On 19 November 2018, the Credit Transfers and Direct Debits in Euro (Amendment) (EU Exit) Regulations 2018 were made, and have been published on legislation.gov.uk. The draft Regulations were first published on 5 September 2018 (our blog on which can be found here), and were subsequently amended and laid before Parliament on 8 October 2018. Only minor amendments have been made to the earlier drafts which do not alter the substantive content of the Regulations.

The Regulations, published in conjunction with the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018,  amend the Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012 and Regulation (EU) No 260/2012 of 14 March 2012 on business requirements for Euro credit transfers – maximising the prospect of the UK maintaining access to the Single Euro Payments Area (SEPA) by retaining the SEPA Regulation with amendments