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Information for Scheme Participants: EPC Public Consultation on Draft Revised Scheme Management Internal Rules (October 2014 – January 2015) 31.10.14

With migration to harmonised Single Euro Payments Area (SEPA) payment schemes in the euro area complete, the European Payments Council (EPC) resolved in October 2014 to adapt its current structure to further enhance governance and stakeholder involvement. The primary objective of this process is to ensure that the EPC continues to be best equipped to perform its main task, i.e. to manage the SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) Schemes, in an efficient and transparent manner.

The principles governing the administration and evolution of the SCT and SDD Schemes are set out in the Scheme Management Internal Rules (SMIRs), which are included as an Annex to the SCT, SDD Core and SDD Business to Business Rulebooks. The SMIRs are binding on both the EPC and the scheme participants, i.e. payment service providers that have formally adhered to the SCT and SDD Schemes.

On 31 October 2014, the EPC launched a 90-day consultation among scheme participants on the draft revised SMIRs amended in line with the new EPC governance model.

The draft revised SMIRs reflect, amongst others, certain changes to funding and governance aspects of the SCT and SDD Schemes. The proposed revisions to the SMIRs were adopted by the EPC Plenary in October 2014, subject to carrying out a public consultation in accordance with the process foreseen under section 3 of the SMIRs currently in place (EPC027-07). For detailed information, refer to the draft revised SMIRs (EPC207-14) available in clean and black lined versions and the EPC’s letter to all scheme participants (Letter EPC 078-14) (see ‘related files’ below).

Scheme participants are invited to submit comments to the EPC in the context of this public consultation by 30 January 2015 through their national banking communities.  The EPC will review all comments received and will subsequently conclude on a final text of the revised SMIRs. The EPC will also prepare a feedback report on the consultation which will be made publicly available on the EPC Website.

The final revised SMIRs will become effective 30 calendar days after the approval of the final text by the EPC, i.e. before the end of the first quarter of 2015.

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