Commonwealth Consolidated Acts

PAYMENT SYSTEMS (REGULATION) ACT 1998 - SECT 18A

             (1)  For the purposes of subparagraph 51(1)(a)(i) of the Trade Practices Act 1974 , anything that is done:

                     (a)  by a participant in relation to the setting, or charging, of wholesale fees (also known as interchange fees) payable under a payment system to which an interchange fees standard applies; and

                     (b)  in accordance with that standard;

is taken to be specified in, and specifically authorised by, this Act.

             (2)  In this section:

"interchange fees standard" means any of the following standards as amended and in force from time to time:

                     (a)  a standard that is known as Standard No. 1, The Setting of Wholesale (“Interchange”) Fees and that was determined by the Reserve Bank on 26 August 2002;

                     (b)  a standard specified by the regulations for the purposes of this paragraph.