EPC Blog: EU Law Mandates Migration to SEPA by February 2014 in Euro A...

EPC Blog: EU Law Mandates Migration to SEPA by February 2014 in Euro Area. Recommendation is to Rely on EU Legislator (Not on Speculations Regarding the Impact of the Euro Debt Crisis on SEPA) when Planning Migration. The Time to Act is Now.

24 October 13

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Some commentators suggest delaying the 1 February 2014 deadline in the euro area for migration to the Single Euro Payments Area ( ), mandated with the Regulation ( ) 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro (the Regulation), due to the euro crisis. This Blog is a friendly reminder that only the European Union ( ) legislator could change this deadline. In this blog, Chair Javier Santamaría analyses whether there are any indications that the legislator intends to change Article 6 of the Regulation, which stipulates the deadlines for compliance with the core provisions of this legislative act, as a result of the euro debt crisis at this stage in the process. The recommends taking action now to ensure compliance with the Regulation in the euro area by 1 February 2014.

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