On 20 March 2014, the text of the Regulation amending the SEPA Migration Regulation was published in the OJ. The Regulation applies, with retroactive effect, from 31 January 2014. The Regulation was adopted by the European Parliament and the Council of the EU at first reading on 4 February and 18 February 2014 respectively.

What this means for you

The SEPA Migration Regulation had set 1 February 2014 as the deadline for euro area migration to SEPA credit transfers (SCT) and SEPA direct debits (SDD). The Regulation allows an additional transition period of 6 months during which non-SEPA payments can still be accepted in the eurozone.