PSR adopts onshoring RTS Regulation to prepare for no-deal Brexit

Industry News | 06/03/19

The Payment Systems Regulator (PSR) has adopted the EU Exit instrument onshoring the relevant Regulation which supplements Article 7(1)(a) of the EU Interchange Fee Regulation with regulatory technical standards. Article 7(1)(a) of the IFR requires payment card schemes and processing entities to be independent in terms of accounting, organisation and decision-making processes. The RTS Regulation sets out the specific requirements applicable to payment card schemes and processing entities. The PSR has also released an accompanying policy statement.