Preparing for Brexit: Payment services and electronic money directives—quick guide
Preparing for Brexit: Payment services and electronic money directives—quick guide

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

  • Preparing for 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
  • HM Treasury power to designate third countries as equivalent in the event of no-deal Brexit
  • Regulators’ transitional powers
  • FCA approach to transitional powers

This revised Payment Services Directive (Directive (EU) 2015/2366) (PSD2) and second Electronic Money Directive (Directive 2009/110/EC) (2EMD) quick guide details current UK legislation, 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), both of which come into force, following an extension agreed by the EU, on exit day as defined in the European Union (Withdrawal) Act 2018 (as amended) in the event of a ‘no deal’ Brexit. The changes made in the SI will not take effect if the UK enters an implementation period. The Cabinet Office has confirmed that if the UK enters an implementation period, any EU (Withdrawal Agreement) Bill agreed by Parliament and accepted by the other 27 EU Member States as an acceptable a way of establishing a legally binding treaty setting out the negotiated terms of the UK’s departure from the EU would need to amend the European Union (Withdrawal) Act 2018 (EU(W)A 2018) so that the conversion of EU law into ‘retained EU law’ would take place at the end of the