Document ID: chunk:federal_register_of_legislation:F2013L00038:body:0:p3
Version: federal_register_of_legislation:F2013L00038
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and

              * by looking beyond form to substance.

Interchange fee

         8.                                          For the purposes of this Standard, an interchange fee paid from an EFTPOS Acquirer to an EFTPOS Issuer is to be expressed as a positive number and an interchange fee paid from an EFTPOS Issuer to an EFTPOS Acquirer is to be expressed as a negative number.

Bilateral interchange fees

         9.                                          A bilateral interchange fee (excluding GST) that is paid on any EFTPOS Transaction in Australia must not exceed the bilateral interchange fee benchmark set out in paragraph 10 below.

Bilateral interchange fee benchmark

         10.                                      The bilateral interchange fee benchmark for the EFTPOS system at any time will be the same as the benchmark applying to the Visa Debit system at that time under the Standard The Setting of Interchange Fees in the Visa Debit Payment System and published on the Reserve Bank of Australia's website.

         11.                                      The bilateral interchange fee benchmark may be re-calculated in accordance with the Standard The Setting of Interchange Fees in the Visa Debit Payment System.

Multilateral interchange fees

         12.                                      On each of the dates specified in paragraph 13, the weighted average of multilateral interchange fees implemented in the EFTPOS system in Australia (excluding GST) must not exceed the multilateral interchange fee benchmark set out in paragraph 15 below.

         13.                                      For the purposes of paragraph 12, the dates are:

            (i)            1 November of every third year after 2012; and

            (ii)         the date any multilateral interchange fee is introduced, varied or removed in the EFTPOS system.

         14.                                      For the purposes of paragraph 12, the weighted average of multilateral interchange fees is to be expressed as a number of cents per EFTPOS Transaction. It is to be calculated by dividing the total interchange revenue that would have been payable had the interchange fees implemented on the dates specified in paragraph 13 been applicable in the previous financial year, by the number of EFTPOS Transactions in that year.

Multilateral interchange fee benchmark

         15.                                      The multilateral interchange fee benchmark for the EFTPOS system at any time will be the same as the benchmark applying to the Visa Debit system at that time under the Standard The Setting of Interchange Fees in the Visa Debit Payment System and published on the Reserve Bank of Australia's website.

         16.                                      The multilateral interchange fee benchmark may be re-calculated in accordance with the Standard The Setting of Interchange Fees in the Visa Debit Payment System.

Transparency

         17.                                      The Company must publish any multilateral interchange fees applying to EFTPOS Transactions on its website or otherwise make these fees publicly available.

         18.                                      The Company must certify in writing to the Reserve Bank of Australia, on or before 30 November each year, that interchange fees in