The EU Council published its presidency compromise text on 5 September on the proposal for a Regulation on interchange fees for card-based payment transactions (MIF Regulation), so as to eliminate the obstacles to the formation of an integrated market for electronic payments. The MIF Regulation aims at regulating interchange fees, being a large part of the fees charged to the merchants by acquiring payment service providers for every national or cross-border card transaction.

What this means for you

The compromise text, which sets out the Council’s proposed amendments to the European Commission’s (EC’s) draft of the MIF Regulation, was discussed at the 9 September Working Party meeting.