Clifford Chance

Migrating deadlines – pushing back the migration of SEPA credit transfers and direct debits

4 March 2013

On 20 March 2014 Regulation (EU) No 248/2014 of the European Parliament and of the Council of 26 February 2014 amending Regulation (EU) No 260/2012 as regards the migration to Union-wide credit transfers and direct debits (the “Amending Regulation”) was published in the Official Journal of the EU (OJ). The Amending Regulation postpones to 1 August 2014 the end-date set under Regulation (EU) No 260/2012 of the European Parliament and of the Council of 14 March 2012 establishing technical and business requirements for credit transfers and direct debits in Euro and amending Regulation (EC) No 924/2009 (the “SEPA Regulation”) in respect of the euro area migration of domestic and European credit transfers and direct debits. The Amending Regulation was the subject of an accelerated legislative timetable in view of the urgency of the matter and applies with retroactive effect from 31 January 2014. It mirrors the European Commission’s (the “Commission”) proposal of 9 January 2014, which was aimed at promoting legal certainty and at preventing discontinuity to the application of the SEPA Regulation, and which was endorsed by the EU Parliament on 4 February 2014. The Amending Regulation entered into force on 21 March 2014.

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