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The Payment Card Interchange Fee Regulations 2015
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Changes over time for: Section 3
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Changes to legislation:
The Payment Card Interchange Fee Regulations 2015, Section 3 is up to date with all changes known to be in force on or before 07 July 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to Regulation 3:
- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
[F1Functions]U.K.
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Memorandwm Esboniadol
3.—F2(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2) The Payment Systems Regulator must maintain arrangements to enable it to—
[F3(a)determine whether regulated persons comply F4... with obligations, prohibitions and restrictions imposed on them by—
(i)the interchange fee regulation, read together with regulations 22 (weighted average interchange fees for domestic debit card transactions) and 23 (exemption from maximum interchange fees for certain three party payment card schemes); F5...
(ii)a technical standard made under section 97A of the 2013 Act] [F6or;
(iii)a direction given under regulation 4A;]
(b)enforce compliance F7... by regulated persons with those obligations, prohibitions and restrictions.
(3) In paragraph (2) references to regulated persons include reference to regulated persons situated outside the United Kingdom.
(4) In discharging its functions mentioned in paragraph (5), the Payment Systems Regulator must have regard to—
(a)the need to use the resources of the Payment Systems Regulator in the most efficient and economic way;
(b)the principle that a burden or restriction which is imposed on a person, or on the carrying on of an activity, should be proportionate to the benefits, in general terms, which are expected to result from the imposition of that burden or restriction;
(c)[F8the desirability of sustainable growth in the economy of the United Kingdom in the medium or long term, to the extent that having regard to such factors is appropriate given the obligations, prohibitions and restrictions imposed by the interchange fee regulation and the responsibility of the Payment Systems Regulator set out in paragraph (1);]
[F8(c)the desirability of sustainable growth in the economy of the United Kingdom in the medium or long term, including in a way consistent with contributing towards achieving compliance by the Secretary of State with—
(i)section 1 (target for 2050) of the Climate Change Act 2008, and
(ii)section 5 (environmental targets: effect) of the Environment Act 2021,
where the Payment Systems Regulator considers the exercise of its functions to be relevant to the making of such a contribution.]
(d)the general principle that those who use services provided under payment card schemes should take responsibility for their decisions;
(e)the responsibilities of the senior management of regulated persons in relation to compliance with obligations, prohibitions and restrictions imposed by the interchange fee regulation read together with regulations 22 and 23, or imposed under this Part;
(f)the desirability where appropriate of the Payment Systems Regulator exercising its functions in a way that recognises differences in the nature of, and objectives of, businesses carried on by different regulated persons;
(g)the desirability in appropriate cases of the Payment Systems Regulator publishing information relating to regulated persons, or requiring such persons to publish information;
(h)the principle that the Payment Systems Regulator should exercise its functions as transparently as possible.
(5) The functions are—
(a)the function of giving general directions under [F9regulation 4 and 4A (in each case considered as a whole)], F10...
(b)functions in relation to giving general guidance under regulation 13 (considered as a whole);
[F11(c)the function of making technical standards under section 97A of the 2013 Act; and
(d)the function of making EU Exit instruments under the Financial Regulators’ Powers (Technical Standards) (Amendment etc.) (EU Exit) Regulations 2018.]
Textual Amendments
F1Reg. 3 heading substituted (31.12.2020) by The Interchange Fee (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/284), regs. 1(2), 2(2)(c) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F2Reg. 3(1) omitted (31.12.2020) by virtue of The Interchange Fee (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/284), regs. 1(2), 2(2)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F3Reg. 3(2)(a) substituted (26.10.2018) by The Financial Regulators Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 1(2), 11(2)(a)(i)
F4Words in reg. 3(2)(a) omitted (31.12.2020) by virtue of The Interchange Fee (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/284), regs. 1(2), 2(2)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F5Word in reg. 3(2)(a)(i) omitted (1.1.2024) by virtue of The Electronic Money, Payment Card Interchange Fee and Payment Services (Amendment) Regulations 2023 (S.I. 2023/790), regs. 1(2)(b), 3(3)(a)(i)
F6Reg. 3(2)(a)(iii) and word inserted (1.1.2024) by The Electronic Money, Payment Card Interchange Fee and Payment Services (Amendment) Regulations 2023 (S.I. 2023/790), regs. 1(2)(b), 3(3)(a)(ii)
F7Words in reg. 3(2)(b) omitted (31.12.2020) by virtue of The Interchange Fee (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/284), regs. 1(2), 2(2)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F8Reg. 3(4)(c) substituted (1.1.2024 for specified purposes) by The Electronic Money, Payment Card Interchange Fee and Payment Services (Amendment) Regulations 2023 (S.I. 2023/790), regs. 1(2)(b)(3)(b), 3(3)(b)
F9Words in reg. 3(5)(a) substituted (1.1.2024) by The Electronic Money, Payment Card Interchange Fee and Payment Services (Amendment) Regulations 2023 (S.I. 2023/790), regs. 1(2)(b), 3(3)(c)
F10Word in reg. 3(5)(a) omitted (26.10.2018) by virtue of The Financial Regulators Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 1(2), 11(2)(b)(i)
F11Reg. 3(5)(c)(d) inserted (26.10.2018) by The Financial Regulators Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 1(2), 11(2)(b)(ii)
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