(This note is not part of the Regulations)

These Regulations are made in exercise of the powers in section 8 of the European Union (Withdrawal) Act 2018 (c. 16) in order to address failures of retained EU law to operate effectively and other deficiencies arising from the withdrawal of the United Kingdom from the European Union.

These Regulations amend the Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012 (S.I. 2012/3122) and Regulation (EU) No 260/2012 of the European Parliament and of the Council of 14 March 2012 establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/2009 by amending or omitting provisions that will no longer be appropriate after the withdrawal of the United Kingdom from the EU.