On 30 May 2018, the European Payments Council (EPC) published a position paper on Brexit and UK payment services providers’ (PSPs) participation on the Single Euro Payments Area (SEPA) schemes. The position paper briefly discusses the following three scenarios:
- the UK leaving the EU but remaining in the EEA;
- the UK leaving the EU and the EEA but a free trade agreement is put in place between the UK and the EU resulting in ‘functional equivalence’ of the EU legal framework; and
- the UK leaving the EU and not remaining in the EEA and not agreeing on alignment of its legal framework with the EU.