http://www.legislation.gov.uk/id/uksi/2012/3122/schedule

http://www.legislation.gov.uk/uksi/2012/3122/schedule/paragraph/5

The Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012

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Statute Law Database

FINANCIAL SERVICES AND MARKETS

2024-05-16

Expert Participation

2023-07-11

These Regulations are made pursuant to the United Kingdom's obligations under Regulation (EC) No. 924/2009 of the European Parliament and of the Council (OJ No L266, 9.10.2009, p11) (“the 2009 European Regulation”) and Regulation (EU) No 260/2012 of the European Parliament and Council (OJ No L94, 30.3.2012, p22) (“the 2012 European Regulation”). The 2009 European Regulation lays down rules on cross-border payments in euro; the 2012 European Regulation sets business and technical standards for payments in euro wherever they take place.Regulations 3 to 17 confer functions on the Financial Services Authority (“FSA”) in relation to the supervision and enforcement of the 2009 and 2012 European Regulations. These include the requirement to maintain arrangements for determining whether compliance is being breached, powers to gather information, impose penalties or disciplinary measures, apply to court for an injunction and require restitution. The FSA is also required to maintain arrangements for dealing with complaints and has power to issue guidance and exchange information with other competent authorities in the European Union in order to resolve disputes. Provision is made for the FSA's supervisory costs and its exemption from liability in damages.Regulation 18 makes provision for civil proceedings to be brought in cases where a person has suffered a loss due to an institution breaching certain articles of the European Regulations.Regulation 19 provides for a derogation under Article 16(3) and (4) of the 2012 European Regulation to apply so that the requirements of Articles 8(2) and (3) of that Regulation do not apply until 1stFebruary 2016. (The derogations under Article 16(2) and (8), applying to Member States which do not have the euro as their currency, mean that the requirements of Articles 3, 4 and 5 of the 2012 European Regulation do not apply until 31st October 2016.)Regulation 20 makes provision for the application of these Regulations to UK branches of Gibraltar-based firms.Regulation 21 and the Schedule apply certain provisions of the Financial Services and Markets Act 2000 (c.8) and secondary legislation (with modifications) in respect of the FSA's functions.Regulation 22 revokes, with savings, the Cross-Border Payments in Euro Regulations 2010 (S.I. 2010/89).

The Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012

Regulations

Financial Services and Markets Act 2023

Sch. 1

Pt. 2

s. 1(4)

s. 86(3)

SCHEDULEApplication and modification of legislation

PART 1Application and modification of the 2000 Act

Warning notices and decision notices5

Part 26 of the 2000 Act (notices) applies with the following modifications—

a

omit section 388(2) (decision notices);

b

in section 390 (final notices)—

i

omit subsections (6) and (10); and

ii

in subsection (8) omit “or (6)(c)”;

c

in section 391 (publication), omit subsections (5), F1(5A), (6A), (7A), (7B), (8) and (10);

d

for section 392 (application of sections 393 and 394) substitute—

392
Application of sections 393 and 394
Sections 393 and 394 apply to—
a
a warning notice given in accordance with regulation 7(1) or 10(1) of the Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012;
b
a decision notice given in accordance with regulation 7(3) or 10(3) of the Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012.

e

in section 395 (the F2FCA’s and PRA’s procedures)—

i

omit subsections (1)(a), (3) and (4);

ii

in subsection (9) omit “a supervisory notice, or”; and

iii

for subsection (13) substitute—

13
Until such time as a statement has been issued in accordance with subsection (5), the procedures applicable to the giving of warning notices under section 395 as applied by paragraph 5 of the Schedule to the Cross-Border Payments in Euro Regulations 2010, shall apply to the giving of warning notices under regulations 7(1) and 10(1), and decision notices under regulations 7(3) and 10(3), of the Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012.