Impact of Brexit: Payment services and electronic money directives—quick guide
Impact of Brexit: Payment services and electronic money directives—quick guide

The following Financial Services guidance note provides comprehensive and up to date legal information covering:

  • Impact of Brexit: Payment services and electronic money directives—quick guide
  • UK preparations for Brexit
  • Relevant retained EU law and UK legislation
  • Key changes introduced by the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018
  • Key changes introduced by the Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019
  • Regulatory Technical Standards—payment services
  • The creation of a Temporary Permissions Regime (TPR)
  • Financial services contracts regime
  • Temporary transitional powers

This and payment services and electronic money directives quick guide details current UK legislation and retained EU legislation and Financial Conduct Authority (FCA) rules and guidance in relation to payment services and electronic money requirements that will be amended by the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 statutory instrument, SI 2018/1201 and the Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019, SI 2019/1212 (together the E-Money and Payments Regulations) and other instruments at the end of the implementation period following the UK’s withdrawal from the EU, as well as corresponding changes to Financial Conduct Authority (FCA) rules and guidance to payment services and electronic money requirements.

The below summary sets out Brexit preparations and contingency plans in relation to onshoring EU rules for e-commerce financial services providers after Brexit.

UK preparations for Brexit

The E-Money and Payments Exit Regulations are part of HM Treasury’s programme of statutory instruments under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) dealing with contingency preparations for a ‘no deal’ Brexit. The E-Money and Payments Regulations form part of the process of domesticating EU law to ensure legal continuity at the point of the UK’s exit from the EU. EU(W)A 2018 ‘onshores’ and preserves most EU and EU-derived law as