On 5 March 2015 the Commission posted a working document on freedom of movement relating to payments. In the light of the importance of achieving a Single Market for capital, the document describes the trends in EU capital movements in 2013 (and 2014, where data is available). It gives an overview of the legal framework for the freedom of capital movements and payments. The document also reports on recent developments in relation to monitoring and enforcing the relevant rules.
What this means for you
Section 5 of the working document sets out the new rules on payment services for a better integrated EU retail payment market and notes the significant progress that has been achieved through harmonisation at EU level. It provides readers with a useful update on the progress in the Single Euro Payments Area (SEPA), PSD2 and the MIF Regulation.