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European publishers welcome revised Late Payment Regulation
European publishers have welcomed a revised amendment to the EU’s Late Payment Regulation, which would exempt the books industry from a 30-day cap for paying invoices.
An earlier version of the amendment proposed a 30-day mandatory cap for paying invoices in business-to-business commercial transactions across all sectors. In March, the Federation of European Publishers (FEP) said it was “deeply concerned” by the proposal, which it said failed to account for the slow-moving nature of book sales while pressuring booksellers to prioritise new and bestselling titles.
Research – commissioned by the French booksellers association (Syndicat de la Librairie Francaise) – suggested the amendment would put 1,300 indie bookshops in France at risk.
The revised amendment has exempted the books industry from the scope of the Late Payment Regulation, outlining that payment terms within the sector shall be agreed between the concerned parties.
In the book value chain, long payment terms and full contractual freedom are the norm and “do not constitute a symptom of dysfunction or abuse”, the FEP said.
Ricardo Franco Levi, president of the FEP, commented: “The European Parliament [has] made a very important decision, towards ensuring that Europe maintains a rich and diverse literary landscape, where independent booksellers and publishers can thrive. We call on member states to uphold this vital result during the trilogue negotiations.
"In the meantime, I would like to thank all MEPs who supported us, all our colleagues from the national PAs, as well as the European and International Booksellers Federation and the European Writers’ Council, who joined forces with FEP and helped us voice how important this matter is for our sector."
