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EU SEPA Credit Transfer Rulebook v8.1 Approved

European Payments Council SEPA Credit Transfer Scheme Rulebook issued on 04/03/2015 effective 22/11/2015

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100% found this document useful (1 vote)

303 views115 pages

EU SEPA Credit Transfer Rulebook v8.1 Approved

European Payments Council SEPA Credit Transfer Scheme Rulebook issued on 04/03/2015 effective 22/11/2015

Uploaded by

Monica Popovici

We take content rights seriously. If you suspect this is your content, claim it here.

Available Formats

Download as PDF, TXT or read online on Scribd

You are on page 1/ 115

EPC125-05

Version 8.1
Date issued: 4 March 2015
Date effective: 22 November 2015

SEPA CREDIT TRANSFER

SCHEME RULEBOOK

Conseil Europen des Paiements AISBL Cours Saint-Michel 30 B 1040 Brussels

Tel: +32 2 733 35 33 Fax: +32 2 736 49 88
Enterprise N 0873.268.927 www.epc-cep.eu secretariat@epc-cep.eu

2013 Copyright European Payments Council (EPC) AISBL:

Reproduction for non-commercial purposes is authorised, with acknowledgement of the source

TABLE OF CONTENTS
0.

DOCUMENT INFORMATION .................................................................................................................. 5

0.1
REFERENCES ........................................................................................................................................ 5
0.2
CHANGE HISTORY ................................................................................................................................ 6
0.3
PURPOSE OF DOCUMENT ...................................................................................................................... 7
0.4
ABOUT THE EPC .................................................................................................................................. 8
0.5
OTHER RELATED DOCUMENTS............................................................................................................. 8

VISION & OBJECTIVES ........................................................................................................................... 10

1.1
VISION ................................................................................................................................................. 10
1.2
OBJECTIVES ......................................................................................................................................... 10
1.3
COMMERCIAL CONTEXT FOR USERS AND PROVIDERS OF PAYMENT SERVICES .................................... 11
1.4
BINDING NATURE OF THE RULEBOOK .................................................................................................. 12
1.5
SEPARATION OF THE SCHEME FROM INFRASTRUCTURE........................................................................ 12
1.6
OTHER FEATURES OF THE SCHEME ...................................................................................................... 12
1.7
THE BUSINESS BENEFITS OF THE SCHEME............................................................................................ 12
1.8
COMMON LEGAL FRAMEWORK ............................................................................................................ 13

SCOPE OF THE SCHEME......................................................................................................................... 14

2.1
APPLICATION TO SEPA ........................................................................................................................ 14
2.2
DESCRIPTION OF SCOPE OF THE SCHEME.............................................................................................. 14
2.3
ADDITIONAL OPTIONAL SERVICES ....................................................................................................... 14
2.4
CURRENCY ........................................................................................................................................... 15
2.5
VALUE LIMITS ..................................................................................................................................... 15
2.6
REACHABILITY ..................................................................................................................................... 15
2.7
REMITTANCE DATA ............................................................................................................................. 15

ROLES OF THE SCHEME ACTORS ....................................................................................................... 17

3.1
ACTORS................................................................................................................................................ 17
3.2
THE FOUR CORNER MODEL ................................................................................................................. 18
3.3
CLEARING AND SETTLEMENT MECHANISMS ........................................................................................ 19
3.4
INTERMEDIARY BANKS ........................................................................................................................ 19
3.5
GOVERNING LAWS ............................................................................................................................... 19
3.6
RELATIONSHIP WITH CUSTOMERS ........................................................................................................ 19

BUSINESS AND OPERATIONAL RULES .............................................................................................. 20

4.1
NAMING CONVENTIONS ....................................................................................................................... 20
4.2
OVERVIEW OF THE CREDIT TRANSFER PROCESS & TIME CYCLE ......................................................... 20
4.3
SEPA CREDIT TRANSFER PROCESSING FLOW ...................................................................................... 22
4.4
EXCEPTION PROCESSING FLOW............................................................................................................ 26
4.5
BUSINESS REQUIREMENTS FOR DATASETS ........................................................................................... 28
4.6
BUSINESS REQUIREMENTS FOR ATTRIBUTES........................................................................................ 33

RIGHTS AND OBLIGATIONS OF PARTICIPANTS ............................................................................ 44

5.1
THE SCHEME ........................................................................................................................................ 44
5.2
COMPLIANCE WITH THE RULEBOOK ..................................................................................................... 44
5.3
REACHABILITY ..................................................................................................................................... 44

EPC125-05 SEPA Credit Transfer Scheme Rulebook Version 8.1

Page 2 - 4 March 2015

5.4
5.5
5.6
5.7
5.8
5.9
5.10
5.11
5.12
5.13
5.14

ELIGIBILITY FOR PARTICIPATION .......................................................................................................... 45

BECOMING A PARTICIPANT .................................................................................................................. 47
CREDIT TRANSFER SCHEME LIST OF PARTICIPANTS............................................................................. 47
OBLIGATIONS OF AN ORIGINATOR BANK ............................................................................................. 47
OBLIGATIONS OF A BENEFICIARY BANK .............................................................................................. 49
LIMITATION OF LIABILITY .................................................................................................................... 49
LIABILITY OF THE EPC......................................................................................................................... 50
TERMINATION ...................................................................................................................................... 50
INTELLECTUAL PROPERTY ................................................................................................................... 51
CONTRACTUAL PROVISIONS ................................................................................................................. 51
APPLICATION OF THE EU LEGISLATION BETWEEN PARTICIPANTS ........................................................ 52

SEPA SCHEME MANAGEMENT............................................................................................................. 53

6.1
DEVELOPMENT AND EVOLUTION ......................................................................................................... 53
6.2
ADMINISTRATION AND COMPLIANCE ................................................................................................... 53

DEFINED TERMS IN THE RULEBOOK ................................................................................................ 55

EPC125-05 SEPA Credit Transfer Scheme Rulebook Version 8.1

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TABLE OF FIGURES
FIGURE 1: CREDIT TRANSFER OVERVIEW ........................................................................................................... 11
FIGURE 2: 4-CORNER MODEL - ILLUSTRATIVE ................................................................................................... 18
FIGURE 3: CREDIT TRANSFER PROCESS ............................................................................................................... 22
FIGURE 4: CREDIT TRANSFER RECALL PROCESS .............................................................................................. 24

ANNEXES
Annex I

SEPA Credit Transfer Adherence Agreement

Annex II

SEPA Scheme Management Internal Rules

Annex III

Rulebook amendments and changes since v8.0

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0. DOCUMENT INFORMATION
0.1

References
This section lists documents referred to in the Rulebook. The convention used throughout is to
provide the reference number only, in square brackets. Use of square brackets throughout is
exclusively for this purpose.
Document
Number

Issued by:

[1]

EPC115-06

SEPA Credit Transfer Scheme Interbank Implementation

Guidelines

EPC

[3]

ISO 13616

Financial services - International bank account number

(IBAN) -- Part 1: Structure of the IBAN

EPC

[4]

EPC265-03

EPC Resolution on Receiver Capability

EPC

[5]

ISO 3166

Country Codes

ISO

[6]

ISO 4217

Currency Code List

ISO

[7]

ISO 9362

Business Identifier Codes (BIC)

ISO

[8]

May
2002
White Paper

Euroland: Our Single Payment Area!

EPC

[9]

ISO 20022

Financial services Universal Financial Industry message

scheme

ISO

[10]

EPC125-07

Guide to the Adherence Process for the SEPA Credit

Transfer Scheme

EPC

A Glossary of Terms Used in Payments and Settlement

Systems

Bank for
International
Settlements

[11]

[12]

EPC132-08

SEPA Credit Transfer Scheme C2B Implementation

Guidelines

EPC

[13]

ISO 11649

Structured creditor references to remittance information

ISO

[14]

EPC409-09

EPC List of SEPA Scheme Countries

EPC

EACT Unstructured Remittance Standard

EACT

[15]

0.1.1

Title

Defined Terms

This Rulebook makes reference to various defined terms which have a specific meaning in
the context of this Rulebook. In this Rulebook, a defined term is indicated with a capital
letter. A full list of defined terms can be found in Section 7 of this Rulebook. The Rulebook
may make reference to terms that are also used in the Payment Services Directive. The terms
used in this Rulebook may not in all cases correspond in meaning with the same or similar
terms used in the Payment Services Directive.

EPC125-05 SEPA Credit Transfer Scheme Rulebook Version 8.1

Page 5 - 4 March 2015

0.2

Change History
Issue number

Dated

Reason for revision

V 1.0

01/09/2005

First reading at September Plenary, and national consultation thereafter

V 2.0 Approved

09/03/2006

Approved by EPC Plenary 8 March 2006.

V 2.1 Approved

28/09/2006

Approved by EPC Plenary 27 September 2006

Changes:
Attribute AT41 is now mandatory (default Not provided) in DS02
Attribute AT43 is now mandatory in DS02

V 2.2 Approved

13/12/2006

Approved by EPC Plenary 13 December 2006

V 2.3 Approved

19/06/2007

Approved by EPC Plenary 19 June 2007

Changes:

Scheme Management provisions, affecting Chapters 0, 5, and 6, to

bring Rulebook in line with the Internal Rules

Section 2.3 on Additional Optional Services amended to make

disclosure of community AOS mandatory

Modification in Section 5.3 to make both receiving and originating

SCT payments an obligation of Participants

Removal of term Interbank business day from Chapter 7 and

replacement in section 4.3 by Banking Business Day

Addition of Annex 2, the Internal Rules

The Version 2.3 of the Rulebook is the baseline for implementation at the
launch date of 28 January 2008.
V 3.2 Approved

24/06/2008

Approved by the 24 June 2008 Plenary

Changes:

V 3.3 Approved

30/10/2009

Following PSD implementation 2009

Enabling Swiss financial institutions to participate

Innovative changes to technical operations in sections 3 & 4 of the

Rulebook

Typographic changes and clarifications

Changes:

relating to SEPA expansion

relating to adherence by payment institutions

relating to adherence by public sector bodies

relating to limitation of liability for breach of the Rulebook

for clarification of the application of the Payment Services Directive

to simplify the adherence agreement

to the Rulebook for clarification, updating and correction of errors

EPC125-05 SEPA Credit Transfer Scheme Rulebook Version 8.1

Page 6 - 4 March 2015

Issue number

Dated

Reason for revision

V4.0 Approved

30/10/2009

Major changes:

Update for ISO 11649 Structured Creditor Reference

Update for Recall of SCT transaction

V4.1 Approved

01/11/2010

SEPA Scheme Management Internal Rules v2.0 replaced by v2.1 in annex

V5.0 Approved

30/10/2010

Major Changes:

Reference to the EACT Unstructured Remittance Standard

New value for initiator of Recall request

V5.1 Approved

17/11/2011

SEPA Scheme Management Internal Rules v2.1 replaced by v3.0 in annex

V6.0 Approved

17/11/2011

Version 6.0 approved by Plenary on 27 September 2011

Major Changes:

Addition of new data attribute for allowing additional information on

the Recall reason code for fraud cases

V6.1 Approved

06/11/2012

Inclusion of version 4.0 of the SEPA Scheme Management Internal Rules

in Annex II. No other changes.

V7.0 Approved

12/09/2012

Version 7.0 approved by Plenary on 26 September 2012

Major Changes:

Adaptation to the SEPA Regulation

Inclusion of new reject codes

All changes compared to version 6.1 are listed in Annex III.
V7.1 Approved

12/12/2013

Version 7.1 approved by Plenary on 12 December 2013

Changes made:

Removal of the references to PE-ACH and PE-ACH/CSM

Framework. These changes have no operational impact.

No other content changes have been done

All changes compared to version 7.0 are listed in Annex III.
V8.0 Approved

08/10/2014

Version 8.0 approved by Plenary on 08 October 2014

Major Changes:

Update in the category descriptions of Scheme applicants that are

deemed automatically to be eligible under Rulebook section 5.4 on
eligibility for participation.
All changes (including minor changes) compared to version 7.1 are listed
in Annex III
V8.1

0.3

04/03/2015

Approval by the EPC Board on 4 March 2015 of the new Scheme

Management Internal Rules (SMIRs) (EPC207-14 v1.0) replacing the
previous SMIRs (EPC027-07 v4.0) following a 90 day public consultation
on the drafted new SMIRs that ended on 31 January 2015.
References to various EPC bodies have been adapted according to the new
SMIRs.

Purpose of Document
A SEPA Scheme is a set of rules, practices and standards to achieve interoperability for the
provision and operation of a SEPA payment instrument agreed at interbank level.
The objectives of the Rulebook are:
To be the primary source for the definition of the rules and obligations of the Scheme

EPC125-05 SEPA Credit Transfer Scheme Rulebook Version 8.1

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0.4

To provide authoritative information to Participants and other relevant parties as to how the
Scheme functions
To provide involved parties such as Participants, Clearing and Settlement Mechanisms
("CSMs"), and technology suppliers with relevant information to support development and
operational activities

About the EPC

The EPC is the decision-making and coordination body of the European banking industry in
relation to payments, whose declared purpose is to support and promote the creation of SEPA.
The vision for SEPA 1 was formulated in 2002 at the time of the launch of EPC, when some 42
banks, the three European Credit Sector Associations ("ECSAs") and the Euro Banking
Association (the "EBA") came together. and, after an intensive workshop, released in May 2002
the White Paper (reference [8]) in which the following declaration was made and subsequently
incorporated into the EPC Charter (the "EPC Charter"):
"We, the European banks and European Credit Sector Associations:
share the common vision that Euroland payments are domestic payments,
join forces to implement this vision for the benefit of European customers, industry and
banks and accordingly,
launch our Single Payments Area."

0.5

SEPA Credit Transfer Scheme Implementation Guidelines

The complete data requirements for the operation of the Scheme are classifiable according
to the following data model layers:

The business process layer in which the business rules and requirements are defined
and the related data elements specified
The logical data layer which specifies the detailed datasets and attributes and their
inter-relationships
The physical data layer which specifies the representation of data in electronic
document formats and messages

This Rulebook focuses on the business process layer and appropriate elements of the logical
layer.

See reference [14]

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The SEPA Credit Transfer Scheme Implementation Guidelines are available as two
complementary documents: the mandatory guidelines regarding the inter-bank messages
(SEPA Credit Transfer Scheme Inter-bank Implementation Guidelines) and the
recommended guidelines regarding the customer-to-bank messages (SEPA Credit Transfer
Scheme Customer-to-Bank Implementation Guidelines).
The SEPA Credit Transfer Scheme Inter-Bank Implementation Guidelines (reference [1]
which set out the rules for implementing the credit transfer ISO 20022 XML standards,
constitute a binding supplement to the Rulebook.
0.5.2

SEPA Credit Transfer Adherence Agreement

The Adherence Agreement, to be signed by Participants, is the document which binds Participants
to the terms of the Rulebook. The text of the Adherence Agreement is available in Annex I. The
Rulebook and the Adherence Agreement entered into by Participants together constitute a
multilateral contract among Participants and the EPC. The rules and procedures for applying to join
the Scheme are set out in Scheme Management Internal Rules (the "Internal Rules"). In addition, a
guidance document (Guide to the Adherence Process for the SEPA Credit Transfer Scheme [10]) is
available.

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1. VISION & OBJECTIVES

This chapter provides an introduction to the Scheme, setting out the background to the Scheme as
well as its aims and objectives.
1.1

Vision
The Scheme provides a set of interbank rules, practices and standards to be complied with by
Participants who adhere to the Scheme. It allows payment services providers in SEPA to offer
a SEPA-wide core and basic euro credit transfer product to customers.
The Scheme also provides a common basis on which Participants are able to offer new and
innovative services.
The Scheme moves Participants and their customers towards open standards, which are
expected to improve financial integration and act as a catalyst for a richer set of products and
services.

