Legal provisions of COM(2013)937 - Amendment of Regulation (EU) N° 260/2012 as regards the migration to Union-wide credit transfers and direct debits - Main contents
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This page contains a limited version of this dossier in the EU Monitor.
| dossier | COM(2013)937 - Amendment of Regulation (EU) N° 260/2012 as regards the migration to Union-wide credit transfers and direct debits. |
|---|---|
| document | COM(2013)937  |
| date | February 26, 2014 |
Article 1
‘1. By way of derogation from Article 6(1) and (2), PSPs may continue, until 1 August 2014, to process payment transactions in euro in formats that are different from those required for credit transfers and direct debits pursuant to this Regulation.
Member States shall apply the rules on the penalties applicable to infringements of Article 6(1) and (2), laid down in accordance with Article 11, from 2 August 2014.
By way of derogation from Article 6(1) and (2), Member States may allow PSPs to provide PSUs, until 1 February 2016, with conversion services for national payment transactions enabling PSUs that are consumers to continue using BBAN instead of the payment account identifier specified in point (1)(a) of the Annex on condition that interoperability is ensured by converting the payer’s and the payee’s BBAN technically and securely into the respective payment account identifier specified in point (1)(a) of the Annex. That payment account identifier shall be delivered to the initiating PSU, where appropriate before the payment is executed. In such a case PSPs shall not levy any charges or other fees on the PSU directly or indirectly linked to those conversion services.’.
Article 2
It shall apply, with retroactive effect, from 31 January 2014.
This Regulation shall be binding in its entirety and directly applicable in all Member States.