PAYMENT SYSTEMS (REGULATION) ACT 1998 - SECT 18A Authorisation of conduct under certain standards for the purposes of the Competition and Consumer Act 2010

PAYMENT SYSTEMS (REGULATION) ACT 1998 - SECT 18A

  (1)   For the purposes of subparagraph   51(1)(a)(i) of the Competition and Consumer Act 2010 , 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.