The European Account Preservation Order: A Further Erosion of Bank Secrecy?
On 18 January 2017, Regulation (EU) No 655/2014 (the "Regulation") will become fully applicable. It will henceforth be possible to obtain in any EU Member State, with the exception of Denmark and the United Kingdom, a preservation order for bank accounts of a debtor situated in another Member State.
The Regulation introduces at the European level a certain degree of transparency in terms of the debtor's assets.
The new procedure implies enhanced cooperation between banks and is accompanied by certain mechanisms designed to protect debtors. However, its scope of application remains somewhat limited.
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