Quick Look Brexit Financial Services Legislation Status Guide—payments services and systems
Quick Look Brexit Financial Services Legislation Status Guide—payments services and systems

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

  • Quick Look Brexit Financial Services Legislation Status Guide—payments services and systems

This Brexit Financial Services Legislation Status Guide provides high-level information on the status of EU legislation that regulates the payments sector, namely:

  1. the second Electronic Money Directive (Directive 2009/110/EC) (2EMD)

  2. the Cross Border Payments Regulation (Regulation (EC) 924/2009) (CBPR) as amended by Regulation (EU) 2019/518 (CBPR2)

  3. the Regulation establishing technical and business requirements for credit transfers and direct debits in euro and amending the CBPR (Regulation (EU) 260/2012 (SEPA Regulation))

  4. the Payment Accounts Directive (Directive 2014/92/EU) (PAD)

  5. the recast Payment Services Directive (Directive (EU) 2015/2366) (PSD2), and

  6. the Interchange Fee Regulation (Regulation EU) 2015/751) (IFR)

This Practice Note should be read in conjunction with Practice Notes:

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

  2. Impact of Brexit: SEPA Regulation—quick guide

  3. Impact of Brexit: Payment accounts—quick guide

  4. Impact of Brexit: Interchange Fee Regulation—quick guide

During the implementation period beginning on 1 January 2020 and ending on 31 December 2020 (IP completion day), elements of the CBPR (as amended by the CBPR2), the SEPA Regulation and the IFR were directly applicable in the UK in accordance with the European Union (Withdrawal) Act 2018 (EU(W)A 2018), as amended by the European Union (Withdrawal Agreement) Act 2020 (EU(WA)A 2020), and the Withdrawal Agreement between the UK and the EU. EU(W)A 2018, as amended by EU(WA)A 2020, also onshores and preserves most other EU and EU-derived law, such as

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