The Council of the EU has published an “I” item note relating to the European Commission’s proposal for a Regulation amending the Single Euro Payments Area (SEPA) Migration Regulation. The proposed Regulation is designed to allow for an extra six months for banks and other payment service providers to align themselves with the SEPA payment system. The Council’s General Secretariat has invited the Permanent Representatives Committee (COREPER) to:
- approve the final compromise text on the proposed Regulation; and
- confirm that the Council’s Presidency can indicate to the European Parliament that, if the Parliament adopts its position at first reading as set out in the Annex, the Council will approve the Parliament’s position and the legislation will be adopted in wording that corresponds to the Parliament’s position.
View Proposal for a Regulation of the European Parliament and of the Council amending Regulation (EU) N° 260/2012 as regards the migration to Union-wide credit transfers and direct debits – Approval of the final compromise text, 16 January 2014