Document ID: chunk:federal_register_of_legislation:F2022C00001:body:0:p2
Version: federal_register_of_legislation:F2022C00001
Segment Type: other
Provision Reference: 
Character Range: 2645–5366

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

       (a) the payment system operated within Australia known as the MasterCard system which was designated under the Act as a payment system on 12 April 2001 and which is referred to in this Standard as the MasterCard System; and

       (b) the payment system operated within Australia known as the VISA system, which was designated under the Act as a payment system on 12 April 2001 and which is referred to in this Standard as the VISA System.

    2.3 In this Standard:

    Above Benchmark Reference Period has the meaning given to it in clause 4.2;

    Acquired includes accepted;

    Acquirer means a participant in a Scheme in Australia that:

       (a) provides services, directly or indirectly, to a Merchant to allow that Merchant to accept a Credit Card of that Scheme; or

       (b) is a Merchant that accepts, or is a Related Body Corporate of a Merchant that accepts, a Credit Card of that Scheme and bears risk as principal in relation to the payment obligations of the Issuer of that Credit Card in relation to that acceptance;

    Associated Entity has the meaning given by Section 50AAA of the Corporations Act 2001;

       Benefit means:

       (a) a payment, receipt, rebate, refund or allowance;

       (b) in relation to any Property or service received or receivable by a Direct Issuer Participant:

          (i) where there is a Regular Price for that Property or service, any discount or deduction from that price;

          (ii) where there is not a Regular Price for that Property or service, an amount by which the Fair Value of the Property or service exceeds the payment or other similar financial consideration made or given for it by the Direct Issuer Participant; and

       (c) a benefit (however named or described) of a similar nature to, or having the same effect as, a benefit of the kind specified in (a) or (b) above;

    Commencement Date means 1 July 2017;

    Core Service means, in relation to a Scheme, a service provided by the administrator of the Scheme in Australia or any of its Associated Entities that meets the requirements in the following paragraphs (a), (b) and (c):

       (a) the service is used by a participant in the Scheme in Australia in relation to Devices of the Scheme that can be used for purchasing goods or services on credit or transactions initiated using those Devices; and

       (b) without the service it would not be possible for a Direct Issuer Participant to be an Issuer or for another entity to be an Issuer through Sponsorship by a Direct Issuer Participant of the Scheme; and

       (c) the service (however named or described)