The European Central Bank has issued an opinion on a proposal for a regulation on the postponement of the SEPA migration date. On 14 January the ECB received a request from the Council of the EU for an opinion on a proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No. 260/2012 as regards the migration to union-wide credit transfers and direct debits (the Proposed Regulation). The Proposed Regulation has given rise to confusion in the markets on the deadline for migration and thus there is a need for clear guidance. A further concern is the lack of legal certainty in the event that the Proposed Regulation is only adopted after the current deadline i.e. 1 February 2014. Therefore, in the interests of legal certainty the Proposed Regulation is required. The ECB proposes changes that aim at clarifying the scope of the Regulation, aligning the terminology of the Proposed Regulation with that of Regulation (EU) No. 260/2012 and ensuring that the effect of a transitional period on the imposition of penalties is very clear.