Document ID: chunk:federal_register_of_legislation:F2019N00027:body:0:p28
Version: federal_register_of_legislation:F2019N00027
Segment Type: other
Provision Reference: 
Character Range: 69931–72718

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 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 that Scheme, with this Standard as in effect on 30 June 2019; and

       (b) the administrator of the Scheme 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.

Standard No. 2 of 2016

The Setting of Interchange Fees in the Designated Debit and Prepaid Card Schemes and Net Payments to Issuers

    1. Objective

    The objective of this Standard is to ensure that the setting of interchange fees and payments and other transfers of valuable consideration having an equivalent object or effect to interchange fees in each designated debit card scheme and prepaid card scheme is transparent and promotes:

        efficiency; and

        competition

    in the Australian payments system.

    2. Application

    2.1 This Standard is determined under Section 18 of the Payment Systems (Regulation) Act 1998 (the Act).

    2.2 This Standard applies to each of the following, each of which is referred to in this Standard as a Scheme:

       (a) the payment system operated within Australia known as Visa Debit, which was designated under the Act as a payment system on 23 February 2004 and which is referred to in this Standard as Visa Debit;

       (b) the payment system operated within Australia known as Visa Prepaid, which was designated under the Act as a payment system on 15 October 2015 and which is referred to in this Standard as Visa Prepaid;

       (c) the payment system operated within Australia known as Debit MasterCard, which was designated under the Act as a payment system on 15 October 2015 and which is referred to in this Standard as Debit MasterCard;

       (d) the payment system operated within Australia known as MasterCard Prepaid, which was designated under the Act as a payment system on 15 October 2015 and which is referred to in this Standard as MasterCard Prepaid;

       (e) the debit card payment system operated within Australia known as the EFTPOS payment system, which was designated under the Act as a payment system on 12 June 2012 and which is referred to in this standard as the EFTPOS System; and

       (f) the prepaid card payment system operated within Australia under the EFTPOS Scheme Rules, which was designated under the Act as a payment system