Paragraph 35 I1

United Kingdom

(1)

Regulation 40 (application of Part 6) is amended as follows.

(2)

In paragraph (1)(b)—

(a)

in paragraph (i)—

(i)

for “the EEA” substitute “ the United Kingdom ”;

(ii)

for “the currency of an EEA State” substitute “ sterling ”;

(b)

after paragraph (i) insert—

“(ia)
the payment service providers of both the payer and the payee are located within the qualifying area and the service relates to a transaction in euro executed under a payment scheme which operates across the qualifying area;”,

(c)

in paragraph (ii)—

(i)

for “the EEA” substitute “ the United Kingdom ”;

(ii)

for “the currency of an EEA State” substitute “ sterling or euro ”;

(d)

in paragraph (iii), for “EEA” substitute “ United Kingdom and the case does not fall within paragraph (ia) ”.

(3)

After paragraph (1) insert—

“(1A)
In paragraph (1)(b)(ia)—
(a)
“payment service provider” includes any person who is a PSP as defined in Article 2(8B) of the SEPA regulation;
(b)
“the qualifying area” means the area of the United Kingdom and the EEA States.”

(4)

In paragraphs (2)(a) and (3)(a), for “EEA” substitute “ United Kingdom ”.

(5)

In paragraph (4), omit “or EEA registered account information service providers”.

Annotations

Commencement

I1: Sch. 2 para. 35 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)