The European Payments Council (EPC) has published a clarification paper on the impact of a change of creditor or creditor reference party on a direct debit entered into under one of the SEPA Direct Debit (SDD) Rulebooks.

The purpose of this document is to clarify whether a new SDD Rulebook mandate is required in case of a change of creditor or of creditor reference party. The paper highlights that in the event of a change of creditor, the applicable law that rules the contractual or other relationship between the creditor and the debtor will determine the implications of such change for the existing SDD mandate. The document further clarifies that any change of creditor reference party does not impact the validity of the mandate and does not require the amendment of a mandate or a new mandate.

View EPC clarification on change of creditor or creditor reference party, 8 April 2016