This would be against the above stated objective of the smooth functioning of credit transfers in the Internal Market. This would also ignore the considerable "acquis communautaire" of payment legislation or the objectives of the New Legal Framework for Payments. The Commission is therefore of the opinion that the EU should be regarded as one jurisdiction in respect of the transposition of SRVII. Consequently, considering the EU as a single jurisdict
ion, the Commission proposes to apply the notion of "domestic transfers" in the sense of SRVII to intra-EU transfers and the notion of "international transfers" to transfers between the EU an
...[+++]d third countries.