Financial information
- Set up accounting processes for separate profit and loss accounts
Retained EU Law
2018
United Kingdom
Commission Delegated Regulation (EU) 2018/72 of 4 October 2017 supplementing Regulation (EU) 2015/751 of the European Parliament and of the Council on interchange fees for card-based payment transactions with regard to regulatory technical standards establishing the requirements to be complied with by payment card schemes and processing entities to ensure the application of independence requirements in terms of accounting, organisation and decision-making process (Text with EEA relevance)
At a glance
What's here
12 compliance obligations
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Documentation of transfer of financial resources between payment card schemes and processing entities
- Document financial transfers between your scheme and processing entities
Functional separation
- Organise payment scheme and processing into separate internal units
Separation of workspaces
- Separate workspaces for payment card schemes and processing entities
Independence of staff
- Keep payment scheme staff separate from processing staff
Remuneration
- Adopt fair remuneration policies that avoid preferential treatment
Use of shared services
- Create and maintain a document listing shared services and their conditions
Use of a shared information management system
- Ensure shared information management system has separate authentication and access controls
Sensitive information
- Do not share sensitive competitive information unless shared with all competitors
Code of conduct
- Publish a code of conduct for staff compliance with interchange fee rules
Independence of the management bodies
- Ensure independent management bodies to avoid conflicts of interest
Annual operating plan independence
- Maintain separate annual budgets for your card scheme or processing entity
Browse 6 other sections — procedural / definitional / commencement
Subject matter
Definitions
Allocation of expenses and revenues
Review and frequency of financial information
Independence of senior management
Entry into force
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