relation to any Property or service:

       (a) subject to paragraph (b), the amount that would be paid to acquire the Property or service in an orderly transaction between independent, unrelated and well informed parties at the earlier of:

          (i) the date the Property or service was first provided; and

          (ii) the date the Property or service was committed to be provided,

       to the Direct Issuer Participant; but

       (b) if at any subsequent time the amount that would be paid to acquire the Property or service in an orderly transaction between independent, unrelated and well informed parties (Revised Value) is materially different from the amount determined in accordance with paragraph (a) (or, if any adjustment is made in accordance with this paragraph (b), the most recent such adjustment), the Fair Value may be adjusted to that Revised Value provided:

          (i) use of that Revised Value as Fair Value is fair and reasonable and consistent with the objective of this Standard; and

          (ii) the Fair Value may be adjusted to a Revised Value no more than once in a Reporting Period;

    Incentive Test: a Benefit meets the Incentive Test in relation to a Scheme if it is given for a purpose of, or has or will likely have the effect of, any one or more of the following:

       (a) incentivising the entry into of a contract relating to the issue of Credit Cards of the Scheme;

       (b) promoting or incentivising the issuance or use of Credit Cards of the Scheme; or

       (c) providing or funding incentives to holders of Credit Cards of the Scheme to use those cards.

    Benefits that meet the Incentive Test in relation to a Scheme include lump-sum, volume based and transaction-specific Benefits