Document ID: chunk:federal_register_of_legislation:F2016C00855:body:0:p3
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authorisation described in paragraphs 13(i) and 13(iii) of the Standard The Setting of Wholesale ('Interchange') Fees in the Designated Credit Card Schemes in the reference year by the total value of credit card transactions in the reference year.

            (b)          A weighted average of the cost bases in the designated credit card schemes will be calculated. The weights to be used are the shares of the value of credit card transactions of each designated credit card scheme in the value of total credit card transactions in the designated credit card schemes in the reference year.

            (c)          This weighted average will be multiplied by the average value of all scheme debit transactions (both MasterCard and Visa) in the reference year, calculated using the data provided to the Reserve Bank of Australia in accordance with paragraph 9, to yield a benchmark expressed as a number of cents per transaction.

         15.                                      The Reserve Bank of Australia will calculate the benchmark by 30 September of the relevant year and publish it on its website.

Initial and subsequent benchmarks

         16.                                      For the initial benchmark the relevant financial year is 2006/07.

         17.                                      The benchmark is to be re-calculated in the financial year 2009/10 and every three years thereafter.

         18.                                      The Reserve Bank of Australia may at any time, by notification on its website, waive or suspend the requirement to re-calculate the benchmark, in which case the benchmark in force at that time will continue to apply.

Transparency

         19.                                      The administrator of the Visa Debit system must publish the interchange fees applying to Visa Debit transactions on its website.

         20.                                      The administrator of the Visa Debit system must certify in writing to the Reserve Bank of Australia, on or before 30 November each year, that interchange fees in the Visa Debit system complied with this Standard over the prior twelve months ending 31 October.

Notes to The Setting of Interchange Fees in the Visa Debit Payment System
Note 1
The The Setting of Interchange Fees in the Visa Debit Payment System (in force under section 18 of the Payment Systems (Regulation) Act 1998) as shown in this compilation is amended as indicated in the Tables below.

Table of Instruments
Title                                                                                                                                                                                               Date of FRLI registration      Date of       Application, saving or
                                                                                                                                                                                                                                   commencement  transitional provisions
 The Setting of Interchange Fees in the Visa Debit Payment System, the 'Honour All Cards' Rule in the Visa Debit and Visa Credit Card Systems and the 'No Surcharge' Rule in the Visa Debit System  10 May 2007 (see F2007L01288)  7 Jul 2006
 Variation of Interchange Fee Standards                                                                                                                                                             18 Dec 2008 (see F2008L04668)  10 Dec 2008
 Variation to Standards Relating to Merchant Surcharging                                                                                                                                            27 Nov 2012 (see F2012L02271)  28 Nov 2012   —

 Variation to Standards Relating