On 31 October 2014, the EPC informed scheme participants that it has launched a consultation on its draft revised Scheme Management Internal Rules (SMIRs), which it has amended to reflect its new governance model and certain changes to funding and governance aspects of the SEPA Credit Transfer and SEPA Direct Debit Schemes.

In a letter to scheme participants, the EPC clarified that although the contractual relationships with all scheme participants will remain unchanged, a number of new key principles are proposed modifying the way the EPC is organised, functions, is funded and interacts with its members as well as the scheme participants. The revisions should also allow for increased involvement and enhanced participation of all scheme participants in the management and evolution of the schemes.

What this means for you

Scheme participants are invited to submit comments by 30 January 2015 through their national banking communities. The EPC will review all comments and produce a final text of the revised SMIRs. It will also prepare a feedback report on the consultation, which it will make available on its website. The final revised SMIRs will become effective 30 calendar days after the EPC approves the final text. It envisages that this will happen before the end of the first quarter of 2015.