On 19 February 2014 the Italian Competition Authority (Autorità Garante della Concorrenza e del Mercato, the “Authority”) opened an investigation against Consorzio BANCOMAT (the “Consortium”) for a decision aimed at fixing the Multilateral Interchange Fee (the “MIF”) in relation to bills payment services provided by third operators. Background Consorzio BANCOMAT is an Italian consortium to which 594 operators are currently affiliated with, including the ABI (Associazione Bancaria Italiana – the Italian Association of Banks), holding companies of banking groups and operators not part of the banking sector, like Poste Italiane S.p.A. (the Italian company providing postal services). The Consortium is aimed at managing the BANCOMAT and PagoBANCOMAT payment card schemes as well as the relevant
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