1.2

Objectives

To remove disparities between national and cross border payments in euro within SEPA by
elimination of the effects of borders, such that it is as easy and secure to make a payment
within SEPA as it is within one national environment and in accordance with the SEPA
Regulation.
All core and basic credit transfers in euro within SEPA will be processed in accordance
with the conditions of this Scheme
SEPA Credit Transfers will be automated, based on the use of open standards and the best
practices of straight through processing (STP) without manual intervention
To provide a framework for the removal of inhibitors and the harmonisation of standards
and practices
To support the achievement of high standards of security, low risk and improved cost
efficiency for all actors in the payments process
To allow the further development of a healthy and competitive market for payment services
and to create conditions for the improvement of services provided to customers

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1.3

Commercial Context for Users and Providers of Payment Services

This section provides the general context and background in which the interbank Scheme exists
and has been written from an end-to-end point of view. An overview of the credit transfer
process is shown in the following diagram:

Commercial
Space

Inter-bank
Space

Requirement
to move
money

Payment
Originator

Payment
Beneficiary

Payment Origination
and
Payment Account
Services

Payment Receipt
and
Payment Account
Services

Originator
Bank

Beneficiary
Bank

Clearing
Services

Clearing
Services
Clearing
Mechanism

Clearing &
Settlement Space

Liquidity
and
Settlement
Services

Settlement
Services

Liquidity
and
Settlement
Services

Settlement
Mechanism

Figure 1: Credit Transfer Overview

The demand for payment services using a customer credit transfer arises from an Originator,
who wishes to transfer Funds for whatever reason to a Beneficiary. Whilst the payment
service is provided by a bank, the underlying demand and its nature are outside the control
and responsibility of the banking industry or any individual bank
For this requirement to transfer Funds to be satisfied, the bank holding the account of the
Originator must have the means necessary to remit the Funds to the bank holding the
account of the Beneficiary and in the process be provided with the necessary information
to accomplish the transfer
Provided that the Originator has sufficient Funds or sufficient credit with which to execute
the credit transfer, provided that the Originator is acting within its authority and provided
that the credit transfer does not break any applicable legal, regulatory, or other
requirements, including requirements established by the Originator Bank, then the
Originator Bank will make the payment and advise the Originator accordingly
The means for making the transfer will exist if the bank holding the account of the
Beneficiary, the Beneficiary Bank, has agreed both the method and the rules for receiving
the payment information as well as the method and the rules for receiving the payment
value
Based on these means of transfer the Beneficiary Bank will use the information received to
credit the account of the Beneficiary, make the Funds available for its use once value has
been received and inform the Beneficiary about what has been applied to its account

EPC125-05 SEPA Credit Transfer Scheme Rulebook Version 8.1

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1.4

As is illustrated in the foregoing diagram, the purpose of interbank Clearing and Settlement
is to correctly exchange information and to safely exchange value. The demand for Clearing
and Settlement services stems from the need to transfer money between banks

Binding Nature of the Rulebook

Becoming a Participant in the Scheme involves signing the Adherence Agreement. By signing
the Adherence Agreement, Participants agree to respect the rules described in the Rulebook.
The Rulebook describes the liabilities and responsibilities of each Participant in the Scheme.
Participants are free to choose between operating processes themselves, or using intermediaries
or outsourcing (partially or completely) to third parties. However, outsourcing or the use of
intermediaries does not relieve Participants of the responsibilities defined in the Rulebook.
The Rulebook covers in depth the main aspects of the inter-bank relationships linked to the
Scheme. For the relationships between a Participant and its customer, the Rulebook specifies
the minimum requirements imposed by the Scheme. For the relationships between an
Originator and a Beneficiary, the Rulebook also specifies the minimum requirements of the
Scheme.

1.5

Separation of the Scheme from Infrastructure

It is a key feature of the Scheme that it provides a single set of rules, practices and standards
which are then operated by individual Participants and potentially multiple infrastructure
providers. Infrastructure providers include CSMs of various types and the technology platforms
and networks that support them. Infrastructure is an area where market forces operate based on
the decisions of Participants.
The result is that the credit transfer instrument based on a single set of rules, practices and
standards is operated on a fully consistent basis by CSMs chosen by individual Participants as
the most appropriate for their needs.

1.6

Other Features of the Scheme

1.7

Participants which have adhered to the Scheme may participate only through an
EEA-licensed branch unless they participate through their SEPA head office (which may
be located in a SEPA country or territory outside the EEA)
The rights and obligations of Participants, and as appropriate their customers, are clear and
unambiguous
Payment messages use open, industry recognised standards
Compliance with the Scheme ensures interoperability between Participants
The rules ensure that responsibility for risk management is allocated to where the risk lies
and that liability falls where the fault lies
Individual Participants are free to innovate and satisfy customers needs in a competitive
market place, as long as these innovations do not conflict with the Rulebook.

The Business Benefits of the Scheme

The Scheme provides many customer benefits in terms of functionality, cost efficiency, ease of
use and STP. It also allows Participants to meet their own mutually beneficial needs in terms
of service and innovation for customers.

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The key expected benefits are summarised as follows:

For Originators and Beneficiaries as users:
Payments are made for the full Original Amount.
The Originator and Beneficiary are responsible for their own charges.
Full Reachability of all Beneficiary accounts within SEPA.
Products based on the Scheme provide the opportunity to make and receive payments
throughout SEPA.
Maximum execution time with the benefit of predictability for all parties.
The use of accepted standards and data elements facilitates payment initiation and
reconciliation on an STP basis.
Rejects and Returns are handled in a predictable way and may be automated.
The Scheme delivers the end-to-end carrying of customer remittance data on either a
structured and unstructured basis.
The Scheme provides transparency and clarity of charging to all parties.
Single payments and Bulk Payments (i.e. one debit to the Originator's account and multiple
credits to the accounts of Beneficiaries) are supported.
For Participants:
Efficient and effective end-to-end processing of credit transfers on an STP basis using open
and common standards.
Reachability across SEPA.
Enabling a single process across SEPA including Rejects and Returns.
Participants can choose the most efficient and cost-effective routing of transactions.
Establishment of agreed processing cycles.
Sound Scheme governance and legal structure.
Ability to offer Additional Optional Services (AOS) on top of the core Scheme elements.
Contributes to a more standardised cost effective processing environment.
Satisfies the expectations of stakeholders.
For providers of CSMs:
The separation of scheme from infrastructure permits the operation of the Scheme by multiple
Clearing and Settlement providers and CSMs.
The service providers may add features and services to the benefit of choice and competition,
provided that the rules, practices and standards of the Scheme are fully met.
1.8

Common Legal Framework

It is a prerequisite for the use of the Scheme that the Payment Services Directive (or provisions
or binding practice substantially equivalent to those set out in Titles III and IV of the Payment
Services Directive) is implemented or otherwise in force in the national law of SEPA countries.
This Scheme is a payment scheme within the meaning of the SEPA Regulation; it is equally
relevant for Participants from countries or territories which are also listed in reference [14].

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2. SCOPE OF THE SCHEME

2.1

Application to SEPA
The Scheme is applicable within SEPA 2 as defined by the EPC.

2.2

Description of Scope of the Scheme

A SEPA Credit Transfer is a payment instrument for the execution of credit transfers in euro
between customer payments accounts located in SEPA. The SEPA Credit Transfer is executed
on behalf of an Originator holding a payment account with an Originator Bank in favour of a
Beneficiary holding a payment account at a Beneficiary Bank.
The following key elements are included within the scope of the Scheme:
A set of interbank rules, practices and standards for the execution of credit transfer
payments in euro within SEPA by Participants in the Scheme.
Adherents to the Scheme are Participants who have agreed to subscribe to the Scheme and
its rules.
The Scheme provides the basis for credit transfer products provided by Participants to
all users of mass-market, non-urgent payment services (individuals, small and medium
sized enterprises, corporates and government entities). Such products provide a
straightforward payment instrument, with the necessary reliability and reach to support a
competitive marketplace. Participants remain responsible for the products and services
provided to their customers.
Electronic processing of transactions including the payment itself and exception handling
such as Returns. At the discretion of individual Participants, instructions and advices may
be exchanged with Customers on a non-electronic basis. However, the interbank elements
of the Scheme are always fully automated and electronic.
The Scheme specifies a minimum set of data elements to be provided by the Originator.

2.3

Additional Optional Services

The Scheme recognises that individual Participants and communities of Participants can
provide complementary services based on the Scheme so as to meet further specific customer
expectations. These are described as Additional Optional Services (AOS).
The following two types of AOS are identified:
1. Additional Optional Services provided by banks to their customers as value-added
services which are nevertheless based on the core payment schemes. These AOS are
purely a matter for banks and their customers in the competitive space.
2. Additional Optional Services provided by local, national and pan-European communities
of banks, such as the use of additional data elements in the ISO 20022 XML standards.
Any community usage rules for the use of the SEPA core mandatory subset of the ISO
20022 XML standards should also be mentioned in this context, although they are not per
se AOS. Other AOS may be defined, for example relating to community provided delivery
channels for customers.

See footnote section 0.4

EPC125-05 SEPA Credit Transfer Scheme Rulebook Version 8.1

Page 14 - 4 March 2015

Participants may only offer AOS in accordance with the following principles:
1. All AOS must not compromise interoperability of the Scheme nor create barriers to
competition. The Compliance and Adherence Committee (CAC) should deal with any
complaints or issues concerning these requirements brought to its attention in relation to
compliance with the Rulebook as part of its normal procedures, as set out in the Internal
Rules.
2. AOS are part of the market space and should be established and evolve based on market
needs. Based on these market needs, the EPC may incorporate commonly used AOS
features into the Scheme through the change management processes set out in the Internal
Rules.
3. There should be transparency in relation to community AOS. In particular, details of
community AOS relating to the use of data elements present in the ISO 20022 XML
payment standards (including any community usage rules for the SEPA core mandatory
subset) should be disclosed on a publicly available website (in both local language(s) and
English).
These AOS are not further described in the Rulebook as they are to be generally considered as
competitive offerings provided by both individual Participants and communities of Participants
and are therefore out of scope.
2.4

Currency
All transactions are in euro in all process stages, including all exception handling, i.e. Rejects,
Returns and Recalls.
The accounts of the Originator and of the Beneficiary may be in euro or any other currency.
Any currency conversion is executed in the Originator Bank or Beneficiary Bank and is not
governed by this Scheme.

2.5

Value Limits
Settlement and value limits may exist between Participants and between communities of
Participants, for example through the CSMs employed by them with reference to factors such
as risk management.
Value limits may therefore be applied by the Originator Bank to its products and services
offered to its customers that are founded on the Scheme according to its own risk appetite and
risk management controls.

2.6

Reachability
Participants commit to making and receiving payments under the Scheme and to processing
them according to the rules of the Scheme.
Reachability is a major assumption on which the Scheme is based and is therefore a key success
factor for the Scheme.

2.7

Remittance Data
The credit transfer dataset provides for a remittance data field, which may be used as follows:
to carry structured remittance data of up to a max of 140 characters
OR

EPC125-05 SEPA Credit Transfer Scheme Rulebook Version 8.1

Page 15 - 4 March 2015

to carry unstructured remittance data of up to 140 characters

This remittance field therefore enables automated reconciliation between receivables and
payments by the Beneficiary. It is recommended that beneficiaries adopt the ISO Standard
(reference [13]) for a structured creditor reference to the remittance information (identified in
the Rulebook as structured creditor reference) as the preferred remittance data convention for
identifying payment referring to a single invoice.
The remittance data supplied by the Originator in the Credit Transfer Instruction must be
forwarded in full and without alteration by the Originator Bank and any intermediary institution
and CSM to the Beneficiary Bank. When the Originator provides a Structured Creditor
Reference with a Credit Transfer Instruction, it is recommended that the Originator Bank checks
the correctness of the Structured Creditor Reference at the point of capture by the Originator.
The Beneficiary Bank must also deliver received remittance data in full and without alteration
to the Beneficiary.
Communities of banks serving customers within SEPA are able to implant data conventions for
structured remittance data and /or longer remittance data references.

EPC125-05 SEPA Credit Transfer Scheme Rulebook Version 8.1

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3. ROLES OF THE SCHEME ACTORS

This chapter describes the roles of the actors in the Scheme.
3.1

Actors
The execution of a SEPA Credit Transfer payment involves four main actors:
The Originator: is the customer who initiates the credit transfer by providing the
Originator Bank with an instruction. The Funds for such a credit transfer are made available
by means of a debit from a specified payment account of which the Originator is account
holder.
The Originator Bank: is the Participant that receives the Credit Transfer Instruction from
the Originator and acts on the payment instruction by making the payment to the
Beneficiary Bank in favour of the Beneficiarys account according to the information
provided in the instruction and in accordance with the provisions of the Scheme.
The Beneficiary Bank: is the Participant that receives the Credit Transfer Instruction from
the Originator Bank and credits the account of the Beneficiary, according to the information
provided in the instruction and in accordance with the provisions of the Scheme.
The Originator Bank and Beneficiary Bank may be one and the same Participant.
The Beneficiary: is the customer identified in the Credit Transfer Instruction who receives
the Funds by means of a credit to its payment account.
Originator Banks and Beneficiary Banks are responsible for meeting their obligations under the
Rulebook. This responsibility is irrespective of either the means or the parties by which
Originator Banks or Beneficiary Banks choose to discharge those obligations and for which
they remain responsible under the Scheme.
The operation of the Scheme also involves other parties indirectly:
CSMs: Such mechanisms could include the services of a Clearing and Settlement provider
such as an automated clearing house or other mechanisms such as intra-bank and intragroup arrangements and bilateral or multilateral agreements between Participants. The term
CSM does not necessarily connote one entity, for example, it is possible that the Clearing
function and the Settlement functions are conducted by separate actors.
Intermediary Banks: Banks offering intermediary services to Originator and/or
Beneficiary Banks, for example in cases where they are not themselves direct participants
in a CSM.

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3.2

The Four Corner Model

The following diagram gives an overview of the contractual relationships and interaction
between the main actors.

Figure 2: 4-Corner Model - Illustrative

The actors are bound together by a number of relationships, identified on the diagram by
numbers:
1. The contractual relationships underlying the Scheme to which all Participants are bound.
2. Between the Originator and the Beneficiary regarding the provision of goods and services
and/or the requirement to make a payment. This may or may not be reflected in a formal
legal contract. This relationship does not form part of the operation of the Scheme.
3. Between the Originator and the Originator Bank concerning the payment and cash
management products and services to be provided and their related terms and conditions.
Provisions for this relationship are not governed by the Scheme, but will, as a minimum,
cover elements relevant to the initiation and execution of a SEPA Credit Transfer as
required by the Scheme.
4. Between the Beneficiary and the Beneficiary Bank concerning the products and services
to be provided and the related terms and conditions. Provisions for this relationship are
not governed by the Scheme, but will, as a minimum, cover elements relevant to the receipt
of a SEPA Credit Transfer as required by the Scheme.
5. As applicable, between the Originator Bank and the Beneficiary Bank and the selected
CSM concerning the terms and conditions of the services delivered. Provisions for these
relationships are not governed by the Scheme, but will, as a minimum, cover elements
relevant to the execution of a credit transfer.
6. As applicable, between the Originator Bank and/ or the Beneficiary Bank and any other
bank acting in an intermediary capacity. Provisions for these relationships and their
functioning are not governed by the Scheme. This relationship is not illustrated above.
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3.3

Clearing and Settlement Mechanisms

CSMs are responsible to the Originator Banks and Beneficiary Banks that use their services.
As a matter of normal practice, these mechanisms:
Receive transactions for Clearing from the Originator Bank who participates in the relevant
CSM
Clear and forward them to the Beneficiary Bank who participates in the relevant CSM,
ensuring that all data intended by the Originator and the Originator Bank to reach the
Beneficiary Bank and the Beneficiary is forwarded in full and without alteration
Handle exceptions such as Returns, Rejects and Recalls
Make arrangements such that Settlement can be achieved between the Originator Bank and
Beneficiary Bank
Provide any required risk management procedures and other related services

3.4

Intermediary Banks
If any actor uses the services of an Intermediary Bank to perform any function in relation to a
credit transfer, this should:
Be transparent to the Scheme and in no way affect or modify the obligations of the
Participants
Be the subject of a separate bilateral agreement between the intermediary and its customer
(i.e. the Originator Banks or Beneficiary Banks)

3.5

Governing laws
The governing laws of the agreements in the four-corner model are as follows:
The Rulebook is governed by Belgian law.
The Adherence Agreement is governed by Belgian law.

3.6

Relationship with customers

In accordance with Chapter 5 Participants must ensure that the Terms and Conditions are
effective so as to enable Participants to comply with their obligations under the Scheme.

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4. BUSINESS AND OPERATIONAL RULES

This chapter describes the business and operational rules of the Scheme which must be observed by
Participants and by other actors as necessary such that the Scheme can function properly. It also
describes the datasets used in the Scheme, and the specific data attributes within these datasets.
It is recognised that actors will also be required to establish complementary operational rules and
data requirements in relation to the roles they perform and these will be defined separately by those
actors.
Datasets and attributes will be represented and transmitted using generally accepted, open,
interoperable standards wherever accepted by the EPC (see Section 0.5).
4.1

Naming Conventions
This section describes the naming conventions used in this chapter.
The descriptions are based on the concepts of Process, Process-step, Attribute and Dataset.
For facilitating the reading and the use of this Rulebook, structured identification-numbers are
used as follows:

4.2

Process-steps:

CT-xx-yy, where xx-yy is the unique sequence number in this

Rulebook

Datasets:

DS-xx, where xx represents the unique sequence number in this

Rulebook

Attributes:

AT-xx, where xx represents the unique sequence number in this

Rulebook

Overview of the Credit Transfer Process & Time Cycle

This section describes the terms used to define the execution time cycle.
Sections 4.3 and 4.4 below provide a more detailed explanation of the process.

4.2.1

Commencement of the Execution Time Cycle (Day D)

The execution time for a SEPA Credit Transfer shall commence at the point in time of receipt
of the Credit Transfer Instruction, as defined in the Payment Services Directive.
The "Requested Execution Date" corresponds with a date requested by an Originator for
commencing the execution of the Credit Transfer Instruction. The Originator may choose to
request a Requested Execution Date in the future and submit the Credit Transfer Instruction
to the Originator Bank in accordance with its Terms and Conditions with the Originator
Bank. In such cases, the agreed date will be deemed to be the relevant date for commencing
the execution of the Credit Transfer Instruction. Since 1 November 2009, this provision is to
be construed in accordance with Article 64(2) of the Payment Services Directive.
The execution time cycle may be interrupted, stopped or otherwise affected by the
application of laws.
4.2.2

Cut-off Times

Cut-off Times must be advised by an Originator Bank to the Originator. They are also agreed
between an Originator Bank and a CSM. Such Cut-off times are out of scope of the Rulebook.

