Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Brexit definition

What does Brexit mean? Brexit is the practical shorthand in legal drafting and advice for the United Kingdom’s withdrawal from the European Union and the legal, regulatory and trading changes flowing from it. It covers the UK’s cessation of EU membership on exit day (31 January 2020) and the cessation of the EEA Agreement’s application, the end of the implementation/transition period on IP completion day (31 December 2020), and the commencement, expiry or variation of post‑withdrawal trading and regulatory arrangements, including the UK‑EU Trade and Cooperation Agreement, the Windsor Framework (amending the Northern Ireland Protocol), and UK agreements with third countries...

SEPA after Brexit: UK onshoring, EPC participation and CBPR2—legal framework for euro credit transfers and direct debits

Published by a LexisNexis Financial Services expert

Practice notes

Single European Payments Area (SEPA) quick guide

This SEPA quick guide sets out current UK legislation and retained EU law relating to requirements amended by the Credit Transfers and Direct Debits in Euro (amendment) (EU exit) Regulations 2018, SI 2018/1199 (Transfers and Debits Exit Regulations 2018), at the end of the implementation period after the UK’s withdrawal from the EU.

The legal underpinning for SEPA is the Payment Services Directive (Directive 2007/64/EC) (PSD), which has been replaced by the recast Payment Services Directive (Directive (EU) 2015/2366) (PSD2). PSD and its successor, PSD2, establish a harmonised legal framework for payments across the European Union, which is vital for SEPA’s smooth functioning.

EU Regulation (EC) 924/2009 on charges for cross-border payments in euro (OJ L 266 9.10.2009 p 11) (the Cross Border Payments Regulation, or EU CBPR). The EU CBPR, which superseded Regulation (EC) 2560/2001 (OJ L 344 28.12.2001 p 13), removed disparities in charges between cross-border and national payments in euro and applies to payments in euro in all EU Member States.

The core premise is that fees for euro payment transactions offered by...

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Web page updated on 21/05/2026

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