The Credit Transfers and Direct Debits in Euro (Amendment) (EU Exit) Regulations 2018

PART 4 Power to revoke

Power of Treasury to revoke legislation

15.—(1) The Treasury may by regulations made by statutory instrument revoke the relevant legislation if it appears to them that PSPs in EEA states are complying with the SEPA Regulation, as it applies in the European Union, by using payment schemes—

(a) whose rules for cross-border credit transfer transactions or cross-border direct debit transactions where the payer’s PSP or the payee’s PSP is in the United Kingdom are different from those for cross-border credit transfer transactions or cross-border direct debit transactions where the payer’s PSP and the payee’s PSP are in EEA states, or

(b) whose participants do not include participants representing UK-regulated PSPs providing credit transfers or direct debits respectively.

(2) In paragraph (1)—

(a) “the relevant legislation” means—

(i) the SEPA Regulation,

(ii) the Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012, and

(iii) these Regulations,

(b) “PSP” has the meaning given by Article 2(8) of the SEPA Regulation, as it had effect immediately before exit day, and

(c) “UK-regulated PSP” has the meaning given by Article 2(8A) of the SEPA Regulation.

(3) Regulations under paragraph (1) may contain transitional provisions and savings.

(4) A statutory instrument containing regulations under paragraph (1) is subject to annulment in pursuance of a resolution of either House of Parliament.