PART 7Rights and Obligations in Relation to the Provision of Payment Services

Execution time and value date

Application of regulations 86 to 8885

1

Regulations 86 to 88 apply to any payment transaction—

F1a

executed wholly within the qualifying area in euro under a payment scheme which operates across the qualifying area

b

executed wholly within the United Kingdom in sterling; or

c

F2executed wholly under a payment scheme which operates across the qualifying area and involving only one currency conversion between the euro and sterling, provided that—

i

the currency conversion is carried out in the United Kingdom; and

ii

in the case of cross-border payment transactions, the cross-border transfer takes place in euro.

2

In respect of any other payment transaction, the payment service user may agree with the payment service provider that regulations 86 to 88 (except regulation 86(3)) do not apply.

F33

In paragraph (1), “the qualifying area” means the area of the United Kingdom and the EEA States.