EU Seeks Input On Antitrust Rules For Debit System

Law360, New York (November 3, 2009, 3:58 PM EST) -- Two days after launching Europe's single payments area direct debit system, the European Commission asked for comments Tuesday on its draft guidance to banks and credit card companies on interchange fees to make sure that any collective financing agreements don't violate competition rules.

The antitrust regulator asked stakeholders to weigh in on the working document as the European Union begins the so-called single-euro payments area direct debit scheme with a three-year grace period for banks to transition to the new business model.

The SEPA cross-border payments...
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