On December 8, 2015, the EBA published a consultation paper on draft RTS on the separation of payment card schemes and processing entities under the Interchange Fee Regulation, which applies from June 8, 2016 and aims to contribute to the establishment of a single market for card payments across the EU. The draft RTS seek to establish requirements for: (i) accounting processes for payment card schemes and processing entities so that annual audited information related to separated balance sheets and profit & loss accounts are produced; (ii) the separation of workspaces, where payment card schemes and processing entities are located in the same premises; (iii) the independence of senior management, management bodies and staff of payment card schemes, so that they act autonomously from the management and staff   of processing entities; (iv) remuneration; (v) the used of shared services and treatment of sensitive information; and (vi) a code of conduct. Comments are due by March 8, 2016.

The consultation paper is available at: http://www.eba.europa.eu/documents/10180/1303831/EBA-CP-2015-24+%28CP+on+RTS+on+separation+under+IFR+%29.pdf.