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VISA INT'L TAKES LEGAL ACTION AGAINST AUSTRALIA'S RESERVE BANK.
AsiaPulse News, September, 2002
SYDNEY, Sept 19 Asia Pulse - The Reserve Bank of Australia (RBA) is the subject of legal action from card operator Visa International over its proposed credit card reforms.
Visa executive vice president for Australia and New Zealand Gordon Wheaton said the RBA had acted beyond the powers conferred on it under the Payments Systems (Regulation) Act.
"We are asking the court to declare invalid the RBA's designation of Visa and each of the regulatory measures it has determined," he said.
Visa has filed a statement of claim in the Federal Court of Australia.
It said it was challenging the validity of the RBA's designation of the Visa credit card system in Australia, the RBA's regime for access to Visa scheme membership, and the standards for...
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