The EU Court of Justice clarifies the scope of the regulatory framework for three-party schemes but individual assessment is needed to determine whether fee caps apply (American Express / HM Treasury)

In 2015, the EU Interchange Fee Regulation [1] (the “IFR”) introduced price caps on the interchange fees paid between banks for processing credit and debit card payments. These fee caps attempt to address concerns identified in a series of antitrust investigations into Visa and Mastercard through price regulation rather than antitrust enforcement. The application of these caps (and a panoply of ancillary rules) has raised significant questions for companies offering payment services, as well as for national regulators charged with enforcing the rules. One of those questions – the application of the rules to smaller three-party schemes, which are exempt from many of the IFR provisions and are only brought into scope in certain specified circumstances – was referred to the Court of Justice

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Authors

  • Cleary Gottlieb Steen & Hamilton (Brussels)
  • Cleary Gottlieb Steen & Hamilton (London)
  • Cleary Gottlieb Steen & Hamilton (London)
  • Cleary Gottlieb Steen & Hamilton (London)

Quotation

Mario Siragusa, Romano F. Subiotto QC, Maurits Dolmans, Paul Gilbert, The EU Court of Justice clarifies the scope of the regulatory framework for three-party schemes but individual assessment is needed to determine whether fee caps apply (American Express / HM Treasury), 7 February 2018, e-Competitions Bulletin February 2018, Art. N° 87391

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