Category: Interchange Fees for Card-Based Transactions

EBA publishes Regulatory Technical Standards on separation of payment card schemes & processing entities: next steps

The European Banking Authority (EBA) has published its final draft Regulatory Technical Standards (RTS) on the separation of payment card schemes and processing entities, under article 7(6) of the European Interchange Fees Regulation. The draft RTS have also been submitted to the European Commission, Parliament and Council for possible adoption. In all probability, they will be in force before […]

Interchange Fees Regulation: UK High Court refers Amex v HM Treasury to CJEU for preliminary ruling

The UK’s High Court has asked the Court of Justice of the European Union (CJEU) for a preliminary ruling on the interpretation of the Interchange Fees Regulation (IFR), which caps credit and debit card interchange fees. The referral has been made part way through Judicial Review (JR) proceedings between American Express Co v The Lords […]

Payment Systems Regulator issues final guidance on its approach to the Interchange Fees Regulation

The UK’s Payment Systems Regulator (PSR) has published its final “Guidance on [its] approach as a competent authority for the EU Interchange Fee[s] Regulation“. This guidance explains how the PSR will monitor and enforce the Interchange Fees Regulation (IFR) in and for the UK. The IFR caps the level of interchange fees on relevant debit and credit card transactions at 0.2% […]

EBA consultation on the separation of payment card schemes & processing entities

The European Banking Authority has published a consultation paper (CP) and some draft regulatory technical standards (RTS) on the separation of payment card schemes and processing entities, under article 7(6) of the Interchange Fees Regulation (IFR). The consultation runs until 8 March 2016, and responses must be submitted using the “send your comments” button that’s available here. […]

HM Treasury publishes consultation on Interchange Fees Regulation

HM Treasury has published an open consultation on the Regulation of the European Parliament and of the Council on Interchange Fees for Card-Based Payment Transactions (the Regulation) of 29 April 2015. Although the Regulation came into force on 8 June 2015 and has direct effect in all the Member States of […]

Cooley Publishes Client Alert: The European Regulation on Interchange Fees for Card-Based Payment Transactions

The European Regulation on Interchange Fees for Card-Based Payment Transactions (the Regulation) has been formally adopted by the European Parliament and Council, and is expected to come into force later this year. The Regulation will restrict the interchange fees that payment service providers (PSPs) are lawfully permitted to charge on debit and […]

Interchange Fees for Card Based Payment Transactions Regulation published in Official Journal – next steps

The European Regulation on Interchange Fees for Card Based Payment Transactions has just been published in the Official Journal of the European Union. The Regulation will come into force on, and apply from, Monday 8 June 2015, save that: