UK Legislation Made for Onshoring the EU SEPA Regulation
11/19/2018The Credit Transfers and Direct Debits in Euro (Amendment) (EU Exit) Regulations 2018 were made on November 19, 2018 and will enter into force on the day the U.K. exits the EU. The Regulations are relevant for all Payment Service Providers – banks, payment institutions, e-money institutions and registered Account Information Service Providers.
The Regulations make amendments to the Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012 and to the version of the Single Euro Payments Area (SEPA) Regulation (Regulation (EU) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in Euro) that will be retained on Brexit. The purpose of the amendments is to ensure the SEPA Regulation can continue to operate effectively after Brexit and to maximize the likelihood of the U.K. remaining a member of SEPA as a third country.
The Regulations provide HM Treasury with the power to revoke the retained SEPA Regulation, along with any other relevant associated legislation, in the event that the U.K. is no longer able to remain a member of the SEPA.
View the Credit Transfers and Direct Debits in Euro (Amendment) (EU Exit) Regulations 2018 (SI 2018/1199).
View the explanatory memorandum.
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