What is the scope of the directive??
The directive applies to cross-border mergers of limited liability companies, formed in accordance with the law of a member state and having their registered office, central administration or principal place of business within the Community. Furthermore, the companies have to be subject to the law of two different member states (cross-border element).
The Directive focuses on electronic payments, which are more cost-efficient than cash and which also stimulate consumer spending and economic growth. The new rules will apply to payments made in any EU currency, where both the payer’s payment service provider and the recipient’s payment service provider is located in the EU. Finally, there are a number of activities (including cash and cheques) not falling under the Directive.
