Payments regulatory news, 30 November 2020

Contents

• Download the full regulatory news bulletin
• Global Payments Newsletter: November 2020
• EPC 2021 SEPA scheme rulebooks and guidelines

Global Payments Newsletter: November 2020

Our latest Global Payments Newsletter is now published. Key developments of interest over the last month reported in this edition include:

• Europe: The CJEU has found that: (i) PSD2 does not restrict the type of terms that can be changed by tacit consent, but where the payment service user is a consumer the UCTD applies; and (ii) contactless functionality is a separate payment instrument;
• France: Ministry of the Economy and Finance has published a revised charter on banking inclusion and over-indebtedness prevention; and
• Hong Kong: Securities and Futures Commission has announced a new crypto regulatory regime for virtual asset exchanges.

EPC 2021 SEPA scheme rulebooks and guidelines

The European Payments Council (EPC) has published the following updated and enhanced rulebooks (version 1.0), which came into effect on 21 November 2021:

• SEPA Credit Transfer (SCT): Scheme Rulebook;
• SEPA Instant Credit Transfer (SCT Inst): Scheme Rulebook;
• SEPA Direct Debit (SDD) Core Scheme Rulebook; and
• SDD Business-To-Business (B2B) Scheme Rulebook.

In each case, Annex IV of the rulebook lists all changes compared to version 1.2 of the 2019 rulebooks. A related press release also highlights the changes made to each of the rulebooks.

The EPC has also published an updated version of the document Maximum amount for instructions under the SCT Inst Scheme Rulebook which sets the maximum amount per instruction that can be processed under the SCT Inst scheme outside the regular payment scheme rulebook release management cycle, as defined in the SEPA Payment Scheme Management Rules of the SCT Inst rulebook.

In addition, the EPC has published guidelines that set out the rules for implementing the 2021 rulebooks and related documentation:

• SCT Scheme Inter-PSP Implementation Guidelines 2021;
• SCT Inst Scheme Customer-to-PSP Implementation Guidelines 2021;
• SCT Inst Scheme Inter-PSP Implementation Guidelines 2021;
• SDD Core Scheme Customer-to-PSP Implementation Guidelines 2021;
• SDD Core Scheme Inter-PSP Implementation Guidelines 2021;
• SDD Core Scheme E-Mandate Service Implementation Guidelines 2021;
• SDD B2B Scheme Customer-to-PSP Implementation Guidelines 2021;
• SDD B2B Scheme Inter-PSP Implementation Guidelines 2021; and
• SDD B2B Scheme E-Mandate Service Implementation Guidelines 2021.

Finally, the EPC has published updated versions of the following clarification papers that provide guidance and, where possible, recommendations to scheme participants on how to handle situations that are not described in the rulebooks:

• Clarification paper on SDD Core and SDD Business-to-Business rulebooks (version 1.3); and
• Clarification paper on SCT and SCT Inst scheme rulebooks (version 1.6.).

Download the full regulatory news bulletin 

Authored by Yvonne Clapham