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 Single Euro Payment Area (SEPA) Direct Debit (SDD) Rulebooks. 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. It further clarifies that any change of the creditor reference party does not impact the validity of the mandate and does not require the amendment of a mandate or a new mandate. (Source: EPC clarifies change of creditor or creditor reference party)