Document ID: chunk:federal_register_of_legislation:F2015C00017:body:0:p1
Version: federal_register_of_legislation:F2015C00017
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Access Regime for the Visa Credit Card System

as amended
made under section 12 of the

Payment Systems (Regulation) Act 1998

Compilation start date:  1 January 2015

Includes amendments up to: Variation to the Access Regimes for MasterCard and Visa Credit Card Systems, F2014L01760.

About this compilation

This compilation

This is a compilation of the Access Regime for the MasterCard credit card system as in force on 1 January 2015. It includes any commenced amendment affecting the legislation to that date.

This compilation was prepared on 1 January 2015.

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of each amended provision.

Uncommenced amendments

The effect of uncommenced amendments is not reflected in the text of the compiled law but the text of the amendments is included in the endnotes.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If a provision of the compiled law is affected by a modification that is in force, details are included in the endnotes.

Provisions ceasing to have effect

If a provision of the compiled law has expired or otherwise ceased to have effect in accordance with a provision of the law, details are included in the endnotes.

Access Regime

Access Regime for the Visa Credit Card System

Objective

The objective of this Access Regime is to promote efficiency and competition in the Australian payments system, having regard to:

    (i)                  the interests of current participants;

    (ii)               the interests of people who, in the future, may want access to the system;

    (iii)             the public interest; and

    (iv)              the financial stability of the designated credit card system.

    Application

       1. This Access Regime is imposed under section 12 of the Payment Systems (Regulation) Act 1998.

       2. This Access Regime applies to the credit card system operated within Australia known as the VISA system or the VISA network card system designated on 12 April 2001 by the Reserve Bank of Australia under section 11 of the Payment Systems (Regulation) Act 1998, which is referred to in this Access Regime as "the Scheme".

       3. In this Access Regime:

       an "acquirer" is a participant in the Scheme in Australia that provides services to a merchant to allow the merchant to accept a credit card;

       an acquirer is a "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