The Interchange Fee (Amendment) (EU Exit) Regulations 2018

Interchange fees for consumer debit card transactions

6.—(1) Article 3 (interchange fees for consumer debit card transactions) is amended as follows.

(2) In paragraph 1—

(a) after “any” insert “UK”;

(b) at the end insert “, but this is subject to paragraphs 2 and 3.”.

(3) In paragraph 2—

(a) for “For domestic card transactions Member States may” substitute “The Treasury may by regulations”;

(b) in point (b)—

(i) for the words from “EUR 0,05” to “exchange rates.” substitute “the equivalent in sterling of EUR 0.05.”;

(ii) for “domestic” substitute “UK”.

(4) In paragraph 3—

(a) for the words from “in relation to” to “may allow” substitute “the Treasury may by regulations allow”;

(b) for “all domestic”, in both places where it occurs, substitute “all UK”;

(c) for “Member States may define” substitute “This power includes power to define”.

(5) After paragraph 3 insert—

“3A.   Regulations under paragraph 3 may amend regulation 23 of the Payment Card Interchange Fee Regulations 2015 (which contains provision for the purposes of paragraph 3 having effect as retained EU law).”

(6) In paragraph 5—

(a) for “The competent authorities referred to in Article 13” substitute “The Payment Systems Regulator”;

(b) for “their”, in the first place where it occurs, substitute “its”;

(c) for “to the competent authority” substitute “to the Payment Systems Regulator”;

(d) for the third sentence substitute “Any other information enabling the Payment Systems Regulator to verify compliance with the provisions of this Chapter shall be sent to the Payment Systems Regulator upon its written request and within the deadline set by it.”;

(e) in the fourth sentence, for “competent authorities” substitute “Payment Systems Regulator”.