European Parliament Adopts SEPA Regulation. This Regulation Effectively Mandates Migration to SEPA by 1 February 2014 in the Euro Area. 14-02-2012
On 14 February 2012, the European Parliament adopted the 'Regulation establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/2009' (the SEPA Regulation), which defines 1 February 2014 as the deadline in the euro area for compliance with the core provisions of this Regulation. Effectively, this means that as of this date, existing national euro credit transfer and direct debit schemes will be replaced by SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD).
For details, see links below.
- Regulation establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/2009’ adopted by the European Parliament on 14 February 2014
- European Parliament Press Release of 14 February 2012: ‘Simple and Efficient Cross-Border Payments’
- European Commission Press Release of 20 December 2011: ‘Commissioner Michel Barnier Welcomes Agreement by Council and Parliament Establishing SEPA Migration End-Dates’
- European Parliament Press Release of 20 December 2011: ‘Cheaper, Faster and Safer Cross-border Payment Services’
- EPC Newsletter (January 2012): SEPA Regulation: European Legislator Mandates Migration to SEPA by 1 February 2014 in the Euro Area and Transfers the Responsibility for SEPA Scheme Management to the European Commission