Document ID: chunk:federal_register_of_legislation:F2019N00027:body:0:p16
Version: federal_register_of_legislation:F2019N00027
Segment Type: other
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Character Range: 39673–42464

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 the MasterCard system which was designated under the Act as a payment system on 12 April 2001 and which is referred to in this Standard as the MasterCard System;

       (b) the payment system operated within Australia known as the VISA system, which was designated under the Act as a payment system on 12 April 2001 and which is referred to in this Standard as the VISA System; and

       (c) the American Express Companion Card payment system operated within Australia, which was designated under the Act as a payment system on 15 October 2015 and which is referred to in this Standard as the American Express Companion Card Scheme.

    2.3 In this Standard:

    Above Benchmark Reference Period has the meaning given to it in clause 4.2;

    Acquired includes accepted;

    Acquirer means a participant in a Scheme in Australia that:

       (a) provides services, directly or indirectly, to a Merchant to allow that Merchant to accept a Credit Card of that Scheme; or

       (b) is a Merchant that accepts, or is a Related Body Corporate of a Merchant that accepts, a Credit Card of that Scheme and bears risk as principal in relation to the payment obligations of the Issuer of that Credit Card in relation to that acceptance;

    Associated Entity has the meaning given by section 50AAA of the Corporations Act 2001;

    Benefit means: a payment, receipt, rebate, refund, allowance, discount or deduction or a benefit (however named or described) of a similar nature to any of them;

       (a) a payment, receipt, rebate, refund or allowance;

       (b) for Supplementary Services received or receivable by a Direct Issuer Participant, an amount equal to the Fair Value of the Supplementary Services;

       (c) in relation to any Property or service (other than a Supplementary Service) received or receivable by a Direct Issuer Participant:

          (i)  where there is a price at which the supplier is regularly supplying Property or services of the same description to entities of a class, group or type that includes the Direct Issuer Participant, any discount or deduction from that price;

          (ii) where there is not a price at which the supplier is regularly supplying Property or services of the same description to entities of a class, group or type that includes the Direct Issuer Participant, an amount by which the Fair Value of the Property or service exceeds the payment or other similar financial consideration made or given for it by the Direct Issuer Participant; and

       (d) a