Electronic Money, Payment Services and Payment Systems Regulations 2018 Published
On November 20, the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (Regulations) were published with an associated explanatory memorandum.
The Regulations make amendments to the Payment Services Regulations 2017 (PSRs) and the Electronic Money Regulations 2011 (EMRs), to ensure that the UK payments and electronic money (e-money) regime continues to operate effectively in the United Kingdom after its withdrawal from the European Union (Brexit) on March 29, 2019 (Exit Day).
The Regulations create a temporary permissions regime for payments and e-money institutions. They also include amendments relating to the safeguarding of client assets, therefore reducing the scope of PSRs and EMRs to reflect Brexit, enabling continued access to the Single Euro Payments Area and transferring functions conducted by the European Supervisory Authorities to the UK Financial Conduct Authority.
The Regulations went into effect on November 21, with the exception of Exit Day-related amendments to primary and subordinate legislation.
The Regulations are available here.
The explanatory memorandum is available here.