EU Legislation, Initiatives, etc.
HM Treasury: The Government has laid before Parliament regulations to implement the EU Payment Services Directive (PSD) into UK legislation. These regulations are due to enter into force on 2 March 2009, and the PSD regulatory regime will be in place on 1 November 2009. The Government committed to early implementation in order to help firms consider the incoming requirements and prepare for compliance.
The PSD was agreed unanimously among all EU Member States in 2007. It should deliver greater competition, economic efficiency gains, and further innovation in the payment services market, while ensuring adequate consumer protection across Europe. In the UK, the Financial Services Authority (FSA) will be the regulator for most aspects of the PSD regulatory requirements.
Press release ~ Payment Services Regulations 2009 ~ FSA - Payment Services Regulations 2009: The new regime ~ EU Payment Services Directive (PSD)
ScotGov: John Swinney has welcomed European approval for Scottish public sector bodies to have greater flexibility in providing support for business during the current downturn. Following a temporary relaxation in State aid rules, the EC has approved a scheme enabling public sector bodies to offer limited amounts of aid, up to a maximum of €500,000 for an individual business.
Ministers were delighted with the Commission's quick response and will work with public sector bodies across Scotland to coordinate the provision of grants under the new rules. Mr Swinney has written to COSLA to start that process.
