SEPA changes that affect certain deposit takers only

The Payment Services (Amendment) Regulations 2018 were approved by Tynwald on 16 May 2018 and came into effect on 1 June 2018. The Amendment Regulations made changes to the Payment Services Regulations 2015 to extend the definition of “relevant State” to include the Bailiwicks of Guernsey and Jersey, made an associated amendment to the definition of “branch”, corrected an error in the definition of “the Regulated Activities Order” and replaced references to the Financial Supervision Commission with the Isle of Man Financial Services Authority.

The updated Payment Services Regulations 2015 (as amended 2018) can be found on the Legislation & Guidance Deposit Taking webpage on the Authority’s website.