Federal Register of Legislation - Australian Government

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Standards/Other as made
This instrument varies the Payment Systems (Regulation) Act 1998 - Standard No. 2, Merchant Pricing for Credit Card Purchases (MasterCard System), the Payment Systems (Regulation) Act 1998 - Standard No. 2, Merchant Pricing for Credit Card Purchases (VISA System) and the Payment Systems (Regulation) Act 1998 – The Setting of Interchange Fees in the Visa Debit Payment System, the ‘Honour All Cards’ Rule in the Visa Debit and Visa Credit Card Systems and the ‘No Surcharge’ Rule in the Visa Debit System to delay the date that each of these standards will come into force, from 1 January 2013 to 18 March 2013.
Administered by: Treasury
Exempt from sunsetting by the Legislative Instruments Act 2003 s 54(2) item 32
Registered 28 Nov 2012
Tabling HistoryDate
Tabled HR05-Feb-2013
Tabled Senate05-Feb-2013
Date of repeal 19 Mar 2014
Repealed by Spent and Redundant Instruments Repeal Regulation 2014

Payment Systems (Regulation) Act 1998

Variation to Standards Relating to Merchant Surcharging

This notice is published in accordance with the requirements set out in Section 29(2)(a) of the Payment Systems (Regulation) Act 1998 (the Act). The variation is made under Section 18 of the Act, and commences on 28 November 2012.

The Reserve Bank of Australia varies the following standards, as described below:

       I.            The Standard titled Standard No. 2, Merchant Pricing for Credit Card Purchases, originally gazetted on 27 August 2002 and incorporating amendments gazetted on 12 June 2012, as it applies to the designated credit card system operated in Australia known as the MasterCard system or the MasterCard network card system;

    II.            The Standard titled Standard No. 2, Merchant Pricing for Credit Card Purchases, originally gazetted on 27 August 2002 and incorporating amendments gazetted on 12 June 2012, as it applies to the designated credit card system operated in Australia known as the VISA system or the VISA network card system; and

 III.            The Standard titled The ‘Honour All Cards’ Rule in the Visa Debit and Visa Credit Card Systems and the ‘No Surcharge’ Rule in the Visa Debit System, originally gazetted on 7 July 2006 and incorporating amendments gazetted on 12 June 2012.

I. The Standard titled Standard No. 2, Merchant Pricing for Credit Card Purchases, originally gazetted on 27 August 2002 and incorporating amendments gazetted on 12 June 2012, as it applies to the designated credit card system operated in Australia known as the MasterCard system or the MasterCard network card system

paragraph 8

after

amended and restated

delete

1 January

insert

18 March

II. The Standard titled Standard No. 2, Merchant Pricing for Credit Card Purchases, originally gazetted on 27 August 2002 and incorporating amendments gazetted on 12 June 2012, as it applies to the designated credit card system operated in Australia known as the VISA system or the VISA network card system

paragraph 8

after

amended and restated

delete

1 January

insert

18 March

III. The Standard titled The ‘Honour All Cards’ Rule in the Visa Debit and Visa Credit Card Systems and the ‘No Surcharge’ Rule in the Visa Debit System, originally gazetted on 7 July 2006 and incorporating amendments gazetted on 12 June 2012

paragraph 8

after

amended and restated

delete

1 January

insert

18 March

Purpose and effect of the variation to the Standards

The purpose of this variation is to delay the date that the varied Standards, as amended by the variation gazetted on 12 June 2012 (‘the June variation’), for the designated credit card and Visa Debit systems will come into force. The delay will provide participants in the designated payment systems more time to consider the best way to implement the varied Standards. The Reserve Bank considers the current variation to be of a minor technical nature.

The variation has the effect of shifting the date on which the varied Standards will come into force from 1 January 2013 to 18 March 2013.

Additional discussion of the variation is contained in the Reserve Bank’s Media Release on 22 November 2012.

 

 

Signed

 

 

Glenn Stevens

Governor

Reserve Bank of Australia

22 November 2012