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EU: EPC updates SEPA payment scheme rulebooks, addresses geographical scope and Brexit
The European Payments Council ('EPC') announced, on 30 October 2020, that it had updated its Single Europe Payments Area ('SEPA') payment scheme rulebooks. In particular, the EPC outlined that version 1.2 of each rulebook includes an updated Section 5.4 which mentions, among other things, the relevant authorisation and regulatory requirements for payment service providers from countries not belonging to the European Economic Area, to which the geographical scope of the payment schemes has been extended. In addition, the EPC highlighted that an update to Section 5.4 was needed due to the inclusion of Andorra and the Vatican City State in the geographical scope of the payment schemes, as well as the ratification of the United Kingdom withdrawal agreement paving the way for Brexit at the end of 2020.
You can read the press release and access the updated rulebooks here.
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