VISA Europe and VISA International Service Associate (VISA) have brought an action before the CFI challenging a Commission decision and fine in relation to VISA’s refusal to admit Morgan Stanley as a member between March 2000 and September 2006. In the decision, the Commission found that the refusal restricted competition in the provision of credit card acceptance services to merchants in the UK and thus breached Article 81 EC Treaty. VISA claims that the Commission applied the wrong legal and economic tests and that contrary to the Commission’s findings Morgan Stanley was not prevented from entering the relevant market and even if it was, competition was not sufficiently affected. In addition, VISA claims the Commission changed its case on restrictive effect at the decision stage without giving VISA an opportunity to make comments in breach of its rights of defence. Given the uncertainty regarding the illegality of VISA’s actions and the Commission’s delay in reaching a decision, VISA claims that no fine should have been imposed or alternatively the level of fine was excessive and disproportionate.