The Credit Transfers and Direct Debits in Euro (Amendment) (EU Exit) Regulations 2018 No. 1199

PART 3 Amendments of retained direct EU legislation

Reachability

7.—(1) Article 3 (reachability) is amended as follows.

(2) In paragraph 1—

(a) for “PSP”, in the first place it occurs, substitute “UK-regulated PSP”;

(b) for “national” substitute “UK”;

(c) for “Union-wide payment scheme,” substitute “payment scheme extending to the qualifying area,”;

(d) for “Member” substitute “qualifying”.

(3) In paragraph 2—

(a) for “PSP”, in the first place it occurs, substitute “UK-regulated PSP”;

(b) for “national” substitute “UK”;

(c) for “Union-wide payment scheme” substitute “payment scheme extending to the qualifying area”;

(d) for “Member” substitute “qualifying”.