S.I. No. 525/2020 - European Union (Interchange Fees for Card-based Payment Transactions) (Amendment) Regulations 2020
Notice of the making of this Statutory Instrument was published in | ||
“Iris Oifigiúil” of 17th November, 2020. | ||
I, PASCHAL DONOHOE, Minister for Finance, in exercise of the powers conferred on me by section 3 of the European Communities Act 1972 (No. 27 of 1972) and for the purpose of giving further effect to Regulation (EU) No. 751/2015 of the European Parliament and of the Council of 29 April 20151 , hereby make the following regulations: | ||
1. (1) These Regulations may be cited as the European Union (Interchange Fees for Card-based Payment Transactions) (Amendment) Regulations 2020. | ||
(2) These Regulations shall come into operation on 9 December 2020. | ||
2. The European Union (Interchange Fees for Card-based Payment Transactions) Regulations 2015 ( S.I. No. 550 of 2015 ) are amended by the substitution of the following Regulation for Regulation 5: | ||
“5. Payment service providers shall not offer or request a per transaction interchange fee of more than 0.10% of the value of the transaction for any domestic debit card transaction.”. | ||
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GIVEN under my Official Seal, | ||
12 November, 2020. | ||
PASCHAL DONOHOE, | ||
Minister for Finance. | ||
EXPLANATORY NOTE | ||
(This note is not part of the instrument and does not purport to be a legal interpretation.) | ||
This Statutory Instrument (SI) amends SI 751 of 2015 on Interchange Fees. | ||
Regulation 5 of SI 751 of 2015 is replaced in order to update a provision that falls away on the 09 December 2020. This was a discretion contained in the Interchange Fee Regulation that Ireland chose to avail of in 2015. | ||
The change to the existing legislation involves the replacement of a weighted average approach set out in Regulation 5 to capping interchange fees for consumer debit transactions with a per transaction cap approach. | ||
