Financial and payments

At rēgula, we have a specialized practice in the financial sector, with a particular focus on payment systems. Our work in this field has developed primarily from a competition law perspective, while also covering key aspects of payment regulation, where competition issues have played a structural role.

We have advised major banking institutions in sanctioning proceedings before the Spanish competition authority (CNMC), as well as in defending their interests in related administrative proceedings and civil litigation. Our experience spans both the administrative and judicial phases, including proceedings before the National Court, the Supreme Court, and specialized civil courts.

We have also acted in large corporate transactions in the financial sector requiring clearance from national and European competition authorities, many of them in the context of the consolidation of the banking sector between 2010 and 2020. We support our clients in the strategic design of transactions, the assessment of merger control risks, engagement with the CNMC and the European Commission, and, where necessary, in the negotiation of remedies.

In the payments sector, we have advised a range of national and international payment systems on both competition law and sector-specific regulation of payment services. Our experience includes sanctioning proceedings before the CNMC and the adaptation of business models to the applicable regulatory framework, with a particular focus on the principles of non-discriminatory access, transparency, interoperability, and economically reasonable fees.

We have substantial expertise in the interchange fee regime applicable to credit and debit card transactions and ATM withdrawals, an area that has been a focal point for competition authorities over the past two decades. We have participated in the leading legal and economic debates on the configuration and justification of these fees, as well as on the development of technical standards compatible with competition law.

We also advise clearing and settlement entities, as well as electronic payment institutions, on the design and review of their operating rules, fee structures, governance mechanisms, and access conditions for third-party operators. Our advice ensures compliance with the applicable framework while anticipating potential interventions by competition and regulatory authorities.

In recent years, we have represented various payment ecosystem operators in disputes with large technology companies seeking to expand into the payments sector, affecting access conditions, interoperability, and competition in these markets. Our work in this area combines preventive strategies with defensive measures against potentially abusive or exclusionary practices.

At rēgula, we provide highly specialized legal advice to operators in the financial and payments sectors, combining technical mastery of the regulatory framework with a strategic vision of competitive risks and market dynamics.