Payment Services Regulations 2017—authorisation and passporting rights
Payment Services Regulations 2017—authorisation and passporting rights

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

  • Payment Services Regulations 2017—authorisation and passporting rights
  • Background to the Payment Services Regulations 2017
  • The authorisation and passporting regimes under the PSRs 2017
  • Registration of small payment institutions
  • Information to be included in an authorisation application
  • Conditions for authorisation
  • Registering as a RAISP
  • Information to be included in an RAISP application
  • Passporting
  • The need to notify before using a passport
  • More...

BREXIT: The UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance on the impact of Brexit on payment services regulation, see Practice Note: Impact of Brexit: Payment services and electronic money directives—quick guide.

Background to the Payment Services Regulations 2017

The Payment Services Regulations 2017, SI 2017/752 (PSRs 2017) transposed the recast PSD2 (Directive 2015/2366/EU) into national law on 13 January 2018 and largely came into force on that date. The PSRs 2017 replaced the Payment Services Regulations (SI 2009/209) (PSRs), which itself transposed the original PSD (Directive 2007/64/EC). The PSD was intended to regulate payment services providers (PSPs) and harmonise the payments sector within the EU.

Advances in payments systems outstripped the regulatory capacity of the PSD and a PSD2 was published in the Official Journal of the EU on 23 December 2015 (here). PSD2 came into force on 13 January 2016 and had to be implemented by Member States by 13 January 2018. The PSD was repealed with effect from that date. The government’s approach to transposing PSD2 was to copy-out the directive, while looking to take advantage of derogations, and ensuring that the exemptions from the PSD carry across to the PSD2 where appropriate. This will help to minimise the impacts on affected businesses, while ensuring

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