Federal Register of Legislation - Australian Government

Primary content

Standards/Other as made
This instrument varies the Standard No. 1 of 2016 - The Setting of Interchange Fees in the Designated Credit Card Schemes and Net Payments to Issuers. It varies the timeframe for a scheme to reset its interchange rates. Where the weighted average of a scheme’s interchange fees, as measured on a rolling-four-quarter basis, exceeds the RBA's benchmark, the timeframe for a reset is now 2 months and 1 day, compared with 60 days previously.
Administered by: Treasury
Exempt from sunsetting by the Legislation (Exemptions and Other Matters) Regulation 2015 s12 item 50
Registered 21 Nov 2017
Tabling HistoryDate
Tabled Senate27-Nov-2017
Tabled HR04-Dec-2017
Date of repeal 22 Nov 2017
Repealed by Division 1 of Part 3 of Chapter 3 of the Legislation Act 2003

Payment Systems (Regulation) Act 1998

VARIATION of Standard No. 1 of 2016

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

Pursuant to Section 18(3) of the Payment Systems (Regulation) Act 1998, the Reserve Bank of Australia determines a variation to Standard No. 1 of 2016 The Setting of Interchange Fees in the Designated Credit Card Schemes and Net Payments to Issuers.

Signed

 

 

Philip Lowe
Governor
Reserve Bank of Australia

Date: 20 November 2017


 

VARIATION OF Standard No. 1 OF 2016

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

1.                  Application

This Variation is determined under Section 18(3) of the Payment Systems (Regulation) Act 1998.

2.                  Variation

Standard No. 1 of 2016 The Setting of Interchange Fees in the Designated Credit Card Schemes and Net Payments to Issuers is varied by replacing ‘60 days’ in paragraph 4.2 (b) with ‘2 months and 1 day’.

3.                  Commencement

This Variation comes into force on 21 November 2017.