Regulatory Alerts2015-03-24
Circular 1/2015 of the Bank of Spain to Payment Service Providers on Reporting Interchange and Discount Fees
The Bank of Spain issued Circular 1/2015 to implement Article 13 of Law 18/2014, requiring payment service providers established in Spain to report quarterly data on interchange and discount fees for card transactions. The regulation defines key terms such as interchange and discount rates, specifies the submission of TID statements via telematic transmission, and mandates the publication of this information on the Bank's website. The circular excludes tripartite system discount fees from public aggregation to protect confidentiality and sets specific deadlines for initial reporting starting from the third quarter of 2014.
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