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4.2.3

Maximum Execution Time 3

Originator Banks are obliged to ensure that the amount of the Credit Transfer is credited to
the account of the Beneficiary Bank within one Banking Business Day following the point
in time of receipt of the Credit Transfer Instruction in accordance with the provisions of the
Payment Services Directive.
A Beneficiary Bank is obliged to credit the account of the Beneficiary with the amount of
the credit transfer in accordance with the provisions of the Payment Services Directive.
It is open to communities of Participants to agree a shorter execution time for SEPA Credit
Transfers.
The Scheme recognises that Participants may not be open for business on certain days of the
year for the purpose of executing SEPA Credit Transfers.
Accordingly, the execution time cycle of a SEPA Credit Transfer defines the execution time
cycle by reference to Banking Business Days, rather than to Calendar Days. This means that
a Participant will only be required to execute its obligations under the Rulebook on days on
which it is open for business, as required for the execution of a SEPA Credit Transfer.
Therefore, where an obligation falls to be executed by a Participant on a day which is not a
Banking Business Day, the Participant must execute this obligation on the next Banking
Business Day, and the maximum time permitted for the execution of a SEPA Credit Transfer
may be construed accordingly.
The definition of Banking Business Day is therefore to be construed in accordance with this
provision.
4.2.4

Charging Principles

Charges to Customers will be based on the shared principle such that the Originator and
Beneficiary are charged separately and individually by the Originator Bank and Beneficiary
Bank respectively. The basis and level of charges to Customers are entirely a matter for
individual Participants and their Customers.

The Payment Services Directive allows an extra day for the execution of paper-initiated credit transfers. The Rulebook
currently describes interbank electronic payments only and does not take into account additional time permitted for
processing paper-initiated transactions. This is considered to be a matter for each Participant to regulate with its customer
in accordance with applicable laws.
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4.3
4.3.1

SEPA Credit Transfer Processing Flow

SEPA Credit Transfer Processing Flow (PR-01)

The following diagram identifies a number of process steps, which are described below.
Originator

Originator Bank

Clearing & Settlement

Beneficiary Bank

Beneficiary

CT-01.01

Complete &
forward CT
instruction

Rejects
CT-01.02R

CT-01.02

Check & verify

CT instruction

CT-01.03

Debit originator
account

CT-01.03

Settle, make
CT available
Rejects

Rejects
CT-01.03R

CT-01.03R
Credit originator
account

CT-01.04

Returns

Check instruction
Credit Beneficiary
account

CT-01.04R
Check, clear and
prepare for
settlement

Returns
Returns
CT-01.04R

CT-01.04R
Credit originator
account

Figure 3: Credit Transfer Process

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CT-01.01

The Originator completes and forwards the Credit Transfer Instruction. The
instruction will be submitted by any means agreed between the Originator and the
Originator Bank. The data elements to be provided are defined in dataset DS-01
below.

CT-01.02

The Originator Bank receives and checks if it has sufficient information to

execute a payment instruction and that the instruction fulfils the conditions
required by its procedures as to execution of the instruction including the
authenticity of the instruction, and the checking of the format and plausibility of
the BIC and IBAN.
Rejected instructions are covered by procedures described below.

CT-01.03

On or following D, the Originator Bank will debit the account of the Originator.
This will be followed by the sending of the Credit Transfer Instruction to ensure
receipt by the Beneficiary Bank via the selected CSM in accordance with the rules
of the Scheme. The data elements to be provided are defined in dataset DS-02
below.

CT-01.04

The Beneficiary Bank must credit the account of the Beneficiary in accordance
with the provisions of the Payment Services Directive, taking into consideration
such legal obligations as the Beneficiary Bank may be subject to under Article 73
of the Payment Services Directive. The Beneficiary Bank will make the
information of DS-04 available to the Beneficiary on the basis agreed between
the Beneficiary and his Beneficiary Bank.

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4.3.2

Recall Processing Flow (PR02)

The following diagram identifies a number of process steps, which are described below.
Originator

Originator Bank

Clearing & Settlement

Beneficiary Bank

Beneficiary

CT-02.01

Rejection
CT-02.01R

Prepare and
initiate the
Recall

Cancellation

CT-02.02
Check if CT is
settled
CT-02.03
Negative answer
CT-02.03R

Check CT,
account, terms
& conditions

Request

for

authorization

CT-02.04
Positive
answer

Give authorization
for Recall

CT-02.05
Debit Beneficiary

CT-02.06
Process
clearing &
settlement

Negative
answer

CT-02.07
Credit
originator for
recall of CT
CT-02.08
Negative answer
CT-02.08R

Generate
negative answer
of Recall of CT

Figure 4: Credit Transfer Recall Process

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CT-02.01

The Originator Bank realizes the need to recall SCTs. It may also receive a request
from the Originator. Before initiating the Recall procedure, the Originator Bank
must check if the SCT(s) subject to the Recall:

had an execution date towards the CSM of less than 10 Banking Business
Days before the recall

has (have) really been wrongly executed for one of the reasons listed below:

Duplicate sending

Technical problems resulting in erroneous SCT(s)

Fraudulent originated Credit Transfer

The path used for initiating the Recall should be identical to the one used for the
SCT subject to the Recall.
CT-02.01R The Originator Bank can reject the request of the Originator to make a Recall
when it judges that the SCT is not the subject of one of the foregoing reasons.
CT-02.02

The CSM will check if the SCT is already executed, if not it should handle the
Recall before execution according to its own procedures agreed with its
participants. If the SCT is already executed the CSM will transfer the Recall to
the Beneficiary Bank.

CT-02.03

The Beneficiary Bank must always handle the Recall upon receipt of such request
and provide either a positive or negative answer within 10 days. If the SCT was
already credited to the Beneficiarys account, there are sufficient funds on the
account and the funds are not yet returned, the Beneficiary Bank may, depending
on the legislation in its country and/or contractual agreement with the
Beneficiary:

Generate immediate positive answer by debiting the account

Decide it is necessary to ask the Beneficiary for debit authorisation

Be obliged to get the Beneficiarys authorization to debit its account

For handling of the Recall the Beneficiary Bank has 10 Banking Business Days
to provide the Originator Bank with an answer.
CT-02.03R The Beneficiary Bank will generate a negative answer to the Originator Bank and
give reason for it if:

CT-02.04

there are insufficient funds on the account

the account is closed

there is legal reason: to be explained in a clear text

Beneficiarys refusal

no response from beneficiary

Original Credit Transfer never received

already returned transaction

If needed the Beneficiary is asked for his authorization for a Recall

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CT-02-05

The Beneficiary Bank generates a positive answer to the Recall by debiting the
account of the Beneficiary (if needed, the Beneficiary Bank waits until it has
received the authorisation from the Beneficiary for debiting his account).

CT-02.06

The CSM receives the positive answer to the Recall from the Beneficiary Bank
and settles this with the Originator Bank.

CT-02.07

The Originator Bank credits the account of the Originator with the amount of the
positive answer to the Recall.

CT-02.08

The Beneficiary Bank receives a negative answer or no answer from the

Beneficiary to process the Recall and generates therefore a negative answer
message.

CT-02.08R The Beneficiary Bank received no debit authorisation or no answer at all from the
Beneficiary and generates therefore a negative answer message in which it gives
the reason for refusal.
4.4

Exception Processing Flow

Credit transfer transactions are handled according to the time frame described in section 4.3.1.
If, for whatever reason, any party cannot handle the transaction in the normal way, the process
of exception handling starts. The messages resulting from these situations are all handled in a
standardised way, at process level as well as at dataset level.
A Reject occurs when a credit transfer is not accepted for normal execution before interbank
Settlement. If the rejection is at the point at which the Originator instructs the Originator Bank,
for the purposes of the Scheme, the Originator Bank need only inform the Originator of the
reason.
If it occurs in the interbank space the Reject must be sent as specified in DS-03 below.
The main characteristics of a reject (DS-03) are:
the transferred amount will be the Original Amount of the Credit Transfer Instruction
the 'Reject' message is routed through the same path taken by the original credit transfer
with no alteration of the data contained in the original credit transfer
a record of the relevant data relating to the initial credit transfer, sufficient to provide an
audit trail, is included
the initial credit transfer is identified by the original reference of the Originator Bank
'Reject' messages contain a reason code (attribute AT-R3, see below)
'Reject' messages should be transmitted on a same day basis and must at the latest be transmitted
on the next Banking Business Day.
A 'Return' occurs when a credit transfer is diverted from normal execution after interbank
Settlement, and is sent by the Beneficiary Bank to the Originator Bank for a credit transfer that
cannot be executed for valid reasons such as wrong account number or account closed with the
consequence that the Beneficiary account cannot be credited on the basis of the information
contained in the original credit transfer message. The Return procedure must not be used in
cases where the Beneficiarys account has already been credited and the Beneficiary wishes to
return the funds. Instead, the procedure of initiating a new Credit Transfer applies.
The main characteristics of a Return (DS-03) are:
the transferred amount will be the Original Amount of the Credit Transfer Instruction

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the Return message is routed through the same path taken by the original credit transfer
(unless otherwise agreed between the Beneficiary Bank and the Originator Bank), with no
alteration of the data contained in the original credit transfer. In the case of a 'Return'
message to be sent to the Originator by the Originator Bank, the parties may agree a specific
mechanism which may differ from the original path
a record of the relevant data relating to the initial credit transfer, sufficient to provide an
audit trail, is included
the initial credit transfer is identified by the original reference of the Originator Bank
'Return' messages contain a reason code (attribute AT-R3, see below)

'Return' messages initiated by the Beneficiary Bank must be transmitted to the Originator Bank
within three Banking Business Days after Settlement Date.
The step by step process flow for Rejects and Returns are as follows:
CT-01.02R The Originator Bank must inform the Originator according to the timing
agreed with the Originator
CT-01.03R The CSM must send the 'Reject' message to the Originator Bank at the latest
on the next Banking Business Day following rejection.
Unless the Originator Bank is able and is willing to repair and resend the
payment instruction within the Execution Time, the Originator Bank must
inform the Originator that the instruction has been rejected and credit the
Originators account according to the timing agreed with the Originator. Any
instruction that is repaired and re-sent by the Originator Bank shall be deemed
to be a new Credit Transfer Instruction under this Rulebook, and the point in
time of receipt of this instruction shall be interpreted accordingly.
CT-01.04R The Beneficiary Bank must send the 'Return' message to the Originator Bank
through the selected CSM at the latest three Banking Business Days after
Settlement Date and at the same time return the Funds.
The Originator Bank must credit the Originators account according to the
timing agreed with the Originator, and make the appropriate details available
to the Originator.
A Recall occurs when the Originator Bank requests to cancel a SEPA Credit Transfer. The
Recall procedure must be initiated by the Originator Bank within 10 Banking Business Days
after execution date of the SCT subject to the Recall. The Recall procedure can be initiated only
by the Originator Bank, which may do it on behalf of its customer. Before initiating the Recall
procedure, the Originator Bank has to check if the SCT(s) are subject to one of the reasons
listed below
A bank may initiate a Recall procedure for following reasons only:
Duplicate sending
Technical problems resulting in erroneous SCT(s)
Fraudulent originated Credit Transfer
The main characteristics of a Recall (DS-05 and DS-06) are:
the returned amount can differ from the Original Amount of the Credit Transfer Instruction.
The Beneficiary Bank may decide to charge a fee to the Originator Bank.
the Recall message is routed through the same path taken by the original credit transfer,
with no alteration of the data contained in the original credit transfer.
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a record of the relevant data relating to the initial credit transfer, sufficient to provide an
audit trail, is included
Recall messages contain a reason code (attribute AT-48, see below)

If initiated before settlement, the Recall will lead to a cancellation, according to the CSMs own
procedures agreed with its participants. If initiated after settlement, the Recall will be forwarded
by the CSM.
The step by step process flow for a Recall (PR02) is given in a foregoing Section 4.3.2
It is the decision of the Beneficiary Bank if it wants to charge a return fee to the Originator
Bank. For this purpose, a field is dedicated in the return message. This practice is limited to the
recall procedure only and has under no circumstances effect on the normal return as defined in
the SCT Rulebook. It is purely limited and restricted for recalls only.
4.5

Business Requirements for Datasets

The datasets are the following:
DS-01

Customer to Bank Credit Transfer Information

DS-02

Interbank Payment Dataset

DS-03

Reject or Return Credit Transfer Dataset

DS-04

Bank to customer Credit Transfer Information

DS-05

Recall of Credit Transfer Dataset

DS-06

Answer to Recall of Credit Transfer Dataset

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4.5.1

DS-01 Customer to bank Credit Transfer Information

Identification:

DS-01

Name:

Customer to bank Credit Transfer Information

Description:

The following list of attributes represents the full range of data which may be provided by the Originator
and transported under the Scheme rules via Dataset DS-02

Attributes
contained

01 The IBAN of the account of the Originator

02 The name of the Originator

03 The address of the Originator

04 The amount of the credit transfer in euro

05 The Remittance Information sent by the Originator to the Beneficiary in the Credit Transfer
Instruction

07 The Requested Execution Date of the instruction

08 The name of the Originator Reference Party

09 The identification code of the Originator Reference Party

10 The Originator identification code

20 The IBAN of the account of the Beneficiary.

21 The name of the Beneficiary

22 The address of the Beneficiary

23 The BIC code of the Beneficiary Bank

24 The Beneficiary identification code

28 The name of the Beneficiary Reference Party

29 The identification code of the Beneficiary Reference Party

41 The Originators reference of the Credit Transfer Transaction

44 The purpose of the credit transfer

45 The category purpose of the credit transfer

Technical
characteristics

From a business perspective, customer-to-bank Credit Transfer Instructions may be initiated as single or
bulk payments. A single payment relates to one Originator account to be debited by a specified amount,
and one Beneficiary account to be credited. A Bulk Payment relates to one Originator account to be
debited for the total amount, and more than one Beneficiary account to be credited, each for an
individually specified amount. Rules for bulk presentation are beyond the scope of the Scheme

Rules applied:

Where any of the above attributes (except for AT-45, see rules applied in DS-02) are provided by the
Originator within a payment instruction, they must be transported by the Originator Bank to the
Beneficiary Bank in accordance with DS-02 subject to any overriding legal/regulatory requirements
Information relating to an Originator Reference Party and/or Beneficiary Reference Party is included
only for the purpose of assisting the Originator and/or Beneficiary in managing their payments and is
not required by the Originator Bank and/or Beneficiary Bank for the purpose of the execution of the
payment to which the information relates

Remarks

These attributes reflect business requirements and do not prescribe fields in the SEPA Credit Transfer
Scheme C2B Implementation Guidelines as defined in Chapter 0.5

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4.5.2

DS-02 Interbank Payment Dataset

Identification:

DS-02

Name:

The interbank payment dataset

Description:

This dataset describes the content of the interbank payment message (mandatory unless otherwise
indicated).

Attributes
contained

01 The IBAN of the account of the Originator

02 The name of the Originator

03 The address of the Originator (Optional)

04 The amount of the credit transfer in euro

05 The Remittance Information (Optional)

06 The BIC code of the Originator Bank

08 The name of the Originator Reference Party (Optional)

09 The identification code of the Originator Reference Party (Optional)

10 The Originator identification code (Optional)

20 The IBAN of the account of the Beneficiary

21 The name of the Beneficiary

22 The address of the Beneficiary (Optional)

23 The BIC code of the Beneficiary Bank

24 The Beneficiary identification code (Optional)

28 The name of the Beneficiary Reference Party (Optional)

29 The identification code of the Beneficiary Reference Party (Optional)

40 The identification code of the SEPA electronic credit transfer Scheme

41 The Originators reference of the Credit Transfer Transaction

42 The Settlement Date of the credit transfer

43 The Originator Banks reference number of the credit transfer message

44 The purpose of the credit transfer (Optional)

45 The category purpose of the credit transfer (Optional)

Technical
characteristics

From a business perspective, interbank credit transfers are always considered to be single payments,
each containing one Originator account and one Beneficiary account. The use of term bulk payments
in the interbank space refers to the physical layer of the SEPA Credit Transfer Scheme interbank
Implementation Guidelines

Rules applied:

Where an Originator has provided information in a specific payment instruction relating to an optional
DS-02 field (with the exception of AT-45), this field will be populated in the interbank payment message,
subject to any overriding legal/regulatory requirements.
Regarding AT-45, when the agreement between Originator and Originator Bank only involves a
specific processing at Originator Bank level, said Originator Bank is not obliged to send AT-45 to the
Beneficiary Bank as part of DS-02.

Remarks

These attributes reflect business requirements and do not prescribe fields in the SEPA Credit Transfer
Scheme Interbank Implementation Guidelines as defined in Chapter 0.5

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4.5.3

DS-03 Reject or Return Credit Transfer Dataset

Identification:

DS-03

Name:

The Reject or Return credit transfer dataset

Description:

This dataset describes the content of a Reject or Return credit transfer (mandatory unless otherwise
indicated)

Attributes
contained

4.5.4

R1 The type of R message

R2 The Identification of the type of party initiating the R message

R3 The reason code for non-acceptance of the credit transfer

R4 The Settlement Date for the Return

R5 The specific reference of the bank initiating the Reject/Return

An exact copy of all the attributes of the received DS-02 which is being returned/rejected

DS-04 - Bank to customer credit transfer information

Identification:

DS-04

Name:

The bank to customer credit transfer information

Description:

Description of the minimum information that a Beneficiary Bank needs to make available to the
Beneficiary

Attributes
contained:

02 The name of the Originator

04 The amount of the credit transfer in euro

05 The Remittance Information

08 The name of the Originator Reference Party (optional)

09 The identification code of the Originator Reference Party (optional)

10 The Originator identification code

20 The IBAN of the account of the Beneficiary

21 The name of the Beneficiary

24 The Beneficiary identification code

28 The name of the Beneficiary Reference Party (optional)

29 The identification code of the Beneficiary Reference Party (optional)

41 The Originators reference of the Credit Transfer Transaction

42 The Settlement Date of the credit transfer (optional)

44 The purpose of the credit transfer (optional)

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Identification:

DS-04

Name:

The bank to customer credit transfer information

Rules applied:

Where any of the above attributes, optional or not, are present in an interbank payment message (DS02) the contents must be made available in full by the Beneficiary Bank to the Beneficiary, subject to
any prior agreement to the contrary.
Where the Beneficiary and Beneficiary Bank have an explicit agreement regarding the deduction of
charges then the amount of the charges will be made clear to the Beneficiary
A Beneficiary Bank may drop received extended Reference Party information (attributes 08, 09, 28, 29
and 44) and not make it available to a Beneficiary who uses an interface which does not comply with the
ISO 20022 XML standard.

