The Council of the European Union, configured as the Agriculture and Fisheries Council, has adopted the European Regulation on Interchange Fees for Card-based Payment Transactions (the Regulation).

The text of the Regulation, dated 20 March 2015, was published by the Council on 23 March 2015, following its adoption by the European Parliament (EP) on 10 March 2015. Our earlier blog on the EP’s adoption of the Regulation at first reading is available here.

The Regulation will now be published in the Official Journal of the European Union; and it will come into force 20 days after that. Our Client Alert on the effect of the Regulation will be published on shortly.

In the meantime, the Council has also “adopted its Position at first reading” on the Second Information Accompanying Transfers of Funds Regulation and the Fourth Anti-Money Laundering Directive. Our blogs about each of these developments are available here and here.