The regulation of payment services providers—essentials
The regulation of payment services providers—essentials

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

  • The regulation of payment services providers—essentials
  • Scope of this Practice Note
  • Background to PSD2
  • The scope of PSD2 and its application to third-party payment services providers
  • Geographic scope and non-EU currencies under PSD2
  • PSD2 exemptions
  • Limited network under PSD2
  • Commercial agents under PSD2
  • Mobile device content under PSD2
  • Independent ATM operators exemption under PSD2
  • More...

Scope of this Practice Note

This Practice Note provides an overview, and highlights the key provisions, of the second Payment Services Directive (PSD2), which came into effect on 13 January 2018, as implemented in the UK by the Payment Services Regulations 2017 (PSRs 2017), SI 2017/752. It provides a comparison against the first Payment Services Directive (PSD1), which was implemented in the UK by the Payment Services Regulations 2009, SI 2009/209 (PSRs 2009) and discusses the arrangements which were made for the PSD2’s implementation in the UK. However, as a result of the UK’s decision to leave the EU, the PSRs 2017 and the retained EU legislation discussed in this Practice Note were amended at the end of the implementation period (ie 31 December 2020—referred to as IP completion day) by the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018, SI 2018/1201 (the E-Money and Payments Exit Regulations 2018) and the Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019, SI 2019/1212 (the E-Money and Payments Exit Regulations 2019) (together the E-Money and Payments Exit Regulations) in order to fix deficiencies occurring in the scope of the PSRs 2017 and retained EU legislation and reducing from EEA coverage to solely the UK. The Practice Note also considers the interaction between PSRs 2017 and the

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