Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

SEPA definition

What does SEPA mean? In legal practice, SEPA means the Scottish environment Protection agency, Scotland’s environmental regulator with which practitioners deal on permitting, compliance, enforcement and regulatory advice for Scottish operations and transactions. Established by statute (the Environment Act 1995), SEPA is a non-departmental public body accountable through Scottish Ministers to the Scottish Parliament. Key functions include: - Granting and regulating environmental authorisations (for example, pollution prevention and control permits, waste management licences, water environment/abstraction and discharge authorisations, and radioactive substances permits). - Monitoring, investigation and enforcement, including civil penalties, enforcement notices, and criminal prosecution for environmental offences. - Strategic flood risk management and provision...

SEPA and cross-border euro payments: EU law (PSD2, CBPR/CBPR2, Regulation 260/2012) and UK post-Brexit regime, FCA enforcement and EPC scheme participation

Published by a LexisNexis Financial Services expert

Practice notes

Background and introduction to sepa

After the euro was introduced in 11 EU countries in 1999, it became evident that domestic and cross-border retail payment services did not deliver comparable service levels. In September 1999, the european central bank (ecb) issued a report on enhancing cross-border retail payment services (the ECB 1999 Report). The report recognised that cross-border credit transfers within the euro area lagged significantly behind domestic credit transfers, even though a single currency environment called for a Single European Payment Area (SEPA). To initiate the debate and send a clear signal to the banking and payment systems industry, the Eurosystem (consisting of the ECB and the national central banks of countries that had adopted the euro) set out seven objectives for the industry to meet:

Improved systems/services to be in place by 1 January 2002
Place priority on cross-border credit transfers
Substantially lower the price of cross-border credit transfers
Ensure settlement times are comparable for domestic and cross-border payments
As a default for cross-border credit transfers, fees to be borne by the originator of the payment...

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Web page updated on 21/05/2026

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