On 30 March 2012, the European Union (EU) ‘Regulation (EU) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/2009' was published in the Official Journal of the EU (see first link below). This legislative act is commonly referenced as the Single Euro Payments Area () Regulation.
On 28 February 2012, the Council of the (the Council) representing Member States adopted the Regulation. The European Parliament adopted this Regulation on 14 February 2012. Under the ordinary legislative procedure (formerly known as co-decision), legislation is adopted by the Council (made up of representatives of the 28 Member States) and the European Parliament (made up of directly elected members). For more information on the adoption and application of law, refer to the links below.
Article 6 (1) and (2) of the Regulation mandates that credit transfers and direct debits shall be carried out in accordance with the relevant requirements set out in Article 5 and in the Annex to the Regulation by 1 February 2014, subject to certain limited exemptions mentioned in the 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 ().
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