Remarks:

4.5.5

These attributes reflect business requirements

DS-05 Recall of Credit Transfer Dataset

Identification:

DS-05

Name:

The Recall of a Credit Transfer Dataset

Description:

This dataset contains the messages for description of the minimum information that an Originator Bank
needs to make available to the Beneficiary Bank

Attributes
contained:

Remarks:

Request for Recall of Credit Transfer:

An exact copy of the original Interbank payment dataset (DS-02) which is being recalled.

04 The amount of the Credit Transfer in euro

48 The Recall reason code

R2 Identification of the type of party initiating the R message

R7 The specific reference of the bank initiating the Recall

49 Additional Information to AT-48 The Recall reason code

Except for AT-49, these attributes reflect business requirements and do not prescribe fields in the SEPA
Credit Transfer Scheme Interbank Implementation Guidelines as defined in Chapter 0.5.

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4.5.6

DS-06 Answer to a Recall of Credit Transfer Dataset

Identification:

DS-06

Name:

Answer to a Recall of Credit Transfer Dataset

Description:

This dataset contains the messages for the description for sending the answer to a Recall of Creditor
Transfer Dataset

Attributes
contained:

Positive response for a Recall of a Credit Transfer

An exact copy of the original Interbank payment dataset (DS-02) which is being recalled.

47 The fee for the positive answer to a Recall in euro

46 The returned amount of the positive answer to the Recall in euro

R1 The type of R message

R2 The Identification of the type of party initiating the R message

R7 The specific reference of the bank initiating the Recall

R8 The Settlement Date for the positive answer to the Recall

Negative response for a Recall of a Credit Transfer

Remarks:

4.6

An exact copy of the original Interbank payment dataset (DS-02) which is being recalled.

R6 Reason code for non-acceptance of the Recall

These attributes reflect business requirements and do not prescribe fields in the SEPA Credit Transfer
Scheme Interbank Implementation Guidelines as defined in Chapter 0.5

Business Requirements for Attributes

This section defines the business requirements for the attributes used by the Scheme. The
attributes used in the credit transfer datasets are described below. Attribute numbering is as
follows:
01 19 for attributes pertaining to the Originator
20 39 for attributes pertaining to the Beneficiary
40 onwards for other attributes of a compliant credit transfer
R01 onwards for attributes of Rejects/Returns/Recalls
This numbering is only for cross referencing purposes within the Rulebook.
AT-01

The IBAN of the account of the Originator

AT-02

The name of the Originator

AT-03

The address of the Originator

AT-04
AT-05

The amount of the credit transfer in euro

The Remittance Information sent by the Originator to the Beneficiary in the Credit
Transfer Instruction

AT-06

The BIC code of the Originator Bank

AT-07

The Requested Execution Date of the instruction

AT-08

The name of the Originator Reference Party

AT-09

The identification code of the Originator Reference Party

AT-10

The Originator identification code

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AT-20

The IBAN of the account of the Beneficiary

AT-21

The name of the Beneficiary

AT-22

The address of the Beneficiary

AT-23

The BIC code of the Beneficiary Bank

AT-24

The Beneficiary identification code

AT-28

The name of the Beneficiary Reference Party

AT-29

The identification code of the Beneficiary Reference Party

AT-40

The identification code of the Scheme

AT-41

The Originators reference of the Credit Transfer Transaction

AT-42

The Settlement Date of the credit transfer

AT-43

The Originator Banks reference of the Credit Transfer Transaction

AT-44

The purpose of the credit transfer

AT-45

The category purpose of the credit transfer

AT-46

The returned amount of the positive answer to the Recall in euro

AT-47

The fee for the positive answer to the Recall in euro

AT-48

The Recall reason code

AT-49

Additional Information to AT-48 The Recall reason code

AT-R1

The type of R message

AT-R2

The identification of the type of party initiating the R message

AT-R3

The reason code for non-acceptance of the credit transfer

AT-R4

The Settlement Date for the Return

AT-R5

The specific reference of the bank initiating the Reject/Return

AT-R6

The Reason code for non-acceptance of the Recall

AT-R7

The specific reference of the bank initiating the Recall

AT-R8

The Settlement Date for the positive Answer to the Recall

Name:

The amount of the credit transfer in euro

AT-07

Name:

The Requested Execution Date of the instruction

Description:

This date corresponds with a date requested by an Originator for commencing the execution of the
Credit Transfer Instruction as described in section 4.2.1.

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Identification:

AT-08

Name:

The name of the Originator Reference Party

Description:

The name of a person in relation to whom an Originator makes a payment

The Originator Reference Party is a person on behalf of or in connection with whom the Originator
purports to make a payment
Reference in any payment instruction to an Originator Reference Party does not imply that such party
is an Originator or otherwise a payer, or is contractually obliged or entitled in connection with any
payment obligation

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The name of a person in relation to whom a Beneficiary receives a payment

The Beneficiary Reference Party is a person on behalf of or in connection with whom the Beneficiary
receives a payment.
Reference in any payment instruction to a Beneficiary Reference Party does not imply that such party
is a Beneficiary or otherwise a payee, or is contractually obliged or entitled in connection with any
payment obligation

Identification:

AT-29

Name:

The identification code of the Beneficiary Reference Party

Identification:

AT-43

Name:

The Originator Banks reference of the Credit Transfer Transaction

Description:

The reference of the Credit Transfer Transaction given by the Originator Bank, which is to be delivered
unaltered to the Beneficiary Bank

Identification:

AT-44

Name:

The purpose of the credit transfer

Description:

The purpose of the credit transfer is the underlying reason for the credit transfer transaction, i.e.
information on the nature of such transaction.

Value range:

All codes part of the ISO standard are accepted

Identification:

AT-45

Description:

Identification:

AT-48

Name:

The Recall reason code

Description:

This code explains the reason for the Recall for a Collection. It is defined by the Originator Bank who
initiates the Recall. It can be used by the Beneficiary Bank to inform the Beneficiary about the reason
for debit of the account of the Beneficiary.

Value range:

Codes are:

Duplicate sending

Technical problems resulting in erroneous SCTs

Fraudulent originated credit transfer

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Identification:

AT-R3

Name:

The reason code for non-acceptance of the credit transfer

Description:

This code identifies the reason for the non-acceptance of the credit transfer

Value range:

The reasons for a Reject by the Originator Bank or the CSM are as follows:

Account identifier incorrect (i.e. invalid IBAN)

Bank identifier incorrect (i.e. invalid BIC)
Duplicate payment
File received after Cut-off Time
Operation/transaction code incorrect, invalid File format
Regulatory reason
Reason not specified
Beneficiary Bank not registered under this BIC in the CSM
Originator Bank not registered under this BIC in the CSM

The reasons for a Return by the Beneficiary Bank are as follows:

Account address invalid

Account blocked, reason not specified
Account closed
Account identifier invalid (i.e. invalid IBAN or account number does not exist)
Bank identifier incorrect (i.e. invalid BIC)
Beneficiary deceased
By order of the Beneficiary
Credit transfer forbidden on this type of account (e.g. savings account)
Duplicate payment
Operation/transaction code incorrect, invalid File format
Regulatory reason
Reason not specified

Identification:

AT-R4

Name:

The Settlement Date for the Return

Description:

The date on which the amount of the return is settled by the CSM

Identification:

AT-R5

Name:

The specific reference of the bank initiating the Reject/Return

Description:

This reference, determined by the bank that initiates the Reject or Return of the credit transfer
transaction, must be forwarded in the handling of the Reject/Return message to the Originator Bank and
optionally to the Originator. It must be specified in any request by the Originator or the Originator Bank
to the initiating party to obtain more information about the reasons for the Reject/Return

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Identification:

AT-R6

Name:

The Reason code for non-acceptance of the Recall

Description:

The codes defines the reason for non-acceptance of the Recall

Value range

Codes are:

Beneficiarys Refusal

Legal reasons

Account closed

Insufficient funds on the account

No response from Beneficiary

Original Credit Transfer never received

Already returned transaction

Identification:

AT-R7

Name:

The specific reference of the bank initiating the Recall

Description:

This reference is determined by the bank that initiates the Recall of the credit transfer transaction, must
be forwarded in the handling of the Recall message to the Beneficiary Bank and optionally to the
Beneficiary. It must be specified in any request by the Beneficiary or the Beneficiary Bank to the
initiating party to obtain more information about the reasons for the Recall

Identification:

AT-R8

Name:

The Settlement Date for the positive answer to the Recall

Description:

The date on which the returned amount is settled by the CSM

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5. RIGHTS AND OBLIGATIONS OF PARTICIPANTS

5.1

The Scheme
Participation in the SEPA Credit Transfer Scheme is on the basis of compliance with the
following guiding principles:
Scheme Participants from all countries in SEPA participate on the basis that the level
playing field principle is respected.
All adhering Scheme Participants shall comply with the SEPA Credit Transfer Scheme
Rulebook on the same basis as all other Participants.
Participants need to ensure that Regulation (EC) 1781/2006 of 15 November 2006 on
Information on the Payer accompanying Transfers of Funds and the provisions of Title III
and Title IV of the Payment Services Directive from November 2009 affecting credit
transfers enabled by the SEPA Credit Transfer Scheme are effectively represented in law
or substantially equivalent binding practice.

5.2

Compliance with the Rulebook

A Participant shall comply with:
the Rulebook, including amendments as and when they are made and properly
communicated to Participants
Credit Transfer Scheme Inter-Bank Implementation Guidelines
the Internal Rules, as set out in Annex II to this Rulebook
any validly made order or notice issued as part of the SEPA Scheme Management processes
under the Rulebook and the Internal Rules.
The parties to the Rulebook are the EPC and each Participant.
The Rulebook is a multilateral agreement comprising contracts between:
the EPC and each Participant; and
each Participant and every other Participant.
A person who is not a party to the Rulebook shall have no rights or obligations under the
Rulebook.
A Participant shall procure that its employees, its agents and the employees of its agents comply
with all applicable obligations under the Rulebook.

5.3

Reachability
Each Participant shall offer services relating to the Scheme in the capacity of both Originator
Bank and Beneficiary Bank.
Each Participant needs to determine how to achieve full reachability for the SEPA Credit
Transfer Scheme. There are several ways for Participants to send and receive euro payment
transactions to and from other Participants across SEPA.
A Participant can use the services of a CSM to assist in the provision of its services to
Beneficiaries and Originators.

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A Participant can use the services of an Intermediary Bank to perform any functions in relation
to an obligation arising under the Rulebook. The Participant shall ensure that its arrangements
with such Intermediary Bank are consistent with, and do not detract from, the requirements of
the Rulebook and the other documents listed at section 5.2.
Participants can choose any solution or a combination of solutions, as long as reachability and
compliance with the Scheme is effectively ensured. A Participant uses the services of a CSM
or Intermediary Bank at its own risk.
5.4

Eligibility for participation

In order to be eligible as a Participant, a Participant must at all times:
be active in the business of providing banking and/or payment services to customers,
including the provision of accounts used for the execution of payments, holding the Funds
needed for the execution of payments or making the Funds received following the execution
of payments available to customers
be either incorporated and licensed in a SEPA country or territory, or licensed by an
appropriate EEA regulatory body
be able to pay its debts as they fall due, and not be insolvent as defined in accordance with
any insolvency law applicable to the Participant
maintain a sufficient level of liquidity and capital in accordance with regulatory
requirements to which it is subject
be able to meet rating or other criteria set under the terms of the Scheme from time to time
for the purpose of establishing the Participants ability to meet its financial obligations
comply fully with applicable regulations in respect of money laundering, sanctions
restrictions and terrorist financing
participate, or be eligible to participate, directly or indirectly in one or more CSMs for the
purpose of providing access to the Scheme throughout SEPA
develop and effect operational and risk control measures appropriate to the business
undertaken by the Participant, such as the risk mitigation provisions set out in the Rulebook
and in Annex II to the Rulebook.
Applicants which fall within one of the following categories shall be deemed automatically to
be eligible under this section 5.4:
a credit institution which is authorised in accordance with Article 8 (1) of Directive
2013/36/EU by a state which is a member of the European Economic Area;
an undertaking which is listed in Article 2 of Directive 2006/48/EC; or
a bank which is authorised in accordance with Article 3 of the Federal Law on Banks and
Savings Banks of 8 November 1934 by the Swiss Financial Market Supervisory Authority
(FINMA).
A bank which is authorised by the Central Bank of San Marino in accordance with Article
7, Part I, Title II, of the Sammarinese Law No. 165 (approved on November 17th 2005) and
with Regulation No. 2007 of 2007.
Any references in the Rulebook to a "bank" or "banks" shall be construed as including any
undertaking or institution which is eligible under any of the categories listed above in this
section 5.4.

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An applicant which has been authorised as a payment institution under Article 10 of the
Payment Services Directive, or any other payment service provider listed in Article 1.1 of the
Payment Services Directive, shall be deemed automatically to have met the following eligibility
criteria:
be active in the business of providing banking and/or payment services to customers,
including the provision of accounts used for the execution of payments, holding the Funds
needed for the execution of payments or making the Funds received following the execution
of payments available to customers
be either incorporated and licensed in a SEPA country or territory or licensed by an
appropriate EEA regulatory body
maintain a sufficient level of liquidity and capital in accordance with regulatory
requirements to which it is subject
comply fully with applicable regulations in respect of money laundering, sanctions
restrictions and terrorist financing
develop and effect operational and risk control measures appropriate to the business
undertaken by the Participant.
Furthermore, an applicant which is the treasury of a sovereign state shall not be required to
establish:
that it is able to pay its debts as they fall due or that it is not insolvent; or
that it meets rating or other criteria set under the terms of the Scheme for the purpose of
establishing its ability to meet its financial obligations,
unless there are exceptional circumstances or the applicant is not the treasury of an EEA
member state or Switzerland. However, the CAC may request such an applicant to demonstrate
(in its legal opinion or otherwise) that it is the treasury of the state itself, and not the treasury of
an organ or entity under the control of the state
A Participant shall notify the Secretariat immediately of any matter that is material to the
Participant's eligibility as a Participant under this section 5.4. The Secretariat shall take
reasonable steps to bring such notifications to the attention of all other Participants and the
Scheme Management Board (SMB).

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5.5

Becoming a Participant
Any undertaking which is eligible under section 5.4 above may apply to become a Participant.
Applications shall be submitted to the EPC in accordance with its application procedures as set
out in the Internal Rules.
To apply to become a Participant, an undertaking shall submit to the EPC and executed and
original Adherence Agreement and submit Supporting Documentation to the EPC. A
Participant may appoint an agent to complete an Adherence Agreement on its behalf. If the
latter procedure is adopted the Participant undertakes all rights and obligations under the
Rulebook and the documents specified in section 5.2 above as if it had completed the Adherence
Agreement itself.
The EPC may require additional information from the applicant in support of its application.
An applicant becomes a Participant on an admission date specified by the EPC in accordance
with the Internal Rules. Names of applicants which will become Participants at a future date
may be pre-published, and a date designated and published when they will become Participants.
In consideration of the mutual obligations constituted by the Rulebook, an applicant agrees to
be bound by, becomes subject to and shall enjoy the benefits of, the Rulebook upon becoming
a Participant.
If the application to become a Participant is rejected, the applicant shall receive notice of such
in writing and be provided with a statement of the reasons for such rejection.
Upon receipt of such a written rejection, the applicant may appeal against the decision in
accordance with the Internal Rules.

5.6

Credit Transfer Scheme List of Participants

The Credit Transfer Scheme List of Participants shall be maintained in good and up-to-date
order and arrangements will be made for such list to be made available to Participants when
issued or updated.
Such list shall contain:
current contact details for each Participant for the purpose of enabling notices to be served
on Participants in accordance with the Rulebook;
the date on which each Participant attained Participant status;
details of undertakings which have been removed from the list, including the date of their
removal; and
such other information as is considered appropriate in the interests of the effective
management of the Scheme.
Any changes to contact details will be provided by Participants in accordance with the Scheme
management process.
By submitting an application to become a Participant, an undertaking consents to publication
of the details referred to in this section 5.6.

