Council Representing EU Member States Adopts SEPA Regulation. This Regulation Effectively Mandates Migration to SEPA by 1 February 2014 in the Euro Area. 29-02-2012
On 28 February 2012, the Council of the European Union (EU) (the Council) representing EU Member States 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). The European Parliament adopted this Regulation on 14 February 2012. Under the ordinary legislative procedure (formerly known as co-decision), EU legislation is adopted by the Council (made up of representatives of the 27 EU Member States) and the European Parliament (made up of 754 directly elected members).
The SEPA Regulation 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, please see links below.
- Council of the European Union Press Release of 28 February 2012: ‘SEPA: Council Adopts Regulation on Credit Transfers and Direct Debits’
- 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 Website: SEPA Legal and Regulatory Framework