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31 October 2014

European Payments Council launched public consultation on draft revised Scheme Management Internal Rules

The EPC Plenary reached consensus on some revisions of the SMIRs to allow for increased involvement and enhanced participation of all Scheme Participants in the management and evolution of the EPC’s Schemes.

On 31 October 2014, the EPC launched a 90-day consultation among scheme participants on the draft revised Scheme Management Internal Rules (SMIRs) amended in line with the new EPC governance model.
The revisions were adopted by the EPC Plenary subject to carrying out a public consultation with all Scheme Participants in accordance with the process foreseen under section 3 of the current Scheme Management Internal Rules (EPC027-07). 
SMIRs are included as an Annex in the Rulebooks of the EPC’s Schemes and are binding on Scheme Participants.
The revised SMIRs reflecting the changes to funding and governance aspects of the Schemes (EPC207-14) are now made available for a 3-month public consultation. 
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 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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