5.7

Obligations of an Originator Bank

In respect of each of its Originators, an Originator Bank shall:
ensure that Terms and Conditions exist governing the provision and use of services relating
to the Scheme;

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ensure that such Terms and Conditions are consistent with the Rulebook;
ensure that such Terms and Conditions make adequate provision for the Originator Bank's
succession (e.g. through merger or acquisition), in accordance with the Rulebook;
not restrict its Originators from obtaining similar services relating to the Scheme from any
other Originator Bank;
provide to the Beneficiary Bank the required payment information (as described in DS-02,
in Chapter 4) and the payment value in sufficient time and manner to allow the Beneficiary
Bank to comply with its obligations under the Rulebook;
identify the payment to the Beneficiary Bank as a payment made under the terms of the
Scheme;
treat any Credit Transfer Instruction not fulfilling the requirements of the Rulebook outside
the Scheme or decline to process such instruction;
provide Originators and prospective Originators with adequate information to understand
the Scheme proposition, its service level and in particular when the Beneficiary will receive
the Funds.
provide to Originators the means of initiating Credit Transfer Instructions and accepting the
applicable data and format requirements;
provide to Originators information on the Cut-off Time for the submission and execution
of Credit Transfer Instructions through each available channel;
ensure the authenticity and validity of the Originators instructions
validate each Credit Transfer Instruction, accept (subject to account status and the terms of
its agreement with the Originator) each valid Credit Transfer Instruction, and reject each
invalid Credit Transfer Instruction. For these purposes, validation includes checking the
plausibility of the IBAN of the Beneficiary and the validity of the Beneficiary Banks BIC;
provide an explanation to the Originator of the reason for rejecting any payment instruction
in a manner and within a timeframe as may be agreed with the Originator;
following acceptance of a Credit Transfer Instruction, debit the specified account of the
Originator, route the credit transfer to the specified Beneficiary Bank for credit of the
account of the Beneficiary identified in the Credit Transfer Instruction;
provide an explanation to the Originator and/or the Beneficiary Bank as to how a Credit
Transfer Instruction has been processed and provide to the Originator all reasonably
requested information in the event of a dispute;
ensure that all Credit Transfer Instructions comply with the standards set out in the Credit
Transfer Scheme Inter-Bank Implementation Guidelines;
effect exceptional processing (including all Rejects and Returns in relation to its
Originators' accounts) in accordance with the Rulebook.

It is a precondition to the Originator Bank's obligations in respect of a Credit Transfer

Instruction, that the Beneficiary has provided to the Originator the IBAN and BIC of the
Beneficiary's account to be credited. Furthermore, the Originator Bank has no obligations to
transmit data relating to the remittance unless this has been provided by the Originator.
An Originator Bank shall oblige each of its Originators, in relation to any Credit Transfer
Instruction which the Originator Bank accepts, in accordance with the relevant requirements
set out in the Rulebook, to:
provide the Originator Bank with sufficient information for the Originator Bank to make
the credit transfer in compliance with the Rulebook;
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5.8

supply the required payment data accurately, consistently, and completely.

Obligations of a Beneficiary Bank

In respect of each of its Beneficiaries, a Beneficiary Bank shall:
ensure that Terms and Conditions exist governing the provision and use of services relating
to the Scheme;
ensure that such Terms and Conditions are consistent with the Rulebook;
ensure that such Terms and Conditions make adequate provision for the Beneficiary Bank's
succession, in accordance with the Rulebook;
provide Beneficiaries with adequate information on the respective rights and obligations of
the Originator, Beneficiary, Originator Bank and Beneficiary Bank in relation to the
Scheme, and information about the service level offered and any charges that apply to the
service being performed;
apply the standards set out in the Credit Transfer Scheme Inter-Bank Implementation
Guidelines to the processing of its received payment instructions and to the provision of
information to its Customers.
effect all Returns in relation to its Beneficiaries' accounts, in accordance with the Rulebook;
receive the SEPA Credit Transfer from the Originator Bank and credit the account of the
Beneficiary identified by the IBAN in the Credit Transfer Instruction as the unique
identifier, provided that applicable regulations in relation to money laundering and terrorist
financing have been complied with;
validate the syntax of the Credit Transfer Instruction, accept it if it is in accordance with
the requirements of the Rulebook, and carry out a Return if it is invalid together with a
reason code;
credit the account of the Beneficiary with the full amount of the payment in accordance
with the time cycle defined in Chapter 4, or for a lesser amount subject to any agreement
with the Beneficiary under which the Beneficiary Bank may deduct its own fees from the
amount transferred before crediting the Beneficiary's account;
in the event of a dispute, provide to the Originator Bank an explanation as to how a Credit
Transfer Instruction has been processed and any further information reasonably requested;
provide to the Beneficiary the IBAN and BIC relating to his account.

5.9
5.9.1

Limitation of Liability
Compensation for Breach of the Rulebook

A Participant who is party to a SEPA Credit Transfer shall be liable to the other Participant
who is also party to that SEPA Credit Transfer for all foreseeable losses, costs, damages and
expenses (including reasonable legal fees), taxes and liabilities for any claims, demands or
actions (each referred to as a "Loss"), where the Loss arises out of or in connection with:
1. any breach of the Rulebook relating to the SEPA Credit Transfer by the relevant
Participant, its employees or agents;
2. any negligent act or omission of the relevant Participant, its employees or agents relating
to the SEPA Credit Transfer insofar as relevant to the operation of the Scheme;
3. any operational failure of the relevant Participant, its employees or agents relating to the
SEPA Credit Transfer insofar as relevant to the operation of the Scheme.
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5.9.2

Limits on Liability

A Participant's liability under the Rulebook is limited as follows:

5.9.3

The maximum amount which may be claimed in respect of a Loss is the amount of
the SEPA Credit Transfer.
The cap on liability applies even if there has been gross negligence by the liable
Participant, its employees or agents.
The cap on liability does not apply in the event of wilful intent by the liable
Participant, or by the Participant's employees or agents.
The maximum amount which may be claimed in respect of a Loss is subject to
proportionate reduction in the case of contributory negligence of the Participant
making the claim, its employees or its agents.
A Loss which results from action taken to limit or manage risk shall not be claimed.
A Loss can be regarded as foreseeable only if it is regularly experienced by
Participants active in making cross border payments to SEPA countries.

Force majeure

Further, a Participant shall not be liable for any failure, hindrance or delay in performance in
whole or in part of its obligations under the Rulebook if such failure, hindrance or delay
arises out of circumstances beyond its control. Such circumstances may include, but are not
limited to, acts of God, criminal action, fire, flood and unavailability of energy supplies.
5.10 Liability of the EPC
The EPC, its agents, employees or the employees of its agents shall not be liable for anything
done or omitted in the exercise of any discretion under the Rulebook unless it is shown that the
act or omission was effected in bad faith.
The EPC, its agents, its employees and the employees of its agents shall not be liable for any
losses which are not foreseeable.
5.11 Termination
A Participant may terminate its status as a Participant by giving no less than six months' prior
written notice to the CAC , such notice to take effect on a designated day (for which purpose
such a day will be designated at least one day for each month). As soon as reasonably
practicable after receipt of such notice, it or a summary shall be published to all other
Participants in an appropriate manner.
Notwithstanding the previous paragraph, upon receipt of the participants notice of termination
by the CAC, the Participant and the CAC may mutually agree for the termination to take effect
on any day prior to the relevant designated day.
A former Participant shall continue to be subject to the Rulebook in respect of all activities
which were conducted prior to termination of its status as a Participant and which were subject
to the Rulebook, until the date on which all obligations to which it was subject under the
Rulebook prior to termination have been satisfied.

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Upon termination of its status as a Participant, an undertaking shall not incur any new
obligations under the Rulebook. Further, upon such termination, the remaining Participants
shall not incur any new obligations under the Rulebook in respect of such undertaking's prior
status as a Participant. In particular, no new SEPA Credit Transfer obligations may be incurred
by the former Participant or in favour of the former Participant.
The effective date of termination of a Participant's status as a Participant is (where the
Participant has given notice in accordance with the first paragraph of section 5.11) the effective
date of such notice, or (in any other case) the date on which the Participant's name is deleted
from the Credit Transfer Scheme List of Participants, and as of that date the Participant's rights
and obligations under the Rulebook shall cease to have effect except as stated in this section
5.11.
This section, sections 5.9, 5.10, 5.12 and Annex II of the Rulebook shall continue to be
enforceable against a Participant, notwithstanding termination of such Participants status as a
Participant.
5.12 Intellectual Property
The Participants acknowledge that any copyright in the Rulebook belongs to the EPC. The
Participants shall not assert contrary claims, or deal with the Rulebook in a manner that
infringes or is likely to infringe the copyright held by the EPC in the Rulebook.
5.13 Contractual provisions
The Rulebook contains legal obligations which are binding on the Participants and which are
enforceable against a Participant by the EPC or another Participant. The whole Rulebook is
intended to have legal effect. In the event of any inconsistency between the provisions of the
Rulebook, the provisions of this Chapter 5 shall prevail. Subject to the prevalence of provisions
in this Chapter 5, the provisions of Chapter 4 shall prevail over any other provision in the
Rulebook.
In the event of an inconsistency between the provisions of the Rulebook and any other
agreement or convention between the Participants and the EPC in relation to the subject matter
of this Rulebook, the provisions of this Rulebook shall prevail.
The terms of each agreement governing the provision and use of services relating to the Scheme
between respectively the Originator and Originator Bank and the Beneficiary and Beneficiary
Bank shall continue for the benefit of the successors and permitted assignees of any relevant
party.
Any reference in the Rulebook to statutes or statutory instruments shall be to such statutes or
statutory instruments as amended or replaced from time to time.
Every document that is required to be provided under the Rulebook shall be provided in the
English language.
Any reference in the Rulebook to a person or an undertaking (howsoever described) shall
include its successors.
Headings in the Rulebook are used for ease of reference only.
The Rulebook is governed by, and shall be construed in accordance with, Belgian law.
The Rulebook is drawn up in the English language. If the Rulebook is translated into any other
language, the English language text prevails.
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5.14 Application of the EU legislation between Participants

Each Participant that is not subject to the Payment Services Directive under its national law
shall vis--vis other Participants and vis--vis its Customers and to the extent permitted by the
national law applicable to such Participant, comply with and perform obligations that are
substantially equivalent to those provisions in Title III and IV of the Payment Services Directive
which are relevant for SEPA Credit Transfers.
Further, each Participant (whether or not subject to the Payment Services Directive) shall
refrain, to the extent reasonably possible, from exercising any rights accorded to it under its
national law vis--vis other Participants and vis--vis its Customers that either conflict or that
could potentially conflict with the provisions in Title III and IV of the Payment Services
Directive.
The obligations of each Participant (whether or not subject to the Payment Services Directive)
under the Rulebook shall apply notwithstanding that the Payment Services Directive is limited
in its geographical scope (art.2 Payment Service Directive).
The above principles apply mutatis mutandis to each Participant with respect to the provisions
of Article 5 and the Annex of the SEPA Regulation.

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6. SEPA SCHEME MANAGEMENT

The Scheme Management Entity is EPC AISBL acting in accordance with the EPC Charter.
SEPA Scheme Management comprises two functions. The first function involves managing the
development and evolution of the Scheme and the second function involves the administration of
the Scheme and the process of ensuring compliance with its rules. The detailed rules that describe
the operation of these functions are set out in the Internal Rules of SEPA Scheme Management at
Annex II of the Rulebook.
6.1

Development and Evolution

The development and evolution function of SEPA Scheme Management establishes formal
change management procedures for the Scheme. The change management procedures aim to
ensure that the Scheme is kept relevant for its users and up-to-date, with structured processes
for initiating and implementing changes to the Scheme, the Rulebook and related
documentation. An important component of change management is the innovation of ideas for
enhancing the quality of the existing Scheme as well for developing new schemes, based always
on sound business cases.
The development of change proposals is to be carried out through clear, transparent and
structured channels, which take into account the views of Scheme Participants, SEPA service
suppliers, end-users as well as other concerned groups.
The development and evolution function shall be performed by the SMB, supported by the
Scheme Evolution and Maintenance Working Group ("SEM WG") or by such other working
and support group as the SMB may designate. The SMB and the SEM WG shall perform the
development and evolution function in accordance with the procedures set out in the Internal
Rules.

6.2

Administration and Compliance

The administration and compliance function of SEPA Scheme Management establishes rules
and procedures for administering the adherence process for the Scheme, for addressing cases
of claimed non-compliance by Participants with the rules of the Scheme and for addressing
situations where Participants are unable to resolve their grievances through local, national
dispute resolution methods.
In addition, the Internal Rules provide for an appeals process on decisions taken by the CAC
on adherence and complaints matters. The appeals function is delegated by the EPC Charter and the
Internal Rules to the Appeals Committee.

The administration and compliance function aims to ensure that the Schemes are administered
fairly and transparently at every stage in accordance with the Rulebook and general principles
of applicable law.
The administration and compliance function shall be performed by the SMB and the CAC as
set out in detail in the Internal Rules.
The roles, rights and powers of the SMB, the CAC and the Appeals Committee are set out in
detail in the Internal Rules and in the EPC Charter.
The SMB, the CAC and the Appeals Committee are supported by a common EPC Secretariat
in the exercise of their SEPA Scheme Management functions.

EPC125-05 SEPA Credit Transfer Scheme Rulebook Version 8.1

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The parties to this Rulebook are the EPC and each Participant. The SMB, the CAC and the
Appeals Committee are established by the EPC in accordance with the EPC Charter and the
Internal Rules as organs of the EPC. In this Rulebook, references to the rights, obligations and
entitlements of the SMB, the CAC and the Appeals Committee may be read as references to the
rights, obligations and entitlements of the EPC.
The Internal Rules form part of this Rulebook and may only be amended in accordance with
the procedures set out in section 3 of the Internal Rules.
The Internal Rules shall be binding on Participants in accordance with section 1.4 and 5.2 of
the Rulebook.

EPC125-05 SEPA Credit Transfer Scheme Rulebook Version 8.1

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7. DEFINED TERMS IN THE RULEBOOK

Term

Definition

Acceptance Date

As defined in section 4.2.1 of the Rulebook.

Additional
Optional Services

Complementary features and services based on the Scheme, as

described in Chapter 2.3 of the Rulebook.

Adherence
Agreement

The agreement to be completed as part of the process by which

an entity applies to become a Participant. The agreement is found
as Annex I of the Rulebook.

AOS

See Additional Optional Services

Appeals
Committee

EPC committee that performs the appeals function of SEPA

Scheme Management as defined in the Internal Rules.

Banking Business
Day

Banking Business Day means, in relation to a Participant, a day

on which that Participant is open for business, as required for the
execution of a SEPA Credit Transfer.

Beneficiary

See section 3.1

Beneficiary Bank

See section 3.1

Beneficiary
Reference Party

See section 4.6.1 AT-28

BIC

See Business Identifier Code

Bulk Payment

See section 4.5.1

Business Identifier An 8 or 11 character ISO code assigned by SWIFT and used to

identify a financial institution in financial transactions.
Code (BIC)
Calendar Day

A Calendar Day means any day of the year

Category purpose
of the credit
transfer

See section 4.6.1

Clearing

The process of transmitting, reconciling and, in some cases,

confirming payment orders prior to Settlement, possibly
including the netting of instructions and the establishment of
final positions for Settlement.

Compliance and
Adherence
Committee or
CAC

EPC committee that performs the compliance functions of SEPA

Scheme Management.

EPC125-05 SEPA Credit Transfer Scheme Rulebook Version 8.1

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Term

Definition

CSM

A Clearing and Settlement Mechanism. For more info see

section 3.1.

Credit Transfer
Instruction

An instruction given by an Originator to an Originator Bank

requesting the execution of a credit transfer transaction,
comprising such information as is necessary for the execution the
credit transfer.

Credit Transfer
Transaction

An instruction executed by an Originator Bank by forwarding the

Transaction to a CSM for forwarding the Transaction to the
Beneficiary Bank

Credit Transfer
Scheme List of
Participants

The list of Participants published by the EPC under Chapter 5

and the Internal Rules.

Customer

Non-bank Originator or Beneficiary

Customer Account The account held by a Customer in the books of a Participant

Cut-off Time

The Rulebook defines time cycles expressed in the time-unit

day. More detailed time limits expressed in hours-minutes
must be specified by all Participants and CSMs, for operating the
Scheme.

See section 4.2.1

EBA

Euro Banking Association

ECSA

A European Credit Sector Association

EPC

The European Payments Council

EPC Charter

The Charter of the European Payments Council dated 18 June

2004, as amended from time to time.

The European Union

File

An electronic envelope containing a number of transactions that

allows the receiver of the File to control its integrity. A File may
contain a single transaction, or several single transactions, or
groups of transactions.

Funds

In relation to a payment transaction shall mean cash, scriptural

money and electronic money as defined in Directive 2000/46/EC

IBAN

International Bank Account Number (IBAN): uniquely identifies

an individual account at a specific financial institution in a
particular country (ISO 13616).

EPC125-05 SEPA Credit Transfer Scheme Rulebook Version 8.1

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Term

Definition

Intermediary
Bank

As described in clause 3.4, a bank which is neither that of the

Originator nor that of the Beneficiary and which participates in
the execution of a credit transfer.

Internal Rules

The Scheme Management Internal Rules, as set out in Annex II

of the Rulebook, and as amended from time to time.

Loss

Shall have the meaning given in section 5.9 of the Rulebook.

Original Amount

Original ordered amount for a credit transfer as specified by the

ordering Customer to the ordering bank.

Originator

See section 3.1

Originator Bank

See section 3.1

Originator
Reference Party

See section 4.6.1 AT-08

Participant

An entity accepted to be a part of the Scheme in accordance with

section 5.4 of the Rulebook.

Payment Services
Directive

Directive 2007/64/EC on Payment Services in the Internal

market published in the Official Journal of the European Union
on 5 December 2007 (PSD).

Purpose of the
credit transfer

See section 4.6.1

Reachability

Reachability is the concept that all payment accounts in SEPA

are accessible for the receiving of payments in the Scheme

Recalls

See section 4.4

Rejects

See section 4.4

Remittance
Information

Information supplied by the Originator in the credit transfer

transaction and transmitted to the Beneficiary in order to
facilitate the payment reconciliation.

