Document ID: chunk:federal_register_of_legislation:F2019N00027:body:0:p17
Version: federal_register_of_legislation:F2019N00027
Segment Type: other
Provision Reference: 
Character Range: 42220–44842

type that includes the Direct Issuer Participant, 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

       (d) 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), (b) or (c) above;

    Commencement Date means 1 July 2017;

    Core Services means in relation to a Scheme the services provided by the administrator of the Scheme in Australia or any of its Associated Entities:

       (a) which are the minimum necessary services for a participant in the Scheme in Australia to issue, and administer transactions made using, a Device of the Scheme that can be used for purchasing goods or services on credit;

       (b) without which 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; and

       (c) which the administrator has confirmed in writing are provided to all entities participating in the Scheme globally who issue Devices of the Scheme that can be used for purchasing goods or services on credit irrespective of the country or countries in which they have their headquarters or carry on business;

    Credit Card Account means in relation to a Credit Card of a Scheme the account that is debited when that Device is used to purchase goods or services on credit;

    Credit Card of a Scheme or Credit Card of that Scheme means, in relation to a Scheme, a Device issued by a participant in the Scheme in Australia under the Rules of the Scheme that can be used for purchasing goods or services on credit;

    Credit Card Transaction means, in relation to a Scheme, a transaction in that Scheme between a holder of a Credit Card of that Scheme and a Merchant involving the purchase of goods or services using a Credit Card of that Scheme that is Acquired by an Acquirer (but does not include any transaction to reverse such a transaction or provide a credit or make a chargeback in relation to such a transaction);

    Device means any card, plate or other payment code or device, including a code or device where no physical card or other embodiment is issued and a code or device used or to be used for only one transaction;

    Direct Issuer Participant means in relation to a Scheme, a participant in that Scheme in Australia as Issuer, or as a Sponsor for one or more Issuers, that is not an Indirect Issuer Participant in that Scheme in Australia. Without limitation, for the: