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 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 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 Credit Transfer () and Direct Debit ().
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