On 20 December 2011, negotiators on behalf of the European Parliament and the Council representing European Union Member States agreed that the forthcoming 'Regulation Establishing Technical Requirements for Credit Transfers and Direct Debits in Euro' (the Regulation) will define 1 February 2014 as the deadline in the euro area for compliance with this Regulation. Details are set out in the related press releases published by the European Commission and the European Parliament (see links below).
It is expected that the Regulation will be formally adopted by the Plenary of the European Parliament and endorsed by the Council in February 2012.
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