(1) The Treasury may by regulations made by statutory instrument revoke the relevant legislation if it appears to them that PSPs in EEA states are complying with the SEPA Regulation, as it applies in the European Union, by using payment schemes -

(a) whose rules for cross-border credit transfer transactions or cross-border direct debit transactions where the payer’s PSP or the payee’s PSP is in the United Kingdom are different from those for cross-border credit transfer transactions or cross-border direct debit transactions where the payer’s PSP and the payee’s PSP are in EEA states, or

(b) whose participants do not include participants representing UK-regulated PSPs providing credit transfers or direct debits respectively.

(2) In paragraph (1) -

(a) "the relevant legislation" means -

(i) the SEPA Regulation,

(ii) the Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012, and

(iii) these Regulations,