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The Committee of Permanent Representatives (COREPER) approved a proposal for a new Regulation on cross-border payments. The compromise text should officially be approved in the EP plenary session in the second half of April, and at the EU Council May meeting, respectively.
The new Regulation extends the principle of equal charges to direct debit forms of payment. It also sets out clear rules for charging multilateral interchange fees (MIF) and establishes the mandatory availability of payment accounts for direct debit payments across the European Union. For Member States which have not yet adopted the euro, the rules on mandatory availability will apply a year after their entry into the euro area, but no later than 2014.
Another important innovation is the establishment of procedures for out-of-court settlement of consumer disputes in the area covered by the Regulation.
The new Regulation will strengthen the protection of consumer rights and encourage the development of a modern and efficient system of payments in the EU. It will be directly applicable in all Member States as of 1 November 2009