(This note is not part of the Regulations)

These Regulations comply with the obligations to designate competent authorities, lay down rules on penalties and take measures for the settlement of disputes under Articles 13 to 15 of Regulation (EU) 2015/751 of the European Parliament and of the Council of 29th April 2015 on interchange fees for card-based payment transactions (OJ L 123, 19.5.2013, p.1.) ("the interchange fee regulation"). They also exercise in the United Kingdom the options under Articles 1(5) and 3(3) of the interchange fee regulation to grant relief from some requirements of the interchange fee regulation for a limited time.

Part 2 designates the Payment Systems Regulator as a competent authority in the United Kingdom for the interchange fee regulation and sets out the duties and powers of the Payment Systems Regulator in that role. The regulatory regime set out in Part 2 is closely aligned to the existing regime overseen by the Payment Systems Regulator under Part 5 of the Financial Services (Banking Reform) Act 2013 (c. 33).

Part 3 designates the Financial Conduct Authority as a competent authority in the United Kingdom for certain provisions of the interchange fee regulation, and amends the Payment Services Regulations 2009 (S.I. 2009/209) so that the relevant requirements of the interchange fee regulation are treated as being requirements imposed by those Regulations. The Financial Conduct Authority may act under the Payment Services Regulations 2009 to supervise and enforce compliance with those requirements by firms regulated under those Regulations.