The Member States in the EU have always said they will (eventually) impose penalties for non-compliance. Article 11 of Regulation (EU) No. 260’2012 states: “Member States shall, by 1 February 2013, lay down rules on the penalties applicable to infringements of this Regulation and shall take all measures necessary to ensure that they are implemented. Such penalties shall be effective, proportionate and dissuasive. Member States shall notify the Commission of those rules and measures by 1 August 2013 and shall notify it without delay of any subsequent amendment affecting them.”

27 March 2014 position

Accuity’s infographic shows that:

• details of the national penalties to be imposed have now been published for Austria, Bulgaria, Croatia, Cyprus, Finland, France, Germany, Greece, Hungary, Ireland, Latvia, Lithuania, Netherlands, Slovenia, UK
• national penalty provisions have not yet been sent to the European commission in Belgium, Czech Republic, Denmark, Estonia, Iceland, Italy, Liechenstein, Luxembourg, Malta, Monaco, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Spain, Sweden, Switzerland.

Penalties range from ‘cease and desist’ orders in Netherlands to a fine of up to €500k in Croatia.

For a copy of Accuity’s infographic on ‘Penalties for infringement of SEPA regulations, see here.