Wednesday, February 26, 2020
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The Federal Antimonopoly Service has dismissed a case against Visa International Service Association
The Federal Antimonopoly Service (FAS) has dismissed a case against Visa International Service Association, the FAS press-service reported. Its press-release says that a FAS commission met on Monday to consider the payments system used by Visa International Service Association for signs of violation of Articles 5 and 6 of the federal law On Protection of Competition on the Market of Financial Services. "As part of the case Visa International Service Association drafted and submitted to FAS a standard letter for credit organizations, containing a description of the requirements and procedure for joining Visa as an associated member," the release says. Under the document any bank wishing to become an associated Visa member may before joining familiarize itself with all the necessary rules of work in Visa and entry terms. "In view of the above-said, the commission of Russia's FAS dropped proceedings against Visa International Service Association due to the non-confirmation of facts of violation of anti-monopoly legislation," it is noted in the press release.
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