Impact of Brexit: SEPA—quick guide [Archived]

Published by a ÀÏ˾»úÎçÒ¹¸£Àû Financial Services expert
Practice notes

Impact of Brexit: SEPA—quick guide [Archived]

Published by a ÀÏ˾»úÎçÒ¹¸£Àû Financial Services expert

Practice notes
imgtext

This Single European Payments Area (SEPA) quick guide details current UK legislation and retained EU legislation in relation to requirements that were amended by the Credit Transfers and Direct Debits in Euro (amendment) (EU exit) Regulations 2018, SI 2018/1199 (Transfers and Debits Exit Regulations 2018) at the end of the implementation period following the UK’s withdrawal from the EU.

The legal framework for SEPA lies in the Payment Services Directive (Directive 2007/64/EC) (PSD), since replaced by the recast Payment Services Directive (Directive (EU) 2015/2366) (PSD2). PSD and its replacement, PSD2, provide a harmonised legal framework for payments in the European Union, which is necessary for the smooth functioning of SEPA. 

The legal framework for SEPA also includes the following pieces of EU legislation:

  1. •

    EU Regulation (EC) 924/2009 on charges for cross-border payments in euro (OJ L 266 9.10.2009 p 11) (the Cross Border Payments Regulation or EU CBPR). The EU CBPR (which replaced Regulation (EC) 2560/2001, (OJ L 344 28.12.2001 p 13)) eliminated the differences in charges for cross-border and national payments in euro. It

Powered by Lexis+®
Jurisdiction(s):
United Kingdom
Key definition:
Brexit definition
What does Brexit mean?

means: (a) the United Kingdom (UK) ceasing to be a member state of the European Union (EU) and/or the European Economic Area (EEA) on exit day; and/or (b) the commencement, end of[ or variation in] any transitional, trading or other arrangements from time to time between: (i) the UK and the EU and/or EEA (including during any implementation period and IP Completion Day); and/or (ii) the UK and any other country, group of countries, international organisation, bloc or body (including the World Trade Organization) in contemplation of or (directly or indirectly) in connection with the UK’s said cessation of membership;

Popular documents