Document ID: chunk:federal_register_of_legislation:F2015C00017:body:0:p2
Version: federal_register_of_legislation:F2015C00017
Segment Type: other
Provision Reference: 
Character Range: 2671–5574

"self acquirer" if it acquires transactions for which it or a related body corporate (as that term is defined in the Corporations Act 2001) is the merchant;

       "authorised deposit-taking institution" has the same meaning given to that term in section 5(1) of the Banking Act 1959;

       "credit card" means a card issued under the rules of the Scheme that can be used for purchasing goods or services on credit, or any other article issued under the rules of the Scheme and commonly known as a credit card;

       a "former specialist credit card institution" is an entity which, as at 31 December 2014, was an authorised deposit-taking institution that engaged in credit card issuing, credit card acquiring or both (within the meaning of Regulation 4 of the Banking Regulations 1966) and which did not otherwise conduct banking business within the meaning of section 5 of the Banking Act 1959;

       an "issuer" is a participant in the Scheme in Australia that issues credit cards to the issuer's customers;

       "merchant" means a merchant in Australia that accepts a credit card for payment for goods or services;

       "rules of the Scheme" mean the constitution, rules, by-laws, procedures and instruments of the Scheme as applied in Australia, and any other arrangement relating to the Scheme by which participants in the Scheme in Australia consider themselves bound;

       a "specialist credit card institution" is:

           (a) an authorised deposit-taking institution that engages in, or proposes to engage in, credit card issuing, credit card acquiring or both (within the meaning of Regulation 4 of the Banking Regulations 1966) and does not otherwise conduct banking business within the meaning of section 5 of the Banking Act 1959; or

           (b) a former specialist credit card institution;

       terms defined or having a meaning in the Payment Systems (Regulation) Act 1998 have the same meaning in this Access Regime.

       4.  Each participant in the Scheme must do all things necessary on its part to ensure compliance with this Access Regime.

       5.  If any part of this Access Regime is invalid, it is ineffective only to the extent of such part without invalidating the remaining parts of this Access Regime.

       6.  This Access Regime is to be interpreted:

           (a) in accordance with its objective; and

           (b) by looking beyond form to substance.

       7.  This Access Regime originally came into force on 23 February 2004. This Access Regime as amended comes into force on 1 January 2015.

    Eligibility to apply to participate in the Scheme

       8.  Any authorised deposit-taking institution or former specialist credit card institution is eligible to apply to participate in the Scheme in Australia.

       9. The administrator of the Scheme may establish (through the rules of the Scheme or otherwise) any criteria