Requested
Execution Date

This date corresponds to a date requested by an Originator for

commencing the execution of the Credit Transfer Instruction in
accordance with section 4.2.1 of the Rulebook.

Returns

See section 4.4

Rulebook

The SEPA Credit Transfer Rulebook, as amended from time to

time.

EPC125-05 SEPA Credit Transfer Scheme Rulebook Version 8.1

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Term

Definition

Scheme

The SEPA Credit Transfer Scheme, as described in the

Rulebook.

Scheme
Management
Board, or SMB

The EPC body that is responsible for performing the SEPA

Scheme Management Functions as defined in the Internal Rules.

SEPA

SEPA Credit
Transfer

SEPA Credit
Transfer Scheme
C2B
Implementation
Guidelines

SEPA is the area where citizens, companies and other economic

actors will be able to make and receive payments in euro,
within all the EU Member States, whether between or within
national boundaries under the same basic conditions, rights and
obligations, regardless of their location. For the geographical
scope, see (Reference [14].
The SEPA Credit Transfer is the payment instrument governed
by the rules of the SEPA Credit Transfer Scheme for making
credit transfer payments in euro throughout the SEPA from bank
accounts to other bank accounts.
The SEPA Credit Transfer Scheme C2B Implementation
Guidelines set out the rules for implementing the credit transfer
ISO 20022 XML standards in the Customer to Bank space,
constitute an optional supplement to the Rulebook, described
with reference [14] in the Rulebook.

SEPA Credit
Transfer Scheme
Inter-Bank
Implementation
Guidelines

The SEPA Credit Transfer Scheme Inter-Bank Implementation

Guidelines set out the rules for implementing the credit transfer
ISO 20022 XML standards in the interbank space, constitute a
binding supplement to the Rulebook, described with reference
[1] in the Rulebook.

SEPA Core Direct

Debit Scheme

The SEPA Core Direct Debit Scheme is the payments scheme for
making direct debits across SEPA, as set out in the SEPA Core
Direct Debit Scheme Rulebook.

SEPA Core Direct

Debit Scheme
Rulebook

The Rulebook setting out rules and business standards for the
SEPA Core Direct Debit Scheme.

SEPA Regulation

Regulation (EU) 260/2012 establishing technical and business

requirements for credit transfers and direct debits in euro and
amending Regulation (EC) No 924/2009 (the SEPA
Regulation)

SEPA Scheme

A SEPA payment scheme is a common set of business rules,

practices and standards for the provision and operation of a SEPA
payment instrument agreed at interbank level in a competitive
environment.

EPC125-05 SEPA Credit Transfer Scheme Rulebook Version 8.1

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Term

Definition

SEPA Scheme
Management

SEPA Scheme Management denotes the administration,

compliance and development functions in relation to a SEPA
Scheme.

Settlement

An act that discharges obligations with respect to the transfer of

Funds between Originator Bank and Beneficiary Bank.

Settlement Date

The date on which obligations with respect to funds transfer

between Originator Bank and Beneficiary Bank are discharged.

Share or SHA

The share principle means that the Originator and Beneficiary are
charged separately and individually by the Originator Bank and
Beneficiary Bank respectively. The basis and level of charges to
Customers are entirely a matter for individual Participants.

STP

Straight-through Processing which is a prerequisite for cost

efficient handling of credit transfers.

Supporting
Documentation

A legal opinion in the form set out on the website of the EPC,
duly executed by the undertaking's internal or external counsel in
accordance with the Internal Rules.

Terms and
Conditions

The general Terms and Conditions that a bank has with its
Customers (and which may contain dispositions about their
rights and obligations related to SEPA Credit Transfers. These
dispositions may also be included in a specific agreement, at the
Participants choice).

Time Cycle

This describes the time constraints of a process in terms of days

per key process step.

Unresolved Issue

Any dispute in relation to the Rulebook.

EPC125-05 SEPA Credit Transfer Scheme Rulebook Version 8.1

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Annex I

SEPA Credit Transfer Adherence Agreement

Annex I to SEPA Credit Transfer Scheme Rulebook Version 8.1

Page 1 4 March 2015

SEPA Credit Transfer Adherence Agreement

To:

The European Payments Council (the EPC)

From:

Name of Applicant[s]*:
[As set out in the list annexed to this Adherence Agreement]*
-----------------------------------------------------------------------([each]* an Applicant)

*Please include the text in square brackets if this Adherence Agreement covers more than one entity.

PREAMBLE
(A)

The SEPA Credit Transfer Scheme (the Scheme) is a pan-European Credit Transfer Scheme that
operates in all SEPA countries as listed in the SEPA Country List.

(B)

The EPC oversees the operation of the Scheme in accordance with the terms and conditions set out in
the SEPA Credit Transfer Scheme Rulebook (the Rulebook).

(C)

The Rulebook sets out the rights and obligations of all institutions bound by its terms (the
Participants), and the EPC and binds each Participant to comply with their obligations to the EPC
and to all other Participants pursuant to the rules set out therein.

(D)

The EPC, acting on its behalf and on behalf of all Participants, will notify the Applicant of the date
following the Readiness Date on which this Adherence Agreement becomes effective (the Effective
Date) as between the Applicant, the EPC and other Participants.

(E)

As of the Effective Date the Applicant shall become a Participant and be bound to all the obligations,
and entitled to all the benefits, set out in the Rulebook.

IT IS HEREBY AGREED AS FOLLOWS:1. The Applicant hereby undertakes to all Participants and to the EPC to perform the obligations
imposed by and to comply with the provisions of the Rulebook, as modified from time to time,
with effect from the Effective Date.
2. The Applicant makes the following representations and warranties:
2.1

The Applicant has the power and authority to enter into and has taken all corporate action to
authorise its entry into the Scheme and to perform the obligations and comply with the
provisions of the Rulebook.

2.2

The signatories of the Applicant [and the agent signing on behalf of the Applicant] have all
necessary corporate authorisations and the power and authority to bind the Applicant to the
Rulebook.

Annex I to SEPA Credit Transfer Scheme Rulebook Version 8.1

Page 2 4 March 2015

2.3

The Applicant shall ensure that it satisfies and will at all times during its participation in the
Scheme satisfy the eligibility criteria for participation in the Scheme as set out in the
Rulebook. If at any time, the Applicant has reason to believe that it no longer satisfies such
criteria, or may be unable to satisfy such criteria, it shall notify the EPC immediately of the
circumstances.

2.4

The Applicant is in a position to comply with all of the obligations set out in the Rulebook by
the Readiness Date as stated in the accompanying Schedule.

3. By submitting this completed form of Adherence Agreement the Applicant agrees to be bound
by the provisions of the EPC's Internal Rules governing applications for participation in the
Scheme, whether or not it becomes a Participant.
4. Any communication, including service of process, to be made with the Applicant under or in
connection with the Rulebook shall be made in writing and addressed to the Applicant at the
address set out above.
5. The Applicant consents to the publication of its name and basic details of its adherence
application on the public website of the EPC.
6. This Agreement is governed by Belgian law.
FOR AND ON BEHALF OF THE APPLICANT
Signed by (1)

By (2) (if necessary)

------------------------------------------------------

Name/Position -----------------------------------

Date of signature --------------------------------

Where this Adherence Agreement was signed by two signatories on different dates, it shall be
considered as being dated the later date.

Annex I to SEPA Credit Transfer Scheme Rulebook Version 8.1

Page 3 4 March 2015

SCHEDULE
Information to the Adherence Agreement for adherence to the
SEPA Credit Transfer Scheme
(F)

The Applicant must supply the information requested in this Schedule in support of its application to
adhere to the Scheme. A failure to supply this information may result in a rejection of the application
or a delay in processing it. The following information must be included in the Schedule:

BIC8 or BIC11

Name of Applicant

Street Address

Post Code

City

Country

Generic E-mail

E-mail and phone number of contact person handling Applicant's Adherence Pack in-house

Name of chosen NASO organisation

Readiness Date

(G)

Templates to be used for providing the Schedule information (Excel or Word) can be downloaded
from the EPC website at www.europeanpaymentscouncil.eu. It is strongly recommended that
Applicants provide the Schedule information as an Excel File.

(H)

The information supplied above shall be recorded on the EPCs Register of Participants for the SEPA
Credit Transfer Scheme.

(I)

The Applicant understands that any information on the Applicant's name, registered office address,
Reference BIC and Readiness Date supplied in the Schedule shall be published in the relevant EPC
Register of Participants on the public website of the EPC and may be made generally available for
download by the EPC.

(J)

The Applicant understands that any other information supplied in the Schedule shall be available only
to the EPC or to any National Adherence Support Organisation ("NASO") that has been chosen by the
Applicant to assist in the completion of this application, as specified in section (F), and will not be
disclosed to any other body.

Annex I to SEPA Credit Transfer Scheme Rulebook Version 8.1

Page 4 4 March 2015

Annex II SEPA Scheme Management Internal Rules

Annex II to SEPA Credit Transfer Scheme Rulebook Version 8.1

Page 1 4 March 2015

EPC207-14
Version 1.0
Date issued: 4 March 2015
Date effective: 3 April 2015
(Replacing EPC027-07)

SEPA SCHEME MANAGEMENT

INTERNAL RULES
(Approved by Board)

Abstract

This document contains descriptions of the internal organisation,

structure, rules, and processes that make up Scheme Management
of the SEPA Credit Transfer and Direct Debit Schemes. Such
processes cover Scheme maintenance, administration and
compliance, and change management, including structured
dialogue with stakeholders

Reason for Issue

To replace the existing SEPA Scheme Management Internal Rules

(EPC027-07) in the context of the New EPC.

Conseil Europen des Paiements AISBL - Cours St Michel 30 - B-1040 Brussels

Tel: +32 2 733 35 33 - Fax: +32 2 736 49 88
Enterprise N 0873.268.927 - www.epc-cep.eu - secretariat@epc-cep.eu
2014 Copyright European Payments Council (EPC) AISBL:
Subject to EPCs prior written approval, reproduction for non-commercial purposes is authorised, with
acknowledgement of the source.

TABLE OF CONTENTS
SEPA SCHEME MANAGEMENT ............................................................................................................................... 1
INTERNAL RULES ....................................................................................................................................................... 1
TABLE OF CONTENTS ............................................................................................................................................... 2
0

DOCUMENT INFORMATION .......................................................................................................................... 5

0.1
0.2

INTRODUCTION ................................................................................................................................................. 6
1.1
1.2
1.3
1.4

THE EUROPEAN PAYMENTS COUNCIL ("EPC") ................................................................................................... 6

SEPA AND THE SEPA SCHEMES ......................................................................................................................... 7
SEPA SCHEME MANAGEMENT............................................................................................................................ 8
FEES .................................................................................................................................................................... 9

SCHEME MANAGEMENT ROLES AND RESPONSIBILITIES ................................................................ 10

2.1
2.2

REFERENCES ....................................................................................................................................................... 5
PURPOSE OF DOCUMENT ..................................................................................................................................... 5

ROLE OF THE SCHEME MANAGEMENT BOARD .................................................................................................. 10

ROLE OF THE SCHEME PARTICIPANTS ASSEMBLY ............................................................................................. 10

SCHEME MANAGEMENT BOARD ............................................................................................................... 11

3.1.1
Composition of the SMB ......................................................................................................................... 11
3.1.2
Duration of Appointment ........................................................................................................................ 11
3.1.3
Termination of Appointment by decision of the EPC Board ................................................................... 11
3.1.4
Criteria for Membership (Scheme Participant representative member) ................................................. 12
3.1.5
Criteria for Membership (Independent Member).................................................................................... 12
3.1.6
Criteria for Membership (Chair) ............................................................................................................ 12
3.1.7
Duties of SMB Members ......................................................................................................................... 12
3.1.8
EPC Board Role in Policy of SMB .......................................................................................................... 13
3.1.9
Meetings of the SMB ............................................................................................................................... 13
3.1.10 Quorum ................................................................................................................................................... 14
3.1.11 Voting ...................................................................................................................................................... 14
3.1.12 Nominating Process ................................................................................................................................ 14
3.1.13 Role of the Secretariat............................................................................................................................. 15
3.1.14 Information Service ................................................................................................................................. 15
3.1.15 Additional Optional Services ("AOS") .................................................................................................... 15
3.1.16 Expenses.................................................................................................................................................. 15
3.1.17 Record Keeping....................................................................................................................................... 15
3.2 DEFINITION OF ADMINISTRATION AND COMPLIANCE ROLES............................................................................. 16
3.2.1
Role of the Compliance and Adherence Committee ................................................................................ 16
3.2.2
Role of the Appeals Committee ............................................................................................................... 17
3.2.3
Rules for Adherence ................................................................................................................................ 18
3.2.3.1 Rules for Adherence by an Entity in a Group/Decentralised Structure..................................................... 18
3.2.3.2 Rules for Signing the Adherence Agreement ............................................................................................. 18
3.2.3.3 National Adherence Support Organisation ("NASO") .............................................................................. 19
3.2.3.4 Becoming a Participant ............................................................................................................................. 19
3.2.3.5 Register of Participants ............................................................................................................................. 20
3.2.3.6 Unsuccessful Applications ......................................................................................................................... 20
3.2.3.7 Appeals ...................................................................................................................................................... 20
3.3 CONCILIATION UNDERTAKEN BY THE CAC ...................................................................................................... 21
3.3.1
CAC Role in Conciliation ....................................................................................................................... 21
3.3.2
Application for Conciliation ................................................................................................................... 21
3.3.3
Conciliation Proceedings........................................................................................................................ 22
3.3.4
Conciliation Involving the EPC .............................................................................................................. 22
3.3.5
Report of Conciliators............................................................................................................................. 22
3.3.6
Costs........................................................................................................................................................ 22
3.3.7
Further Steps - Arbitration v Litigation .................................................................................................. 23
3.4 COMPLAINTS SUBMITTED TO THE CAC ............................................................................................................. 23

EPC207-14 EPC SMIRs v1.0 Approved - March 2015

Page 2

3.4.1
Role of CAC in Complaints ..................................................................................................................... 23
3.4.2
Key Principles ......................................................................................................................................... 24
3.4.3
Investigation of Complaints .................................................................................................................... 24
3.4.4
Evaluation of Complaint ......................................................................................................................... 25
3.4.5
Sanctions ................................................................................................................................................. 25
3.4.6
Emergency Injunction Procedure ........................................................................................................... 28
3.4.7
Appeals Arising from Complaints ........................................................................................................... 28
3.4.8
Timing of Sanctions................................................................................................................................. 28
3.4.9
Eligibility, Merger and Acquisition of a Participant .............................................................................. 28
3.4.10 Costs........................................................................................................................................................ 29
3.5 APPEALS............................................................................................................................................................ 29
3.5.1
Introduction to the Appeals Process ....................................................................................................... 29
3.5.2
Key Principles ......................................................................................................................................... 30
3.5.3
Submission of Appeals Notice ................................................................................................................. 30
3.5.4
Meeting ................................................................................................................................................... 30
3.5.5
Costs........................................................................................................................................................ 31
3.5.6
Further Steps........................................................................................................................................... 31
4

MAINTENANCE AND EVOLUTION ............................................................................................................. 32

4.1 CHANGE MANAGEMENT PROCESSES ................................................................................................................. 32
4.1.1
Change Management - Guiding Principles ............................................................................................. 32
4.1.2
Change Management - Terminology....................................................................................................... 32
4.1.3
Role of SMB and Scheme Evolution and Maintenance Working Group ................................................. 33
4.1.4
Sending a Suggestion to the Secretariat .................................................................................................. 33
4.1.5
Acknowledgement of Receipt of Suggestion ............................................................................................ 34
4.1.6
Consideration of a Suggestion ................................................................................................................ 34
4.1.7
Acknowledgement of Acceptance or Rejection of Suggestion to Initiator ............................................... 35
4.2 PROCESS FOR SUBMITTING MAJOR RULEBOOK CHANGES ................................................................................. 35
4.2.1
Preparation and Development of Change Request by SEMWG ............................................................. 35
4.2.2
Dialogue with the Initiator ...................................................................................................................... 35
4.2.3
Consultation on Change Request ............................................................................................................ 35
4.2.4
Feedback from National Consultation .................................................................................................... 36
4.2.5
Preparation of Change Proposal and the Change Proposal Submission Document .............................. 36
4.2.6
Submission of Change Proposal to the SMB........................................................................................... 37
4.2.7
Publication .............................................................................................................................................. 37
4.2.8
Change Release Process and Cycle ........................................................................................................ 37
4.2.9
Change for Regulatory Reasons.............................................................................................................. 37
4.3 PROCESS FOR SUBMITTING MINOR RULEBOOK CHANGES ................................................................................. 38
4.3.1
Preparation of List of Minor Changes .................................................................................................... 38
4.3.2
Publication of List of Minor Changes ..................................................................................................... 38
4.3.3
Re-classification of a Minor Change ...................................................................................................... 38
4.3.4
Submission of List of Minor Changes to the SMB ................................................................................... 38
4.3.5
Publication .............................................................................................................................................. 38
4.3.6
Change Release Process and Cycle ........................................................................................................ 38
4.4 STAKEHOLDER FORUMS .................................................................................................................................... 39

APPENDIX 1 - COST-BENEFIT ANALYSIS ................................................................................................. 41

5.1.1
5.1.2
5.1.3

Cost Benefit Analysis ("CBA") - Introduction ......................................................................................... 41

