Document ID: chunk:federal_register_of_legislation:F2019N00027:body:0:p22
Version: federal_register_of_legislation:F2019N00027
Segment Type: other
Provision Reference: 
Character Range: 54620–57389

or amounts.

    4.2 If the total value of Interchange Fees (exclusive of goods and services tax) payable in relation to Credit Card Transactions undertaken in a Scheme during a Reference Period exceeds 0.500 per cent of the total value of those Credit Card Transactions:

       (a) that Reference Period will be an Above Benchmark Reference Period; and

       (b) 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 that Above Benchmark Reference Period, that Reference Period would not have been an Above Benchmark Reference Period.

    4.3 If at any time any Interchange Fee applicable under a Scheme is introduced or removed, or the rate or amount of any Interchange Fee under a Scheme is varied, the Interchange Fees applicable under that Scheme following that change must be such that, had they applied for the whole of the most recent Reference Period prior to the date of the change, that Reference Period would not have been an Above Benchmark Reference Period. Nothing in this clause 4.3 limits clause 4.2.

    5. Net Payments to Issuers Direct Issuer Participants

    5.1 No Issuer which is a participant Direct Issuer Participant in a Scheme may receive, directly or indirectly, Net Compensation in relation to Credit Card Transactions undertaken in that Scheme. Net Compensation is received by an Issuer a Direct Issuer Participant if the Issuer Receipts Direct Issuer Participant Receipts of the Issuer Direct Issuer Participant for that Scheme over in respect of a Reporting Period exceed the Issuer Payments Direct Issuer Participant Payments of the Issuer Direct Issuer Participant for that Scheme over in respect of that Reporting Period.

    5.2 For the purpose of this clause 5 and subject to clause 7.3(d):

       (a) subject to paragraphs (c), (d) and (e), Issuer Receipts of the Issuer for a Scheme is the total of the Benefits received, directly or indirectly, by the Issuer in relation to Credit Cards of the Scheme or Credit Card Transactions undertaken in the Scheme that have a purpose or likely effect of promoting or incentivising the issuance or use of Credit Cards of the Scheme or of providing or funding incentives to holders of Credit Cards of the Scheme to use those cards, but excluding:

          (i)  Interchange Fees;

          (ii) payments made by or on behalf of holders of Credit Cards of the Scheme (or holders of the related Credit Card Accounts) to:

            (A) discharge a liability (whether then due and payable or not)