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ARTICLE · 28 APRIL 2006

Payment card competition concerns highlighted by EU sector inquiry

CMS Cameron McKenna Nabarro Olswang
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On 12 April 2006 the European Commission published for consultation the preliminary findings of its investigation into financial services, focusing on payment cards. The Commission’s report identifies competition concerns regarding barriers to entry to the payment cards sector and trails possible antitrust action against individual (as yet unidentified) players.

United KingdomFinance and Banking
Susan Hankey
Susan Hankey
David Marks
David Marks
Nick Paul
Nick Paul

On 12 April 2006 the European Commission published for consultation the preliminary findings of its investigation into financial services, focusing on payment cards. The Commission’s report identifies competition concerns regarding barriers to entry to the payment cards sector and trails possible antitrust action against individual (as yet unidentified) players.

The Commission has stated that it will consider action under EU antitrust rules in individual cases if its preliminary findings are borne out by the consultation. This could involve imposing fines of up to 10% of worldwide turnover if EU competition law has been breached. If you operate or use payment cards, you have until 21 June 2006 to respond to the Commission’s findings and make your views known.

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