Payment service providers shall not offer or request a per transaction interchange fee of more than 0,2 % of the value of the transaction for any F1UK debit card transaction .F2, but this is subject to paragraphs 2 and 3.

Until 9 December 2020, F6the Treasury may by regulations allow payment service providers to apply a weighted average interchange fee of no more than the equivalent of 0,2 % of the annual average transaction value of F7all UK debit card transactions within each payment card scheme. F8This power includes power to define a lower weighted average interchange fee cap applicable to F7all UK debit card transactions.

Regulations under paragraph 3 may amend regulation 23 of the Payment Card Interchange Fee Regulations 2015 (which contains provision for the purposes of paragraph 3 having effect as F10assimilated law).

The annual transaction values referred to in paragraphs 2 and 3 shall be calculated on a yearly basis, commencing on 1 January and ending on 31 December and shall be applied starting from 1 April of the following year. The reference period for the first calculation of such value shall commence 15 calendar months before the date of application of paragraphs 2 and 3 and shall end three calendar months before that date.

F11The Payment Systems Regulator shall, upon F12its written request, require payment card schemes and/or payment service providers to provide all information necessary to verify the correct application of paragraphs 3 and 4 of this Article. Such information shall be sent F13 to the Payment Systems Regulator before 1 March of the year following the reference period referred to in the first sentence of paragraph 4. F14Any other information enabling the Payment Systems Regulator to verify compliance with the provisions of this Chapter shall be sent to the Payment Systems Regulator upon its written request and within the deadline set by it. The F15Payment Systems Regulator may require that such information is certified by an independent auditor.