The SEPA credit transfer was launched without direct involvement of regulators in January 2008, but for the launch of the SEPA direct debits joint statement had been required by the European Commission and the European Central Bank specifically flagging the long term use of multilateral interchange fees.
Given the slow migration to SEPA credit transfers and direct debit, and failed self-regulation on end dates, the legislator has been invited again, this time, to adopt a legally binding regulation on end date(s) for credit transfers and direct debits. The Commission elaborated a proposal for the regulation by the end of 2010.