The Scheme Management Internal Rules (SMIRs) contain descriptions of the internal organisation, structure, rules, and processes that make up the scheme management of the Credit Transfer () and Direct Debit (SDD) schemes. Such processes cover administration and compliance, and change management, including structured dialogue with stakeholders.
The version 4.1 of the SMIRs (EPC207-14 v4.1) takes effect on 19 November 2017 and remains in effect until further notice. This version of the SMIRs stipulates that each scheme participant is obliged to comply with 'generic supervisory requirements' applicable to them, on top of the existing obligation to comply with applicable rules and regulations. The term 'generic' relates to supervisory requirements that are applicable to all in . However, it does not cover tailored supervisory requirements that supervisory authorities may impose in addition to a particular . Such specifically defined supervisory requirements are not publicly disclosed.