CBA - Analytical Parameters .................................................................................................................. 41
CBA - Results .......................................................................................................................................... 41

APPENDIX 2 - CONFLICTS OF INTEREST ................................................................................................. 43

6.1 RULES FOR MANAGING CONFLICTS OF INTEREST.............................................................................................. 43
6.1.1
General Principles .................................................................................................................................. 43
6.1.2
Record Keeping....................................................................................................................................... 43
6.1.3
Field of Application ................................................................................................................................ 43

APPENDIX 3 - SCHEME MANAGEMENT COST ALLOCATION ............................................................ 44

7.1

SCHEME PARTICIPATION FEE ............................................................................................................................. 44

EPC207-14 EPC SMIRs v1.0 Approved - March 2015

Page 3

7.2
7.3
7.4
8

MAIN COST TYPES IN A DISPUTE RESOLUTION PROCEDURE ................................................................................ 44

RATIONALE FOR DISPUTE RESOLUTION COST RECOVERY MECHANISM ............................................................... 44
LEVEL OF THE NON-REFUNDABLE ADMINISTRATIVE FEE FOR DISPUTE RESOLUTION.......................................... 45

TERMS DEFINED IN THE INTERNAL RULES ........................................................................................... 46

EPC207-14 EPC SMIRs v1.0 Approved - March 2015

Page 4

0
0.1

DOCUMENT INFORMATION
References
This section lists documents referred to in this document. The convention used throughout is to provide
the reference number only, in square brackets.
Document Number

0.2

Title

Issued by:

[1]

PRES-EPC109-04-V2.1

Realisation of the Single Euro Payments Area

Roadmap 2004 2010

The EPC offers one focal point and voice for the Payment Service Providers sector on all European
payment issues, driven by a single vision.
The EPC shall, among other things, be responsible for the performance of functions relating to
Scheme Management, as set out in these Scheme Management Internal Rules. The EPC is the owner
and manager of various payment Schemes.
The EPC is not a market infrastructure. The international non-profit association (in French:
association internationale sans but lucratif / in Dutch: internationale vereniging zonder
winstoogmerk) named Conseil Europen des Paiements in French, abbreviated CEP and
European Payments Council in English, abbreviated EPC (hereafter: "EPC) is governed by the
provisions of Title III of the law of 27 June 1921 of the Kingdom of Belgium on non-profit
associations, international non-profit associations and foundations.
Organisation of the EPC
This section sets out an overview of the organisational structure of the EPC, as described in detail in
the EPC Charter.
The EPC Board has the powers necessary to accomplish the purpose of the EPC, except for the powers
that are specifically granted to other bodies of the EPC by law or the Charter.
The EPC Board is supported by the following bodies in the exercise of its functions:

the EPC Secretariat (the Secretariat) performs administrative and secretarial functions in
relation to the management of the SEPA Schemes as well as providing technical and coordination support to the working and support groups and to the Scheme Management
Governance Bodies as required. The Secretariat is further responsible for managing an
information service on SEPA Schemes.

The Scheme Management Board (SMB) is responsible, under the delegated authority granted
by the EPC Board, for performing the functions of management and evolution of the SEPA
Schemes.

The Scheme Participants Assembly is composed of all Scheme Participants or their

representatives, gathering via electronic means. It receives regular information from the Scheme
Management Board about its activity. The Scheme Participants Assembly endorses the
nomination of candidates for the Scheme Participant seats on the Scheme Management Board.

EPC207-14 EPC SMIRs v1.0 Approved - March 2015

Page 6

The administration and compliance functions of Scheme Management are the responsibility of
the Compliance and Adherence Committee (CAC).

These Internal Rules set out the appeals process against decisions of the Compliance and
Adherence Committee. The Scheme Management appeals function is entrusted to the Appeals
Committee.

The Scheme Management Board, the Compliance and Adherence Committee and the Appeals
Committee are the Scheme Management Governance Bodies of the EPC. These Scheme
Management Governance Bodies are bodies with decision-making power. This power may only
be exercised in relation to the specific functions of Scheme Management for which such body is
responsible pursuant to these Internal Rules.

The Nominating and Governance Committee (NGC) is charged with making recommendations
to the EPC General Assembly, the EPC Board and the SMB on potential candidates for positions
in the various EPC bodies in accordance with the EPC Charter.

The Certification Authority Supervisory Board (CASB) is responsible for governing the EPC
Approved Certification Authorities (CAs) in support of the e-Mandates optional feature for
SEPA Direct Debit. EPC will allow any established CA which has been approved by the EPC
following the dedicated approval process for e-Mandate Service CAs (as specified in document
EPC292-09) to provide certificates to the market. The CASB has been established in September
2010.

By derogation of the stipulations of the present Internal Rules, the initial composition of the
aforementioned bodies will be decided upon by the EPC Plenary in December 2014.
1.2

SEPA and the SEPA Schemes

SEPA
The Single Euro Payments Area (SEPA) is the area where citizens, companies and other economic
participants can make and receive payments in euro, within Europe, whether within or across national
boundaries under the same basic conditions, rights and obligations, regardless of their location. The
aim of SEPA therefore is to create a single market for making payments, where cross border payments
can be made on the same terms and conditions as national payments. SEPA is driven by the European
Commission and the European Central Bank, amongst others, as a key component of the Internal
Market. SEPA will create the conditions for enhanced competition in the provision of payment
services. It will also generate, through harmonisation, more efficient payment systems and deliver
tangible benefits for the economy and society as a whole. The common currency will be systemically
strengthened by a harmonised set of euro payment instruments.
For the purposes of these Internal Rules, SEPA shall be deemed to encompass the countries and
territories which are part of the jurisdictional scope of the SEPA Schemes, as listed in the EPC List
of SEPA Scheme Countries, as amended from time to time.
SEPA Schemes
An important step in the creation of SEPA is the development and implementation of SEPA Schemes
for making credit transfer and direct debit payments (the Schemes) throughout SEPA.
To this effect, the EPC has produced the SEPA Credit Transfer Scheme Rulebook, the SEPA Core
Direct Debit Scheme Rulebook and the SEPA Business to Business Direct Debit Scheme Rulebook
(the Rulebooks) which set out binding rules and technical standards governing each of the
Schemes. The Rulebooks only have legal effect between participants in the Schemes (Participants)
and the EPC.

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The SEPA Schemes are open to eligible payment service providers regardless of their status as
banks, payment institutions, electronic money institutions or other eligible Participants.
References in these Internal Rules to banks and banking should be interpreted broadly so as to
encompass all types of eligible Participant, except where the context otherwise requires.
The EPC is responsible for the implementation and operation of Scheme Management.
These Internal Rules set out the rules in accordance with which the Schemes are administered and
enforced by the EPC, as well as detailing procedures for the evolution of existing Schemes.
1.3

SEPA Scheme Management

Introduction
SEPA Scheme Management comprises two functions. The first function involves the administration
of the Schemes and the process of ensuring compliance with their rules, as set out in each of the
respective Rulebooks, and the second function involves managing the maintenance and evolution of
the Schemes entrusted by the EPC to the Scheme Management Board.
Administration and Compliance
The administration and compliance function of SEPA Scheme Management establishes rules and
procedures for administering the adherence process for each of the Schemes, for addressing cases of
claimed non-compliance by Participants with the rules of the Schemes and for addressing situations
where Participants are unable to resolve their grievances through local or national dispute resolution
methods.
The administration and compliance processes aim to ensure that the Schemes are administered fairly
and transparently at every stage in accordance with the Rulebooks and general principles of
applicable law.
The administration and compliance function shall be performed under the responsibility of the SMB,
with some input from the EPC Board on matters relating principally to the policy of the Schemes.
The SMB shall have wide decision-making power in respect of each of its functions however; it shall
be accountable to the EPC Board. The CAC shall perform the administration and compliance function
in accordance with the procedures set out in these Internal Rules.
Maintenance and Evolution
The maintenance and evolution function of SEPA Scheme Management establishes formal change
management procedures for the Schemes. The change management procedures aim to ensure that the
Schemes are kept relevant for their users and up-to-date, with structured processes for initiating and
implementing changes to the Schemes, the Rulebooks and related documentation. An important
component of change management is the inclusion of innovative ideas for enhancing the quality of
existing Schemes.
The establishment of change proposals is to be carried out through clear, transparent and structured
channels, which take into account the views of Scheme Participants, suppliers and end-users as well
as other interested groups. That is to say, the maintenance and evolution function provides a
structured and transparent means through which Participants, users and suppliers can participate in a
dialogue with the EPC, so that proposals for change are openly considered by all relevant parties.
The maintenance and evolution function shall be performed by the SMB, supported by the Scheme
Evolution and Maintenance Working Group (SEMWG), in accordance with the procedures set out
in these Internal Rules.

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1.4

Fees
The EPC reserves the right to recover costs. The policy of the EPC with regard to fees related to the
management of the Schemes will be decided from time to time by the EPC Board, upon
recommendation of the SMB, as set out in more detail in Appendix 3 to the present Internal Rules.

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2
2.1

SCHEME MANAGEMENT ROLES AND RESPONSIBILITIES

Role of the Scheme Management Board
The SMB shall be responsible for performing the following functions of SEPA Scheme Management:

Management of the maintenance and the evolution of the EPC Schemes (supported by the
SEMWG)

Interaction with the Scheme end-users and relevant stakeholders (Scheme End-User Forum)

Interaction with Clearing and Settlement Mechanisms and other technical providers (Scheme
Technical Forum)

(together, the Scheme Management Functions)

Adherence

Conciliation

Complaints

(together, the "Compliance Functions", delegated by the EPC Charter and these Internal Rules
to the Compliance and Adherence Committee)

Appeals

(the "Appeals Function", delegated by the EPC Charter and these Internal Rules to the Appeals
Committee)
The SMB will furthermore oversee the activities of the CASB (the Certification Authority
Supervisory Board) which is responsible for governing the EPC Approved Certification Authorities
in support of the e-Mandates optional feature for SEPA Direct Debit. EPC will allow any established
CA which has been approved by the EPC following the dedicated approval process for e-Mandate
Service CAs (as specified in document EPC292-09) to provide certificates to the market.

2.2

Role of the Scheme Participants Assembly

The Scheme Participants Assembly is composed of all EPC Scheme Participants (who can be
represented) gathering via electronic means. The body is responsible for endorsing nominations of
Participants representatives on the SMB approved by the EPC Board, and receives regular information
from the SMB.
By derogation of the above paragraph, the initial composition of the SMB will be decided upon by the
EPC Plenary in December 2014, without the endorsement of the Scheme Participants Assembly.

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SCHEME MANAGEMENT BOARD

3.1.1

Composition of the SMB

The SMB shall be composed of maximum 25 members, one of which shall be the Chair of the SMB.
The SMB shall be required to have 3 Independent Members.
Up to 20 SMB members shall be representatives of Scheme Participants (nominated by an individual
National Community of Scheme Participants or a coalition of National Communities of Scheme
Participants), subject to reaching individually or on a consolidated basis 5% of the following
composition criterion: the total volume of credit transfers and direct debits of all national
communities included with the geographical scope of the Schemes (sources: ECB Blue Book for
EU countries and national central banks for non-EU countries). At least 1 common seat shall be
reserved for Payment Institutions and Electronic Money Institutions (even if they fail to reach the 5%
threshold). A cap of 3 seats per National Community from the euro area and 1 seat per National
Community from outside the euro area shall apply. National Communities of Scheme Participants or
coalitions thereof may nominate one (and only one) alternate to the SMB member representing
their National Community or Communities. An alternate to the SMB member representing a
coalition of National Communities shall come from a different National Community of that
coalition than the SMB member representing the coalition. Alternates shall be nominated in
accordance with the principles set out in section 3.1.12 of these Internal Rules. An alternate may only
attend an SMB meeting when the relevant SMB member is unable to attend such meeting.
The SMB Chair shall be an Independent Member. The SMB Chair shall be appointed by the EPC
Board in accordance with the Nominating Process set out in section 3.1.6 of these Internal Rules.

3.1.2

Duration of Appointment
Each member shall hold office for a term of 2 years, with the possibility of re-election.
Each member who does not act as the Chair, may resign from the SMB by giving notice in writing to
the SMB Chair and the EPC Chair, with copy to the EPC Director General via similar means, not less
than 30 Calendar Days prior to leaving the SMB.
The SMB Chair may only resign from the SMB by giving notice in writing to the EPC Chair, with
copy to the EPC Director General, not less than 60 Calendar Days prior to leaving the SMB.

3.1.3

Termination of Appointment by decision of the EPC Board

The EPC Board may decide to remove from office either an individual SMB member, a group of such
members or the SMB as a whole.
This power may only be exercised if the EPC Board, after due and proper consideration, reasonably
believes that either an individual SMB member, a group of such members or the SMB as a whole is
performing the functions of the SMB in a manner evidencing serious misconduct, a dereliction of
duty, bad faith, or gross negligence. The EPC Board may further exercise this power where, after
due and proper consideration, the EPC Board reasonably believes that a member of the SMB does
not have the capacity to perform the function of an SMB member.
Any SMB member removed from the SMB by decision of the EPC Board shall cease to be a member
of the SMB with either immediate effect or on such a date as the EPC Board may specify taking into
account the outstanding obligations of the SMB member to the SMB and to Scheme Management.
A member of the SMB removed in this manner shall be notified in writing of his or her removal from
the office of SMB member.

If the mandate of a SMB member ceases before its term, for whatever reason, the EPC Board
may appoint a new member for the remainder of the term, provided that the candidate
member fulfils the criteria for the composition of the SMB of the replaced member.

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3.1.4

Criteria for Membership (Scheme Participant representative member)

A member of the SMB shall be chosen on the basis of his or her suitability and expertise for the
position ahead of any other consideration. A prospective member of the SMB must therefore be of
good repute, possess appropriate academic and vocational qualifications together with relevant work
experience and a proven track record at a senior level in the payments services sector. In addition,
members must be fluent in English, with in particular the capability to understand complex
documents and the ability to express views during meetings.
Subject to the foregoing, the SMB shall aim to represent as far as reasonably practicable the
composition of Scheme Participants, ensuring at all times that this composition fairly represents a
balance of the country, size, and industry sectors of Scheme Participants and includes an appropriate
representation of members from SEPA countries where the euro is the official currency.
A member of the SMB may not also act as a member of the EPC Board. If an EPC Board member
wishes to be considered for the position of SMB member, he or she is obliged to cease acting as an
EPC Board member before assuming the role of an SMB member.
The provisions of this section 3.1.4 shall equally apply to alternates to Scheme Participant
representative members.

3.1.5

Criteria for Membership (Independent Member)

An Independent Member is a member who can display the highest standard of professional integrity
and objectivity in relation to Scheme Management. An Independent Member should be a professional
of good repute, with appropriate skills, who has a reasonable knowledge of the payments services
sector but who is not employed or is not otherwise affiliated with a Scheme Participant or its banking
communities, service providers or a payment services user group or user association. It is to be
understood that an Independent Member cannot be allowed to work as a consultant/ contractor
for a Scheme Participant or its banking communities, service providers or a payment services
user group or user association, during the course of his or her Independent Membership. A
prospective Independent Member must possess appropriate academic and vocational qualifications
for the position together with relevant work experience and a proven track record in a profession. In
addition, members must be fluent in English, with in particular the capability to understand
complex documents and the ability to express views during meetings. It is envisaged that an
Independent Member shall provide expertise to the SMB as well as adding breadth to the knowledge
base of the SMB membership.
After NGC consultation, the EPC Board shall have complete discretion in appointing an Independent
Member in accordance with this section 3.1.5.

3.1.6

Criteria for Membership (Chair)

The SMB Chair shall be an Independent Member chosen on the basis of his or her suitability and
expertise for the position ahead of any other consideration. A prospective SMB Chair must therefore
be of good repute, possess appropriate academic and vocational qualifications together with relevant
work experience and expertise. In addition, the SMB Chair shall be fluent in English, with in
particular the capability to understand complex documents and the ability to preside meetings in
English.
The SMB Chair shall be required to demonstrate a proven track record of leadership in his or her
professional field together with relevant management experience.
After NGC consultation, the EPC Board shall have complete discretion in choosing a Chair in
accordance with these criteria.

3.1.7

Duties of SMB Members

All SMB Members shall be required to act in accordance with the following general principles:

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each SMB member shall act in accordance with the provisions of these Internal Rules at all
times for the duration of his or her term in office;

each SMB member shall owe a duty to act in the best interests of the Schemes with a view
to ensuring that the Schemes are administered efficiently, fairly and professionally;

each SMB member shall observe the highest standards of integrity, fairness and
professionalism at all times;

as and when arising, each SMB member is obliged to disclose and manage any conflict of
interest, as set out in further detail in Appendix 2;

each SMB member agrees to act impartially in fulfilling the obligations of the SMB,
notwithstanding his or her membership of a particular banking community, industry sector
or position of employment. As part of this duty, an SMB member must be mindful of and
refuse any inducements, rewards, or other gifts offered to him or her in the performance of
his or her duties, ensuring at all times that he or she acts and is seen to act in accordance with
the highest standards of independence and impartiality. SMB members meeting the SMB
composition criterion of 5% on a consolidated basis shall ensure that the relevant
communities are kept up to date on any non-confidential SMB work items;

each SMB member shall endeavour as far as reasonably practicable to carry out his or her
duties in the SMB with reasonable skill, care and diligence; and

each SMB member shall abide by the EPC Code of Conduct (EPC212-14).

