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RBA Glossary definition for Designation

Designation – The formal notification of action taken to exercise powers conferred by legislation.

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Submission for the Review of Retail Payments Regulation

11 Feb 2020 DOCX 33KB
As such, the American Express companion card designation shouldn’t be removed unless it’s accompanied by some future-proofing.
https://www.rba.gov.au/payments-and-infrastructure/submissions/review-of-retail-payments-regulation/liron-lightwood.DOCX