The following Financial Services practice note provides comprehensive and up to date legal information covering:
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.
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 The PSD was repealed with effect from that date.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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Coronavirus (COVID-19): During the current pandemic, legislation and changes to practice and procedure in the courts and tribunals have been introduced, which affect the following:•proceedings for possession•forfeiture of business leases on the grounds of non-payment of rent•a landlord's right to
There may be times when, rather than assigning the benefit of an agreement to a third party, the original parties wish instead to end their obligations to each other under that agreement and, in effect, recreate it, with the third party stepping into the shoes of one of the original parties. This is
Disposal and devolutionThe equity of redemption arises as soon as the mortgage is made. It is an interest in the land which the mortgagor can:•transfer, lease or mortgage inter vivos, or•by will (it passes on intestacy)No cloggingIt is a fundamental principle of a mortgage that there must be no clog
The Standard Conditions of Sale (SCS), currently in their 5th edition (2018 revision), are a set of standard conditions which are commonly incorporated into contracts for the sale of residential property. The Standard Commercial Property Conditions (Third Edition—2018 Revision) (SCPC) are used for
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