UK Payment Systems Regulator Publishes Policy Statement on Changes to Card-Acquiring Market Remedies

The Payment Systems Regulator has published a policy statement on card-acquiring market remedies. The statement confirms the PSR's decision to update the list of directed firms and to introduce a new streamlined method for the transfer of legal entities. The PSR consulted on these changes in January, when it proposed a mechanism to automatically move the obligations of Specific Directions 14, 15 and 16 where the relevant business (i.e. the business of a PSP that caused it to be a directed party) moved to another PSP (whether as part of a reorganization of legal entities within the same group or a transfer to a third-party PSP). The PSR's rationale behind this decision was to provide a mechanism for capturing new entities without having to vary the existing directions. Overall, the PSR received broadly supportive responses to the proposal and is amending the Specific Directions accordingly.

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