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The Commission has fined Visa €10 200 000 for a serious infringement of the EC Treaty and EEA Agreement rules on restrictive business practices. The Commission found that the exclusion of Morgan Stanley from Visa membership restricted competition in the provision of credit card acceptance services to merchants in the
Commissioner Kroes said: "The payment cards industry plays a key role in the creation and functioning of the single market for payments. The Commission will not tolerate anticompetitive behaviour and will intervene if companies are illegally refused membership of payment card networks".