Regulation (EC) No 924/2009 of the European Parliament and of the Council and Regulation (EU) No 260/2012 of the European Parliament and of the Council (the SEPA Migration Regulation) constitute an important building block in the completion of a single euro payments area (SEPA), where no distinction between cross-border and national payments in euro is to be made.
The SEPA Migration Regulation provides for SEPA migration to take place by 1 February 2014. However, despite considerable efforts, payment service providers have had difficulty in meeting this deadline. To avoid any unnecessary disruption of payments resulting from the fact that SEPA migration has not been fully completed, the SEPA Migration Regulation is being amended so as to provide for an additional transition period of six months during which non-SEPA payments can still be accepted in the Eurozone. This will allow non-SEPA compliant payments to continue until 1 August 2014.
The Council of the EU has published the adopted text of the proposed Regulation that amends the SEPA Migration Regulation. The proposed Regulation has retroactive effect and applies from 31 January 2014.