The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020

Regulation (EC) No 924/2009 U.K.

72.—(1) Regulation (EC) No 924/2009 of the European Parliament and of the Council of 16 September 2009 on cross-border payments in the Community and repealing Regulation (EC) No 2560/2001 is amended as follows.

(2) In Article 1—

(a) in paragraph 1, for “Union” substitute “United Kingdom”;

(b) in paragraph 2—

(i) omit the first sub-paragraph;

(ii) for the second sub-paragraph substitute—

“This Regulation shall apply to national and cross-border payments that are denominated in euro, sterling or in a national currency of a Member State of the European Union other than the euro and that involve a currency conversion service.”;

(c) after paragraph 2 insert—

“2A.   In respect of cross-border payments, this Regulation applies only to those parts of a payment transaction which are carried out in the United Kingdom.”;

(d) omit paragraph 4.

(3) In Article 2—

(a) for point (1) substitute—

“1.   ‘cross-border payment’ means an electronically processed payment transaction initiated by a payer or by or through a payee where—

(a) the payer’s payment service provider is located in the United Kingdom and the payee’s payment service provider is located in the EEA; or

(b) the payee’s payment service provider is located in the United Kingdom and the payer’s payment service provider is located in the EEA,

and for the purposes of this definition, “payment service provider” has the same meaning as in regulation 40(1A)(a) of the Payment Services Regulations 2017(1);”;

(b) in point (2), for “same Member State” substitute “United Kingdom”;

(c) for point (5) substitute—

“5.   ‘payment service provider’ has the same meaning as in regulation 2(1) of the Payment Services Regulations 2017;”;

(d) in point (9), for “Article 59(2) of Directive (EU) 2015/2366 of the European Parliament and of the Council” substitute “regulation 57(2) of the Payment Services Regulations 2017”;

(e) for point (10) substitute—

“10.   ‘funds’ has the same meaning as in regulation 2(1) of the Payment Services Regulations 2017.”;

(f) omit points (11) to (15).

(4) Omit Article 3.

(5) In Article 3a, in paragraph 1—

(a) for “Articles 45(1), 52(3) and 59(2) of Directive (EU) 2015/2366” substitute “regulations 43(1), 48(1) (taken with paragraph 3 of Schedule 4) and 57(2) of the Payment Services Regulations 2017”;

(b) for “Article 59(2) of that Directive” substitute “regulation 57(2) of the Payment Services Regulations 2017”.

(6) In Article 3b, in paragraph 1—

(a) for “point (24) of Article 4 of Directive (EU) 2015/2366” substitute “regulation 2(1) of the Payment Services Regulations 2017”;

(b) for “Articles 45(1) and 52(3) of that Directive” substitute “regulations 43(1) and 48(1) (taken with paragraph 3 of Schedule 4) of the Payment Services Regulations 2017”.

(7) Omit Articles 4 to 17.

Commencement Information

I1 Reg. 72 in force at 31.12.2020 on IP completion day, see reg. 1(3)

(1)

S.I. 2017/752, paragraph (1A) to be inserted by S.I. 2018/1201.