Interchange Fees

News & Analysis as of

UK Payment Systems Regulator Publishes Final Guidance on the European Interchange Fee Regulation

The UK Payment Systems Regulator published the final Guidance on its approach to monitoring compliance with the EU Interchange Fee Regulation. The final Guidance consolidates the previous final Guidance published in March...more

NJ Tax Court: Despite Place-of-Performance Statute, Market Sourcing Applies to Services

On October 11, 2016, the New Jersey Tax Court published its long-awaited decision concerning the sourcing of interest and other fees related to credit card transactions. The court ruled against the taxpayers and held that...more

Business Litigation Report - September 2016

Second Circuit Rejects Massive Class Action Settlement and Affirms Importance of Adequate Representation and Due Process Rights for Absent Class Members - The Second Circuit Court of Appeals recently considered whether...more

Second Circuit Rejects Massive Class Action Settlement and Affirms Importance of Adequate Representation and Due Process Rights...

The Second Circuit Court of Appeals recently considered whether the largest negotiated cash settlement in a class action antitrust case satisfied the Federal Rules of Civil Procedure and constitutional due process concerns...more

Mixed Blessings – Sainsbury’s Supermarkets Ltd v MasterCard Incorporated and others [2016] CAT 11

This case is very important in that it is one of the first judgments where damages have been awarded for breach of competition rules in UK. It relates to MasterCard’s alleged anticompetitive card fees (credit and debit...more

EBA Publishes Final Draft RTS on Separation of Payment Card Schemes and Processing Entities under IFR

On July 28, 2016 the EBA published final draft regulatory technical standards (RTS) relating to the separation of payment card schemes and payment processing entities under the Interchange Fee Regulation ((EU) 2015/751) (IFR)...more

What Have Merchants Gained from Payment Card Antitrust Litigation?

In recent years, federal antitrust enforcers and businesses that accept payment cards have been waging a slow war against payment card fees and the card network rules that protect them. The payment card industry’s antitrust...more

Blog: 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...more

The Competition Appeal Tribunal Hands Down its Highest Ever Damages Award in a Flurry of Firsts

The Competition Appeal Tribunal (CAT) has ordered MasterCard Incorporated (MasterCard) and others to pay £68.6 million in damages to Sainsbury’s Supermarkets Ltd (Sainsbury’s). The CAT held that MasterCard restricted...more

Blog: 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...more

Brexit: What You Need To Know - Cards and Payments

The payments industry is by and large a forward-looking and innovative sector. As such, whilst the temptation may be to focus on the negative implications of Brexit, not least the threat of jeopardising London’s status as the...more

Your daily dose of financial news - The Brief – 7.6.16

How often are we going to be hearing about Brexit aftershocks? I’d expect you better get used to it. Today’s edition: two other real estate funds (these run by Aviva ad M&G) have joined Standard Life in freezing withdrawals...more

UK Financial Regulatory Developments - May 2016 #16

Lloyd’s updates requirements for performance management - Lloyd’s has published a market bulletin to update its “Performance Management – Supplemental Requirements and Guidance”. It consolidates a number of existing...more

UK Payment Systems Regulator Consults on Application of Interchange Fee Regulation in the UK

The UK Payment Systems Regulator published a consultation paper on the application of provisions in the Interchange Fee Regulation, which take effect in the UK from June 9, 2016. The IFR sets a limit on interchange fees on...more

The Economist Frames the Argument Against Excessive Bank Regulation (somewhat unintentionally)

On March 26, 2016, The Economist published an article entitled “The Problem with Profits.” That article discussed the high profitability of U.S. firms and why that seemingly positive fact is actually harmful to the overall...more

Financial Regulatory Developments Focus - March 2016 #4

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

UK Financial Regulatory Developments - April 2016 #1

Basel Committee updates Basel III monitoring FAQs - The Basel Committee has published an updated version of its Basel III monitoring FAQs, including new questions on the “DefCap” worksheet, large exposures and the...more

UK Payment Systems Regulator Issues Guidance Setting Credit and Debit Interchange Caps

On March 24th, the United Kingdom’s Payment Systems Regulator (PSR) issued final guidance establishing interchange fee caps on credit and debit card transactions where the point of sale is located in the United Kingdom. The...more

UK Payment Systems Regulator Final Guidance on Application of EU Interchange Fee Regulation

The UK Payment Systems Regulator published its final Guidance on the application of the EU Interchange Fee Regulation. The IFR, which is directly applicable across the EU, applies to payment card schemes, issuing and...more

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...more

PSR consults on regulatory fees

PSR is consulting on setting its regulatory fees for the next year. Its costs will be divided between its roles under the Financial Services (Banking Reform) Act (FSBRA) and the EU Interchange Fees Regulation (IFR). PSR is...more

Blog: 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...more

PSR consults on Interchange Fee Regulation guidance

PSR has issued a consultation on its proposed guidance for the application of the Interchange Fee Regulation in the UK. The consultation and accompanying draft guidance explain how PSR, as lead UK regulator, will monitor...more

PSR releases IFR information requests

PSR has published the information requests sent in relation to the Interchange Fee Regulation (IFR). Requests have gone to American Express, Diners Club International, JCB International, MasterCard, UnionPay International and...more

Treasury publishes card fees response

Treasury has published the government’s final approach to implementing the Interchange Fee Regulation, following its consultation on rules to cap the fees charged by banks to their business customers for processing credit and...more

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