SEPA Regulation and cross-border payments—essentials
SEPA Regulation and cross-border payments—essentials

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

  • SEPA Regulation and cross-border payments—essentials
  • Background and introduction to SEPA
  • The drivers of SEPA
  • Legal framework of SEPA
  • Payment Services Directive
  • Cross Border Payments Regulation
  • The SEPA Regulation
  • SEPA Regulation content
  • Subject Matter and Scope of the SEPA Regulation
  • Reachability
  • More...

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

Background and introduction to SEPA

Following the introduction of the euro in 11 EU countries in 1999, there was a perceived gap between the service levels of domestic and cross-border retail payment systems. In September 1999, the European Central Bank (ECB) published a report on improving cross-border retail payment services (the ECB 1999 Report). The ECB 1999 Report recognised that the service level for cross-border credit transfers within the euro area was far removed from the service level for domestic credit transfers, although a single currency environment would require a Single European Payment Area (SEPA). To launch the discussion and give a clear signal to the banking and payment systems industry, the Eurosystem (comprising of the ECB and the national central banks of those countries that had adopted the euro) defined the following seven objectives for the industry to fulfil:

  1. enhanced system(s)/services should be ready by 1 January 2002

  2. priority should be given

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