On 11 February 2010, the Cross-Border Payments in Euro Regulations 2010 (the Regulations) came into force.
The Regulations are made pursuant to the UK’s obligations under Articles 9, 10 and 13 of Commission Regulation 924/2009 on cross-border payments in the Community (the Community Regulation).
The Regulations lay down rules on cross-border payments in euro, to ensure that compliance with the Community Regulation is guaranteed by effective, proportionate and deterrent sanctions.
Key provisions include:
- Regulations 3 to 16 which confer functions on the FSA in relation to the supervision and enforcement of the Community Regulation. These include the requirement to maintain arrangements for determining whether payment service providers are complying with the Community Regulation.
- Regulation 17 makes provision for civil proceedings to be brought in cases where an institution breaches Article 3(1) or the second sentence of Article 4(3) of the Community Regulation.
- Regulation 18 makes provision for the application of the Regulations to UK branches of Gibraltar-based firms.
- Regulation 19 and the Schedule apply certain provisions of primary and secondary legislation (with modifications) in respect of the FSA’s functions under the Regulations.
- Regulation 20 revokes the Cross-Border Payments in Euro Regulations 2003.
An impact assessment was not produced for the Regulations as no significant impact on the private or voluntary sectors was foreseen.
View The Cross-Border Payments in Euro Regulations 2010, 20 January 2010