Document ID: chunk:federal_register_of_legislation:F2015C00018:body:0:p4
Version: federal_register_of_legislation:F2015C00018
Segment Type: other
Provision Reference: 
Character Range: 8070–10956

the Scheme in Australia from being:

           (a) an issuer only; or

           (b) an acquirer only; or

           (c) both an issuer and an acquirer.

       15.  Neither the rules of the Scheme nor any participant in the Scheme shall impose on a participant in the Scheme in Australia any fee, charge, loading or any form of penalty as a consequence of, or which is related in any way to, that participant's activity as an acquirer relative to its activity as an issuer in the Scheme.

       16.  Neither the rules of the Scheme nor any participant in the Scheme shall prohibit a participant in the Scheme in Australia from being a self acquirer if the participant can reasonably establish in accordance with the rules of the Scheme that, as a self acquirer, it has the capacity to meet the obligations of an acquirer.

    Transparency and assessment of applications

       17.  The administrator of the Scheme must continuously publish on the Scheme's website:

           (a) any eligibility criteria and the risks that the eligibility criteria seek to address;

           (b) the assessment criteria and the risks that the assessment criteria seek to address; and

           (c) the maximum time it will take to assess any application to participate in the Scheme in Australia before terms of participation will be proposed to the applicant or a decision on the application will be made.

       18.  The administrator of the Scheme must provide to an entity that has applied to participate in the Scheme in Australia an estimate of the time it will take to assess the application before terms of participation will be proposed to the applicant or a decision on the application will be made.

       19. The administrator of the Scheme must assess applications in a timely manner without undue delay.

       20.  The administrator of the Scheme must provide to an entity that has applied to participate in the Scheme in Australia reasons in writing if the application is rejected, within one month after such rejection.

    Certification and reporting

       21. The administrator of the Scheme must provide to the Reserve Bank on or before 31 July each year a certificate:

           (a) certifying, in respect of the twelve-month period ending on 30 June of that same year (the "reporting period"), that:

              (i) at all times during the reporting period the eligibility criteria and the assessment criteria were in compliance with this Access Regime;

              (ii) any applicant admitted to the Scheme during the reporting period met, at the time of admission, all risk-related eligibility and assessment criteria; and

              (iii) at all times during the reporting period it has otherwise complied with this Access Regime; and

           (b) listing all entities whose application to participate in the Scheme in Australia was either made