The Interchange Fees Regulation (IFR) sets caps on the level of consumer card payment interchange fees. It also imposes a number of business rules on card schemes, card issuers, acquirers and merchants. This instrument makes amendments to ensure that the IFR continues to operate effectively within the UK after the UK leaves the EU. It reduces the scope of application of the IFR in UK legislation from the EEA to the UK. It also transfers the function for making regulatory technical standards regarding the requirements for separation of card schemes and processing entities required under Article 7 of the EU IFR from the European Commission to the Payment Systems Regulator (PSR).
Also see EU Exit SI tracker