UK payment firms will still be expected to follow “level three” European texts after Brexit, the Financial Conduct Authority (FCA) has said, even though they will not be copied into British law.
Level three texts are produced by the three European supervisory authorities (ESAs), one of which is the European Banking Authority (EBA). However, they are not in themselves legally binding.
Examples relevant to the payments sector include EBA guidelines, opinions and responses given through the regulator’s Q&A tool — all of which have been issued in relation to the revised Payment Services Directive (PSD2).
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