The Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019

The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018

6.—(1) The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018(1) are amended as follows.

(2) In regulation 30 (conditions to be satisfied for regulation 28 to apply: persons who cease to be authorised on exit day)—

(a) in paragraph (1)(a)(ii), after “carrying on such an activity” insert “or, subject to paragraph (3), providing a payment service”; and

(b) after paragraph (2) insert—

“(3) The reference to providing a payment service in paragraph (1)(a)(ii) applies only to a credit institution which was providing the service through an establishment in the United Kingdom immediately before exit day in accordance with the exercise of an EEA passport right under Title 5 of Directive 2013/36/EU as in force immediately before exit day.”.

(3) In regulation 36 (conditions to be satisfied for regulation 34 to apply: persons who cease to be authorised on exit day)—

(a) in paragraph (1)(a)(ii) after “carrying on such an activity” insert “or, subject to paragraph (3), providing a payment service”; and

(b) after paragraph (2) insert—

“(3) The reference to providing a payment service in paragraph (1)(a)(ii) applies only to a credit institution which was providing the service in the United Kingdom immediately before exit day in accordance with the exercise of an EEA passport right under Title 5 of Directive 2013/36/EU as in force immediately before exit day.”.

(4) In regulation 46 (interpretation), after the definition of “home state regulator” insert—

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

(5) In regulation 49 (conditions to be satisfied for regulation 47 to apply: persons who cease to be authorised on exit day)—

(a) in paragraph (a)(ii) after “carrying on such an activity” insert “or, subject to paragraph (3), providing a payment service”;

(b) after paragraph (2) insert—

“(3) The reference to providing a payment service in paragraph (a)(ii) applies only to a credit institution which was providing the service in the United Kingdom immediately before exit day in accordance with the exercise of an EEA passport right under Title 5 of Directive 2013/36/EU as in force immediately before exit day.”.

(6) In regulation 68 (interpretation of Part 7), after the definition of “home state regulator” insert—

““payment service” has the same meaning as in regulation 2 of the Payment Services Regulations 2017;”.

(1)

S.I. 2018/1149 as amended prospectively by S.I. 2019/405.

(2)

S.I. 2017/752 as amended by S.I. 2018/1201.