Document ID: chunk:federal_register_of_legislation:F2022C00002:body:0:p5
Version: federal_register_of_legislation:F2022C00002
Segment Type: other
Provision Reference: 
Character Range: 10176–13059

as Sponsor for one or more Issuers; or

       (c) EFTPOS System and EFTPOS Prepaid this means:

          (i) any eftpos Issuer that is not an Indirect Settler; or

          (ii) any Settlement Agent,

       with each of those expressions having the meaning given in the Rules of the Scheme;

    Direct Issuer Participant Payments has the meaning given to it in clause 5.2;

    Direct Issuer Participant Receipts has the meaning given to it in clause 5.2;

    Dual-Network Debit Card or DNDC means a Debit Card of a Scheme (the 'First Scheme') that incorporates the functionality necessary to enable a transaction between the holder of the Device and a Merchant to be processed through:

       (a)    the payment network of the First Scheme; or

       (b)    the payment network of one or more of:

          (i)        the other Debit Card Schemes; and

          (ii)       any other payment system under which the holder of a Device may, using that Device, initiate or effect a transaction to make payments for goods or services by accessing a deposit account held at an authorised deposit-taking institution or a bank or other financial institution (whether or not the transaction also involves the obtaining of cash) provided that other payment system is not administered by the administrator of the First Scheme or any Associated Entity of the administrator of the First Scheme;

    EFTPOS Scheme Rules are the rules promulgated under the constitution of EFTPOS Payments Australia Limited (ABN 37 136 180 366) and any schedule, document, specification or rule published by EFTPOS Payments Australia Limited pursuant to those rules;

    Fair Value means, in relation to any Property or service:

       (a) subject to paragraph (b), the amount that would be paid to acquire the Property or service in an orderly transaction between independent, unrelated and well informed parties at the earlier of:

         (i) the date the Property or service was first provided; and

         (ii) the date the Property or service was committed to be provided,

       to the Direct Issuer Participant; but

       (b) if at any subsequent time the amount that would be paid to acquire the Property or service in an orderly transaction between independent, unrelated and well informed parties (Revised Value) is materially different from the amount determined in accordance with paragraph (a) (or, if any adjustment is made in accordance with this paragraph (b), the most recent such adjustment), the Fair Value may be adjusted to that Revised Value provided:

          (i) use of that Revised Value as Fair Value is fair and reasonable and consistent with the objective of this Standard; and

          (ii) the Fair Value may be adjusted to a Revised Value no more than once in a Reporting Period;

    Incentive Test: a Benefit meets the Incentive Test in relation to a Scheme