I'll go first.
The current voluntary code served an important purpose, which was to ensure that merchants could continue to accept Interac debit, which is a low-cost, flat-rate debit payment transaction. The code basically allowed a merchant to say yes to Visa credit but no to Visa debit, which is what Joyce referred to earlier as the “honour all cards” rule. As you know, there is a case before the tribunal, so it will be interesting to see if the tribunal agrees that the “honour all cards” rule should be eliminated.
To answer the second part of your question, we believe that the voluntary code is working now, but we are concerned that it may not be tough enough going forward, considering what Visa has decided to do.