The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2023

Payment Card Interchange Fee Regulations 2015

10.  In the Payment Card Interchange Fee Regulations 2015(1), after regulation 4A (directions: payment card schemes)(2), insert—

“Directions: co-operation between regulators

4B.   For the purposes of section 98 of the 2013 Act (duty of regulators to ensure co-ordinated exercise of functions)(3), the reference in section 98(6)(a) to the interchange fee regulation(4) is to be read as including a reference to a direction given under regulation 4A.

Power of FCA to require Regulator to refrain from specified action

4C.   For the purposes of section 101 of the 2013 Act (power of FCA to require the Regulator to refrain from specified action), in section 101(2)—

(a) the reference to “this Part” is to be read as including a reference to regulation 4A;

(b) the reference to “a participant in a regulated payment system” is to be read as a person referred to in regulation 4A(1).”.

(1)

S.I. 2015/1911.

(2)

Regulation 4A was inserted by S.I. 2023/790.

(3)

2013 c. 33. Section 98(6)(a) was amended by S.I. 2015/1911.

(4)

EUR 2015/751.