Regulation (EU) 2021/1230 on cross-border payments in the Union (codification)

Summary:

Regulation (EU) 2021/1230 - formally adopted by the co-legislators on 14 July 2021 - concerning the codification of Regulation (EC) No 924/2009 on cross-border payments in the European Union (EU). This is a text with EEA relevance.Fn

Further information:

Regulation (EC) No 924/2009 was adopted in the context of the Single Euro Payments Area (SEPA). It requires banks to apply the same charges for domestic and cross-border electronic payment transactions in euro. Over the years, the provisions were amended several times and remained scattered between the original instrument and later amending ones.

The draft law for this Regulation was published by the European Commission on 17 July 2020 to undertake its codification. It was drawn up on the basis of a preliminary consolidation, in 24 official languages, of that Regulation and the instruments amending it. It aimed to supersede the various acts incorporated in it. It fully preserved the content of the acts being codified and hence did no more than bring them together.

The Regulation lays down rules on cross-border payments within the Community, ensuring that charges for payments within the EU are the same as those for payments in the same currency within a Member State. It applies to cross-border payments which are denominated in euro or in the national currencies of the Member States which have notified their decision to extend the application of this Regulation to their national currency.

The Act was signed by the Council of the European Union and the European Parliament on 14 July 2021. It was published in the Official Journal on 30 July 2021.

• Primary Source

Official

EUR-LEX: COM(2020)323: Proposal for a Regulation on cross-border payments in the Union (codification) https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=COM:2020:323:FIN

European Parliament: Legislative Observatory: Procedure File for Proposal on Cross-border payments in the Union. Codification (2020/0145(COD)) https://oeil.secure.europarl.europa.eu/oeil/popups/ficheprocedure.do?lang=en&reference=2020/0145(COD)

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