Consumer Finance Monitor Podcast Episode: Understanding the Federal Reserve Board Proposal to Lower Interchange Fee Cap for Debit Card Transactions
Key developments of interest over the last month include: the UK Treasury publishing a review and call for evidence on the Payment Services Regulations 2017 and a post-implementation review of the Payment Card Interchange Fee...more
Key developments of interest over the last month include: UK Payment Systems Regulator announces two market reviews on card fees; Reserve Bank of India publishes Payments Vision 2025; and U.S. Department of Commerce solicits...more
Key Takeaways - The United Kingdom’s Competition Appeal Tribunal (CAT) recently granted the U.K.’s first ever Collective Proceeding Order (CPO), on an “opt-out” basis, in Walter Hugh Merricks CBE v Mastercard Incorporated &...more
Draft Payment and Electronic Money Institution Insolvency Regulations - Recent regulatory developments focussed on the payments sector. See also our Financial institutions general regulatory news of broad relevance in the...more
Visa and Mastercard Delay Hike to Interchange Fees—US and UK Developments Visa and Mastercard announced on March 16 that they have postponed the scheduled plan to boost interchange fees, i.e., fees that U.S. merchants pay...more
On 11 December 2020, the U.K. Supreme Court (the Court) handed down its much-awaited ruling in Merricks v Mastercard, dismissing Mastercard’s appeal against the English Court of Appeal’s April 2019 decision in a 3-2 ruling....more
In a key decision, the UK Supreme Court has given guidance on the threshold for certifying a class action for breach of competition law....more
Recent regulatory developments include the UK FCA/PSR update on mapping and an EU Commission review report on the Interchange Fee Regulation....more
Defendants in competition damages actions often argue that claimants mitigated any loss in competition damages claims by passing on any allegedly unlawful price increase to their customers. In Sainsbury’s v. Mastercard [2020]...more
Access to cash: FCA and PSR joint approach - The UK Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) have published a statement on their approach on access to cash. The statement includes a summary...more
On June 17, 2020, the UK Supreme Court handed down its judgment in the appeals on the lawfulness of multilateral interchange fees, or swipe fees, (MIFs) in Sainsbury’s Supermarkets Ltd (Respondent) v. Visa Europe Services LLC...more
PSR issues new directions and response to consultation feedback - The Payment Systems Regulator (PSR) has issued new versions of its directions following its consultation in CP19/3. It has also published a document,...more
The English Courts have reignited the prospects of a £14 billion class action against Mastercard. In a much anticipated ruling, on 16 April 2019, the Court of Appeal of England and Wales (the Court) granted an appeal by...more
In a landmark ruling the Court of Appeal has given another chance to a £14 billion class action against MasterCard. The first case of its kind, brought on behalf of 46 million UK consumers, stalled two years ago when the...more
The U.K. Payment Systems Regulator has launched a consultation on its proposals to onshore the Regulatory Technical Standards supplementing the EU Interchange Fee Regulation to ensure the RTS can still operate effectively...more
HM Treasury has published a draft version of the Interchange Fee (Amendment) (EU Exit) Regulations 2018, along with explanatory information. The draft Regulations will primarily affect payment system operators, payment...more
Morgan Lewis has scored a landmark victory in the Court of Appeal for our client Sainsbury’s (a major retail grocer in the United Kingdom) against credit card company Visa in the Court of Appeal....more
Welcome to the Hogan Lovells Global Payments Newsletter. In this monthly publication we provide an overview of the most recent payments, regulatory and market developments from major jurisdictions around the world as well as...more
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
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
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
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
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
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
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