Regulation () No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro (the Regulation) defines 1 February 2014 as the deadline in the euro area for compliance with the core provisions of this Regulation. In non euro countries, the deadline will be 31 October 2016. Effectively, this means that as of these dates, existing national euro credit transfer and direct debit schemes will be replaced by Credit Transfer and Direct Debit. Subject to certain limited exemptions mentioned in the Regulation, European Union () Member States have the option to extend the deadline for compliance with some of the Regulation's provisions until February 2016. Article 16 (7) of the Regulation states that Member States must notify the European Commission of the derogations that they intend to use by 1 February 2013.
In September 2012, the European Central Bank (ECB) published fact sheets providing country-specific information related to the Regulation. The ECB Website states: "In order to ensure a coordinated, coherent and integrated migration to credit transfers and direct debits, Regulation No 260/2012 sets common deadlines for the implementation of all requirements. However, as the level of development of credit transfers and direct debits differs from one EU Member State to another, and as there are certain legacy payment services with very specific functionalities in some countries, the regulation allows Member States to apply a few specific transitional arrangements for a limited period of time beyond the common end dates. In countries with currencies other than the euro, other deadlines and options for transitional arrangements can apply. Country-specific information relating to the transitional arrangements chosen by individual Member States is presented in two tables; one with information on euro area Member States and one with information on non-euro area Member States. This overview of 'national facts' will be updated and completed when new information becomes available."
The ECB fact sheets can be downloaded from the ECB Website (see 'related links' below).
For more information on the Regulation, refer to this page on the EPC Website: SEPA Legal and Regulatory Framework.
If you would like to comment on this article, please identify yourself with your first and last name. Your name will appear next to your comment. Email addresses will not be published. Please note that by accessing or contributing to the discussion you agree to abide by the EPC website conditions of use.