SEPA changes that affect certain deposit takers only

The Payment Services (Amendment) Regulations 2017 make changes to the Payment Services Regulations 2015 to mirror changes due to be implemented on 13 January 2018 by the European Union’s Payment Services Directive 2 (“PSD2”) that are relevant to the Isle of Man’s SEPA (Single Euro Payments Area) membership. The changes will enable banks that are currently members of SEPA to retain that membership and help to ensure that the Island’s payment services framework is up-to-date.

The majority of changes are due to commence on 13 January 2018.

The Payment Services Regulations 2015 (as amended 2018) can be found on the Legislation & Guidance webpage for Deposit Takers on the Authority’s website.