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ARTICLE · 14 SEPTEMBER 2018

Post-Brexit UK Secondary Legislation Published For Temporary Permissions Regime For Payments Services

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The draft Regulations are relevant to all Payment Service Providers and registered Account Information Service Providers.

European UnionFinance and Banking
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On September 5, 2018, HM Treasury published draft statutory instruments on the regulation of payments and e-money and on access to the Single Euro Payments Area in preparation for the U.K.'s withdrawal from the EU – the draft Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 and the Credit Transfers and Direct Debits in Euro (Amendment) (EU Exit) Regulations 2018. The draft Regulations are relevant to all Payment Service Providers and registered Account Information Service Providers. The draft Regulations will amend the Payment Services Regulations 2017, Electronic Money Regulations 2011 and the SEPA Regulation to:

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