The January 2012 edition of the European Payments Council's Newsletter focuses on the impact of upcoming regulatory interventions, at European level, on the Single Euro Payments Area (SEPA).
In February 2012, the European Parliament formally adopts the ‘Regulation Establishing Technical Requirements for Credit Transfers and Direct Debits in Euros’ (the SEPA Regulation). This Regulation effectively mandates migration to harmonised SEPA payment schemes by 1 February 2014 in the euro area. Gerard Hartsink, Chairman of the European Payments Council (EPC), comments on the main provisions to be introduced with the SEPA Regulation.
The SEPA Regulation gives power to the European Commission to amend the technical requirements applicable to SEPA payment schemes through so-called ‘delegated acts’. By 1 November 2012, the European Commission will present a report on the implementation and impact of the Payment Services Directive (PSD). The EPC Newsletter provides an overview of possible amendments to the PSD as a result of the review process.
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