Document ID: chunk:federal_register_of_legislation:F2019N00027:body:0:p42
Version: federal_register_of_legislation:F2019N00027
Segment Type: other
Provision Reference: 
Character Range: 105148–107793

6.4 and clause 7.4 as it relates to clause 6.4:

    the:

       (c) first Reporting Period will be the period from the Registration Date to 30 June 2018; and

       (d) Net Compensation in relation to an Issuer and a Scheme Pair is to be calculated for that first Reporting Period using only the Issuer Receipts of the Issuer and the Issuer Payments of the Issuer over that first Reporting Period that directly or indirectly relate to issue or use of Cards of the Schemes in the Scheme Pair, or Scheme Pair Transactions, on or after the Commencement Date.

    7.4   The first reports and certifications under clauses 6.2, 6.3 and 6.4 must be made by 31 July 2018 in respect of the Reporting Period ending on 30 June 2018.

    7.2   This Standard as varied with effect from 1 July 2019 must be complied with for the Reporting Period ending on 30 June 2020 and all subsequent Reporting Periods.  For the Reporting Period ending on 30 June 2019 a Direct Issuer Participant in a Scheme in a Scheme Pair may elect to comply, in relation to both Schemes in that Scheme Pair, with either:

       (a) this Standard as in effect on 30 June 2019; or

       (b) this Standard as amended with effect on 1 July 2019 as if this Standard so amended had been in effect from 1 July 2018,

    and must notify its election of (a) or (b) (Transitional Election) to the administrator of each Scheme in the Scheme Pair no later than 1 July 2019.

    7.3   An administrator of a Scheme in Australia that receives a notification under clause 7.2 from a Direct Issuer Participant must provide its certification under clause 6.4 in relation to that Direct Issuer Participant and the Reporting Period ending on 30 June 2019 on the same basis as that specified in the Transitional Election made by that Direct Issuer Participant.

    7.4   If a Direct Issuer Participant in a Scheme in a Scheme Pair does not give a Transitional Election in accordance with clause 7.2 then:

       (a) it is taken to have elected to comply, in relation to both Schemes in that Scheme Pair, with this Standard as in effect on 30 June 2019; and

       (b) the administrator of each Scheme in the Scheme Pair in Australia must provide its certification under clause 6.4 in relation to that Direct Issuer Participant and the Reporting Period ending on 30 June 2019 accordingly.

[1]  See 'Review of Card Payments Regulation – Conclusions', Reserve Bank of Australia, Sydney, May 2016.
[2]  Under the Payment Systems (Regulation) Act 1998, in determining the public interest, the Bank is to have regard to the desirability of payment systems being safe, efficient, competitive, and