(1) Regulation (EC) No 924/2009 of the European Parliament and of the Council of 16 September 2009 on cross-border payments in the Community and repealing Regulation (EC) No 2560/2001 is amended as follows.

(2) In Article 1 -

(a) in paragraph 1, for “Union” substitute “United Kingdom”;

(b) in paragraph 2 -

(i) omit the first sub-paragraph;

(ii) for the second sub-paragraph substitute -

“This Regulation shall apply to national and cross-border payments that are denominated in euro, sterling or in a national currency of a Member State of the European Union other than the euro and that involve a currency conversion service.”;

(c) after paragraph 2 insert -

“2A. In respect of cross-border payments, this Regulation applies only to those parts of a payment transaction which are carried out in the United Kingdom.”;

(d) omit paragraph 4.

(3) In Article 2 -