Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Financial information
1. Payment card schemes and participating processing entities, shall have accounting processes in place that enable them to produce financial information on separated profit and loss accounts and explanatory notes to that financial information. 2. The financial information referred to in paragraph 1 shall comply with the applicable accounting framework for preparing financial statements of payment card schemes and processing entities.
Allocation of expenses and revenues
1. The financial information referred to in Article 3(1) shall be based on an allocation of expenses and revenues between the payment card scheme and the processing entity in accordance with the following rules: (a) expenses and revenues that are directly attributable to the provision of processing services shall be allocated to the processing entity; (b) expenses and revenues that are directly attributable to the payment card scheme shall be allocated to the payment card scheme; (c) expenses and revenues that are not directly attributable to the provision of processing services or to the payment card scheme shall be allocated on an activity-based costing (‘ABC’), which involves allocating indirect costs and revenues according to the actual consumption by the processing services entity or by the payment card scheme; (d) expenses and revenues that are not directly attributable and cannot be allocated on ABC shall be allocated according to an accounting methodology documented in a supporting note. 2. The supporting note referred to in paragraph 1(d) shall indicate for each allocated cost and revenue under that methodology: (a) the basis for the allocation; (b) the rationale for that basis.
Documentation of transfer of financial resources between payment card schemes and processing entities
1. Payment card schemes and processing entities shall produce specific explanatory notes for any transfer of financial resources between them for the provision of services or the use of shared services as referred to in Article 12. Those explanatory notes shall specify the prices of and fees for those services, irrespective of any underlying obligations and organisational arrangements that may exist between them. Those explanatory notes shall be included in the financial information referred to in Article 3(1). 2. Where payment card schemes and processing entities belong to the same legal entity or group, the specific explanatory notes referred to in paragraph 1 shall provide evidence that the prices and fees for the provision of services between them or the use of shared services do not differ from prices and fees for the same or, in absence thereof, comparable services charged between payment card schemes and processing entities that do not belong to the same legal entity or group.
Review and frequency of financial information
1. The financial information produced in accordance with Articles 3, 4 and 5 shall be reviewed by an independent and certified auditor. 2. The review referred to in paragraph 1 shall be provided in the form of a report ensuring: (a) a trustworthy and fair view of the financial information produced by payment card schemes and processing entities; (b) consistency and comparability of the financial information with the accounting frameworks for preparing financial statements of payment card schemes and processing entities; (c) consistency of the financial information with previous years' allocation policies or, where such consistency is lacking, an explanation as to why the allocation policy has been changed and a restatement of previous years' figures. 3. The financial information referred to in Articles 3, 4 and 5 shall be submitted to the auditor referred to in paragraph 1 annually and shall be made fully available to competent authorities upon their request, together with the review by the independent auditor.
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Source: EUR-Lex (Publications Office of the EU), © European Union, reuse permitted under Commission Decision 2011/833/EU.