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According to Barclay, there is currently a piecemeal approach to legislation comprising one Regulation, several Directives, one Recommendation and a number of communications on Retail payments which address different aspects with some overlap.
In addition, there exists different interpretations and applications of each. A single proposal could achieve a high degree of consolidation, legal certainty and simplification of legislation. It is however likely to be most effective when legislators and industry work together. This could be achieved through the setting of clear timeframes and objectives by the legislators within which self regulation should operate, acknowledging that legislation will follow if the objectives are not met.
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