Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

ACT definition

What does ACT mean? In corporate and banking practice, ACT usually refers to the Association of Corporate Treasurers, the UK-based professional body for corporate treasury professionals, rather than a statutory “Act”. It is not defined in legislation or case law; the acronym is market terminology used in transaction documents and governance materials. The Association of Corporate Treasurers promotes professional standards in liquidity management, funding, cash and risk management, foreign exchange and derivatives. It publishes guidance and a code of ethics and awards recognised qualifications (including AMCT and FCT). In legal contexts, references to “ACT-qualified” personnel or to ACT good practice may appear in treasury policies,...

UK Supreme Court on Mastercard/Visa MIFs: Article 101 TFEU restriction, 101(3) proof and ‘fair share’, pass-on quantification, and litigation finality (Sainsbury’s; Asda/Argos/Morrisons)

Published by a LexisNexis Competition expert

Practice notes

ARCHIVED – this case hub captures the position as at the judgment of 17 June 2020; it is no longer being maintained. For additional detail, see the timeline, commentary and related cases.

Case facts

Outline

Appeal to the Supreme Court by Mastercard and Visa against the Court of Appeal’s ruling of 4 July 2018 on the legality of Mastercard and Visa’s multilateral interchange fees (MIFs).

Latest developments

On 17 June 2020, the Supreme Court delivered its judgment, dismissing three of the four grounds of appeal. It determined, among other matters, that the Court of Appeal was correct to find that multilateral interchange fees infringe Article 101 TFEU.

Parties

Appellants:

Mastercard Incorporated, Mastercard Incorporated International, Mastercard Europe and Mastercard/Europay UK Limited (together Mastercard

Respondents:

Sainsbury’s Supermarkets
Asda Stores
Argos Limted and Others
WM Morrisons Supermarkets PLC

Cross-Appellants:

Asda Stores Limited
Argos Limited and Others
WM Morrisons Supermarkets PLC

The European Commission intervened.

Background

The Mastercard and Visa payment card schemes and MIFs

The Mastercard and Visa payment card (credit and debit cards) schemes are described as ‘four-party schemes’, with the following aspects:

cardholders contract with issuers (which are mostly

...

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Web page updated on 22/05/2026

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