This document contains guidance on our approach to monitoring compliance with the Interchange Fee Regulation (IFR) provisions capping interchange fees or equivalent issuer compensation (Articles 3, 4 and 5) and business rules provisions that were brought into force by 9 December 2015 (Articles 6, 11 and 12).

It also includes guidance on our powers and procedures under the IFR as well as guidance on penalties for non-compliance with the IFR.

Note: An updated version was published on 30 March 2016 which corrected some errors in the descriptions of the scheme diagrams in Chapter 2.

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