Wednesday, January 20, 2021
The Cross-Border Payments Regulation (EC) No 924/2009 (CBPR) is the EU legislation that sets out the principle of equality of charges for intra-EU cross-border euro payments and corresponding national payments within an EU member state. CBPR has been amended by Regulation (EU) 2019/518 (Amending Regulation), which extends the equality of charges principle to any non-euro currency of an EU member state and inserts new transparency requirements on currency conversion charges. CBPR applied directly in the UK until 31 December 2020.
CBPR (as amended by the Amending Regulation) has, since 1 January 2021, been “onshored” into UK law following the end of the Brexit transition period, with amendments, and we refer to the UK’s implementation of CBPR in this alert as UK CBPR.