In response to growing concerns that many European businesses are likely to miss the 1 February 2014 deadline for implementation of the Single Euro Payments Area (SEPA), the European Commission announced on 9 January 2014 that it is proposing a six-month transitional period (up to 1 August 2014) during which banks and payment institutions will be able to agree to process direct debits and credit transfers even if they are not SEPA-compliant by the formal deadline of 1 February 2014. This proposal requires approval of the Council and Parliament of the European Union. William Fry is available to help your business comply with SEPA and minimise legal risks associated with it. Click here for a William Fry Q&A on SEPA.

Contributed by Shane Kelleher.

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