The EPC payment scheme participation fee is calculated for each PSP by taking into account the number of payment schemes to which it adheres. The fees paid by PSPs may evolve every year because they depend on the number of SEPA payment schemes, the number of scheme participants and the costs borne by the EPC in relation to the management of the payment schemes.
PSPs can be invoiced either individually or at a group level when they are part of a declared ‘group’ of PSPs as defined in the Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on over-the-counter derivatives, central counterparties and trade repositories1. In the latter situation, the fees are due from the parent undertaking (which has a dominant influence on one or more PSPs) or the central control body of the group (to which scheme participants are affiliated and by which they are supervised). Interested groups are invited to use the standard template to declare their composition to the EPC by providing a list of all member scheme participants.
1 For those EPC payment scheme participants located in a country outside the EEA and within the geographical scope of the EPC payment schemes the definition of “group” will need to fulfil substantially equivalent requirements as those referred to in the EMIR Regulation.
The same flat unit fee is applied for each of the four EPC payment schemes.
Individual scheme participant – not part of a declared group:
|SCT Inst scheme||SDD Core scheme||SDD B2B scheme||All four schemes|
|EUR 222||EUR 222||EUR 222||EUR 222||EUR 888|
Local Value Added Tax (VAT) may in some cases be due on the above amounts.
Individual scheme participants who have not reported a local VAT number to the EPC will be charged with the applicable Belgian VAT rate.
Scheme participants that belong to a grouping, can submit a grouping declaration. For the grouping’s fee calculation, the EPC assumes that all schemes are adhered to; therefore, in some cases, it may lead to the situation where a grouping declaration is a costlier option than if all members of the grouping are invoiced separately. Therefore, the EPC advises groupings to verify the published fee schedule and determine the most suitable billing option in their case.
Each scheme participant (or the parent undertaking in the case of a group of scheme participants) receives its yearly fee invoice from the EPC during the first quarter of the year. The invoice must be paid by an electronic SEPA payment instrument. Direct debit (SDD Core) is preferred as it automates the payment and avoids the suspension of scheme participants from the EPC Register of Participants, in the event that they miss the payment deadline.