Document ID: chunk:federal_register_of_legislation:F2019N00027:body:0:p18
Version: federal_register_of_legislation:F2019N00027
Segment Type: other
Provision Reference: 
Character Range: 44617–47366

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:

       (a) MasterCard System this means any Principal Customer or Association Customer, each as defined in the Rules of the Scheme, in its capacity as Issuer or as Sponsor for one or more Issuers; or

       (b) VISA System this means any Principal-Type Member as defined in the Rules of the Scheme in its capacity as Issuer or as Sponsor for one or more Issuers;

    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;

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

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

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

    to the Direct Issuer Participant;

    Incentive Test: a Benefit meets the Incentive Test in relation to a Scheme if it is given for a purpose of, or has or will likely have the effect of, any one or more of the following:

       (a) incentivising the entry into of a contract relating to the issue of Credit Cards of the Scheme;

       (b) promoting or incentivising the issuance or use of Credit Cards of the Scheme; or

       (c) providing or funding incentives to holders of Credit Cards of the Scheme to use those cards.

    Benefits that meet the Incentive Test in relation to a Scheme include lump-sum, volume based and transaction-specific Benefits such as:

       (i)  incentives to market Credit Cards of the Scheme; and

       (ii) any of the following earned, accrued or receivable for agreeing to issue Credit Cards of the Scheme or for Credit Card Transactions undertaken in the Scheme meeting or exceeding a specific transaction volume, percentage share or dollar amount of transactions processed:

          (A) a rebate on any fees or other costs or charges, whether for a Core Service or for any other product or service;

          (B) a discount from the list, standard or usual price of any product or service, whether the product or service is related to Credit Cards of the Scheme or not;

    Indirect Issuer Participant means in relation to a Scheme, a participant in that Scheme in Australia as an Issuer that participates in the Scheme in Australia as Issuer through the Sponsorship of another participant in that Scheme. Without limitation, for the:

       (a) MasterCard System