The provisions of this section 3.1.7 shall equally apply to alternates to Scheme Participant
representative members.
3.1.8

EPC Board Role in Policy of SMB

The EPC Board may discuss matters of SMB policy to ensure that the SMB is acting within its scope
and performing its role in a proper manner. The EPC Board may request the SMB to revisit a decision
which, in the view of the EPC Board, exceeds the SMB mandate as provided for in the EPC Charter
and the present Internal Rules or might jeopardise the reputation, the integrity, the proper functioning
or the continuity of any of the Schemes. The EPC Board, in its sole discretion, may annul or amend
the disputed decision, in the event that the SMB fails to properly justify or modify its decision.
The EPC Board shall be able to raise issues arising from the work of the SMB in order to discuss
policy issues arising in respect of the Rulebooks.
The SMB shall report to the EPC Board and in particular raise issues relating to the substance or of
the operation of the Schemes.

3.1.9

Meetings of the SMB

The SMB shall meet on a regular basis and not less than 2 times every year. The SMB may convene
more regularly if it is appropriate to do so in the exercise of its duties.
Meetings of the SMB will be held physically or by telephone, video or web conference if deemed
necessary by the SMB Chair.
The SMB members shall receive from the Secretariat written notice of the date, time and place of a
meeting no less than two (2) weeks before the date of the meeting. The agenda of a meeting and the
material documents necessary for the discussion will be sent no less than two (2) weeks before the
date of the meeting.
Members of the SMB are required to make every reasonable effort to attend a meeting convened in
accordance with this section. Where a member is unable to attend, he or she must give reasonable
notice to this effect to the Chair.

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An SMB member who is unable to attend an SMB meeting may appoint a proxy from amongst the
remaining SMB members to vote at the meeting on his or her behalf.
An SMB member wishing to appoint a proxy must give reasonable notice to the Chair in writing. A
notice to appoint a proxy may be given either electronically or in paper format.
An SMB member may not hold a proxy for more than 2 other SMB members at any SMB meeting.
The Chair must make every reasonable effort to attend a meeting convened in accordance with this
section. Where the Chair is unable to attend in a particular instance, he or she may appoint another
independent SMB member in writing to carry out the functions of the Chair. In such cases, the Chair
must notify other members of the SMB in writing of this temporary appointment.
Minutes of each meeting must be prepared and filed upon approval by the SMB members.
3.1.10 Quorum
The quorum for the meetings of the SMB is at least 2/3rds of the total membership of the SMB present
either in person or by proxy. Where the quorum is not reached, a further meeting may be called within
30 Calendar Days of the date of the first meeting and this second meeting may properly convene and
carry out SMB business, if more than 50% of SMB members are present either in person or by proxy
and as long as the Chair is present.
3.1.11 Voting
Each member of the SMB shall be entitled to one vote.
In respect of all matters discussed by the SMB, resolutions may be passed with the approval of 2/3 of
those present and voting on the resolution at a validly convened meeting of the SMB.
On a vote, a member of the SMB must disclose and manage any conflict of interest that exists or that
might reasonably be expected to arise in accordance with Appendix 2.
3.1.12 Nominating Process
The nomination of candidates for the position of SMB member shall be carried out by the EPC Board.
The NGC shall recommend suitable candidates for this position to the EPC Board in accordance with
its role, as set out in Article 9.1 of the EPC Charter.
Subject always to the criteria set out in 3.1.4 3.1.6, the EPC Board shall endeavour to ensure that
the composition of the SMB reflects a balanced composition of Participants, bringing together a fair
representation of the country, size and industry sectors of Scheme Participants, including an
appropriate representation of members from SEPA countries where the euro is the official currency.
The NGC shall provide a list of candidates for the position of SMB member to the EPC Board at least
two weeks in advance of an EPC Board meeting. This list shall include a summary of the candidates
qualifications for the position. The NGC should only include details of suitable candidates on such a
list.
The EPC Board shall approve suitable candidates, subject to endorsement of the list of Scheme
Participant representative members by the Scheme Participants Assembly. The Scheme Participant
representative members list shall be deemed to be endorsed, unless more than 50% of the voting
Scheme Participants has voted against it (voting quorum), and at least 50% of Scheme Participants
have expressed their vote (participation quorum). In such case, the NGC shall provide a new list of
candidates to the EPC Board, in accordance with the aforementioned procedure. In the interim, the
existing SMB members term shall be extended until a new list of candidates has been endorsed by
the Scheme Participants Assembly and approved by the EPC Board.
The NGC may not recommend and the EPC Board may not appoint a candidate to the position of
SMB member, or propose his or her name to the EPC Board, if the candidate is in a situation of
judicial administration, or bankruptcy, judicial reorganisation, dissolution or liquidation, or is subject
to insolvency proceedings of a similar nature under the laws of any jurisdiction.
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The NGC may not recommend and the EPC Board may not appoint a candidate to the position of
SMB member, or propose his or her name to the EPC Board, if there are reasonable grounds to believe
that such a candidate is a person of ill-repute who may bring the SMB and the Schemes into disrepute.
3.1.13 Role of the Secretariat
The Secretariat shall provide secretarial and administrative support to the SMB.
The Secretariat shall be responsible for referring issues arising in respect of Scheme Management to
the SMB, as necessary.
3.1.14 Information Service
The Secretariat shall be responsible for administering an information service on SEPA Schemes. The
information service shall be open to everyone. Requests for information to the information service
shall be in written format only, either by letter, fax or email.
The information service shall endeavour to respond to requests for information within 30 Business
Days from the date of receiving the request for information.
3.1.15 Additional Optional Services ("AOS")
The following principles will apply to AOS:
1. All AOS must not compromise interoperability of the Schemes nor create barriers to competition.
The SMB should deal with any complaints or issues concerning these requirements brought to its
attention in relation to compliance with the Rulebooks as part of its normal procedures.
2. AOS are part of the market space and should be established and evolve based on market needs.
Based on these market needs, the EPC may incorporate commonly used AOS features into the
Schemes through the SEPA Schemes change management processes.
3. There should be transparency in relation to community AOS. In particular, details of community
AOS relating to the use of data elements present in the ISO 20022 message standards (including
any community usage rules for the SEPA core mandatory subset) should be disclosed on a
publicly available website (in both local language(s) and English).
The SMB may receive complaints from Participants in relation to the operation of community AOS
in respect of the above principles. The SMB will strive to resolve the issue in an amicable way. If no
solution can be found, the SMB may refer the complaint to the CAC, which will deal with it in an
appropriate way, in accordance with these Internal Rules.
3.1.16 Expenses
Independent Member(s) of the SMB shall be entitled to claim reasonable expenses. The SMB
Independent Member(s) shall also be able to claim an annual representation allowance. Amounts
payable may be subject to Belgian tax law, including but not limited to Belgian withholding tax, as
applicable; the EPC cannot be held responsible for the fulfilment of any tax obligations of the
Independent Member(s).
3.1.17 Record Keeping
The Secretariat shall keep a record of all agendas and minutes of meetings of the SMB. The
Secretariat shall use reasonable efforts to keep records relating to appeals separately from those
relating to other compliance aspects of Scheme Management. Records may be held in either paper or
electronic format. The SMB shall in its absolute discretion decide whether these minutes and related
documentation may be made publicly available on the EPC Website or on the internal extranet of the
EPC.

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3.2

Definition of Administration and Compliance Roles

3.2.1

Role of the Compliance and Adherence Committee

The Compliance and Adherence Committee (CAC) is responsible for performing the administration
and compliance functions of SEPA Scheme Management. The role of the CAC is limited to the
following:

Adherence the CAC shall be responsible for overseeing the adherence process for becoming a
Participant in the Schemes;

Conciliation the CAC shall be responsible for establishing and administering a conciliation
process for Participants who are unable to resolve grievances relating to the Schemes through
local dispute resolution methods; and

Complaints the CAC shall be responsible for investigating complaints made against
Participants for alleged breaches of the Rulebooks, evaluating such complaints and determining
appropriate sanctions against Participants who are found to be in breach.

The CAC shall regularly update the SMB on its activities.

3.2.1.1

Composition of the Compliance and Adherence Committee

The CAC will be composed of six members, at least two of which will be independent members, and
up to four members will be Scheme Participant representative members, appointed by the SMB in
accordance with the same provisions as SMB members under sections 3.1.4 (1st and 2nd paragraphs)
and 3.1.5 of these Internal Rules. A member of the SMB may not also act as a member of the CAC.
The members of the CAC are elected for a three-year term that may be renewed for identical terms.
The initial CAC composition and subsequent renewals will be initiated by the NGC, with a call for
candidates published through the EPC Secretariat. The SMB will approve the final composition. On
an annual basis, two CAC members shall be appointed by the SMB. As such, one third of the total
number of CAC members will be appointed each year, allowing a three year rotating policy. To this
end, for the initial period, two independent members will be elected for a three-year term, whereas
two Scheme Participant representative members will be elected for a two-year term and two other
Scheme Participant representative members will be elected for a one-year term.
After NGC consultation, the CAC Chair will be elected among the independent members of the CAC
by the SMB.
If the mandate of a CAC member ceases before its term, for whatever reason, the SMB may appoint
a new member for the remainder of the term, provided that the candidate member fulfils the criteria
for the composition of the CAC of the replaced member.
The duties of and criteria for SMB members set out in sections 3.1.4, 3.1.5, 3.1.6 and 3.1.7 of these
Internal Rules shall apply mutatis mutandis to the members of the CAC.
Independent Member(s) of the CAC shall be entitled to claim reasonable expenses and an annual
representation allowance. The Independent Member(s) shall also be able to claim a daily stipend for
each full day spent on working on CAC related matters. The level of the stipend paid to the CAC
Independent Member(s) shall depend on the work undertaken and the time spent on carrying out such
work. Amounts payable may be subject to Belgian tax law, including but not limited to Belgian
withholding tax, as applicable; the EPC cannot be held responsible for the fulfilment of any tax
obligations of the Independent Member(s).

3.2.1.2

Meetings of the Compliance and Adherence Committee

The CAC will meet physically or by telephone conference, according to the demands of its work
programme, with a minimum of two meetings per year.

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Calls for meetings and agendas will be issued at least two weeks in advance and meeting papers will
be provided at least one week in advance, unless otherwise determined by the CAC Chair in
exceptional circumstances.
The CAC will develop its conclusions and decisions on the basis of broad consensus. In circumstances
where such consensus is not achievable, and the matter is appropriate for the conduct of a vote, a vote
may be taken. Any member of the CAC shall be entitled to vote at a meeting of the CAC. Each
member has one (1) vote. Any decision taken by vote shall be validly adopted if it obtains a qualified
majority of two thirds (2/3) of the votes cast by the members present or represented (i.e. voting
quorum). Blank votes, invalid votes and abstentions do not count. No decision may be passed if more
than half of the members present or represented abstains. In the event of a serious divergence of
views, reference may be made to the SMB for advice and guidance.
3.2.2

Role of the Appeals Committee

The Appeals Committee shall be responsible for hearing appeals brought in respect of decisions taken
by the CAC in accordance with a fair process that is separate from the process of decision-making at
first instance.
The Appeals Committee shall regularly update the SMB on its activities.

3.2.2.1

Composition of the Appeals Committee

The Appeals Committee will be composed of three members, at least two of which will be
independent members, whereas maximum one member will be a Scheme Participant representative
member, appointed by the SMB in accordance with the same provisions as SMB members under
sections 3.1.4 (1st paragraph) and 3.1.5 of these Internal Rules. A member of the SMB or the CAC
may not also act as a member of the Appeals Committee.
The members of the Appeals Committee are elected for a three-year term that may be renewed for
identical terms. The initial Appeals Committee composition and subsequent renewals will be initiated
by the NGC, with a call for candidates published through the EPC Secretariat. Upon NGC
consultation, the SMB will approve the final composition.
After NGC consultation, the Appeals Committee Chair will be elected among the independent
members of the Appeals Committee by the SMB.
If the mandate of an Appeals Committee member ceases before its term, for whatever reason, the
SMB may appoint a new member for the remainder of the term, provided that the candidate member
fulfils the criteria for the composition of the Appeals Committee of the replaced member.
The duties of and criteria for SMB members set out in sections 3.1.4, 3.1.5, 3.1.6 and 3.1.7 of these
Internal Rules shall apply mutatis mutandis to the members of the Appeals Committee.
Independent Member(s) of the Appeals Committee shall be entitled to claim reasonable expenses and
an annual representation allowance. The Independent Member(s) shall also be able to claim a daily
stipend for each full day spent on working on Appeals Committee related matters. The level of the
stipend paid to the Appeals Committee Independent Member(s) shall depend on the work undertaken
and the time spent on carrying out such work. Amounts payable may be subject to Belgian tax law,
including but not limited to Belgian withholding tax, as applicable; the EPC cannot be held
responsible for the fulfilment of any tax obligations of the Independent Member(s).

3.2.2.2

Meetings of the Appeals Committee

The Appeals Committee will meet physically or by telephone conference, according to the
demands of its work programme, with a minimum of one meeting per year.
Calls for meetings and agendas will be issued at least two weeks in advance and meeting
papers will be provided at least one week in advance, unless otherwise determined by the
Appeals Committee Chair in exceptional circumstances.
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The Appeals Committee will develop its conclusions and decisions on the basis of consensus.
In circumstances where such consensus is not achievable, and the matter is appropriate for
the conduct of a vote, a vote may be taken. Any member of the Appeals Committee shall be
entitled to vote at a meeting of the Appeals Committee. Each member has one (1) vote. Any decision
taken by vote shall be validly adopted if it obtains two (2) votes in favour.
3.2.3

Rules for Adherence

Eligibility for Participation in Schemes
In order to be eligible to participate in the Schemes, each applicant must satisfy the eligibility criteria
set out in Chapter 5.4 of the Rulebooks.
The CAC shall accept any applicant that fulfils the criteria set out in Chapter 5.4 of the Rulebooks and
will only reject applications on the basis of failure to meet these criteria.

3.2.3.1 Rules for Adherence by an Entity in a Group/Decentralised Structure

Each legal entity that seeks to adhere to a Scheme must agree to accept the rights and obligations of a
Participant in relation to the relevant Scheme (SEPA Credit Transfer Scheme and / or SEPA Core Direct
Debit Scheme and / or SEPA Business to Business Direct Debit Scheme). Upon admission to a Scheme,
the adhering legal entity shall assume all of the rights and responsibilities arising from admission to a
Scheme.
A subsidiary entity or affiliate of an adhering entity, i.e. each entity that has a separate and distinct legal
personality within the adhering entity's group or organisational structure, must adhere separately from
a parent or group entity. A subsidiary or affiliate shall be a Scheme Participant in its own right and
shall assume all the rights and responsibilities arising from admission to a Scheme.
A branch of an adhering entity, i.e. an entity that does not have separate legal personality, whether
located in the jurisdiction of the adhering entity or in another SEPA jurisdiction, shall be deemed to be
legally part of the adhering entity and able to carry out SEPA transactions in accordance with the
Rulebooks.
3.2.3.2 Rules for Signing the Adherence Agreement
An entity may sign the Adherence Agreement on its own behalf. Alternatively, an entity may give legal
authority to an agent to sign the Adherence Agreement on its behalf (for example, an agent could be a
parent company, another adhering entity or banking association). An entity that appoints an agent to
sign the Adherence Agreement on its behalf must ensure that the agent is given the necessary legal
authority to sign. An agent must demonstrate that it possesses the legal authority to bind an adhering
entity in accordance with the local law of the entities involved. An agent signing the Adherence
Agreement on behalf of other entities must demonstrate by way of legal opinion of external or internal
legal counsel in a form specified by the EPC that it possesses the requisite legal authority to bind such
entities.
This provision permits members of a banking community to adhere to a Scheme at the same time by
nominating an agent to complete the Adherence Agreement in respect of each member. Similarly, a
parent company may sign an Adherence Agreement in respect of some or all of its subsidiaries and an
entity in a group or de-centralised structure may sign an Adherence Agreement in respect of each of
the other entities in the group or de-centralised structure. In each case, an entity signing the Adherence
Agreement that acts as an agent on behalf of another must show that it possesses the legal authority to
do so.

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3.2.3.3 National Adherence Support Organisation ("NASO")

The EPC has, in conjunction with a national banking community, identified one or more NASOs in
respect of each SEPA community. A NASO is responsible for providing basic guidance on the
adherence process and on adherence applications through a helpdesk, for liaising with the Secretariat
in respect of an application (as required) and for such other tasks as the EPC or any organ of the EPC
may request it to perform from time to time. A NASO also carries out a basic preliminary review of an
adherence application, if requested to do so. The EPC publishes a list of NASOs on the EPC Website.
A NASO could be a national banking association(s) or a regulatory body, which has agreed to conduct
the task on behalf of the national community.
Except as otherwise indicated in this section, an adhering entity must consult a NASO on its adherence
application.
Only multi-country entities that are signing in their own right or as agent on behalf of four or more of
their subsidiaries located in four different SEPA jurisdictions or arranging the completion of the
adherence application by such subsidiaries may submit an adherence application directly to the EPC
without first consulting a NASO. Such entities are nevertheless free to consult a NASO before
submitting their application to the EPC, should they wish to do so. In such cases, where an entity wishes
to consult a NASO, it may use the NASO of any of the adhering entities on whose behalf it is signing
the adherence application.
3.2.3.4 Becoming a Participant
An application to become a Participant in one or more Schemes shall be made using the form of
Adherence Agreement set out in the official Adherence Guide an example of which is in Annex 1 of
each of the Rulebooks.
An application shall be accompanied by a legal opinion in the form specified by the EPC provided by
either internal or external counsel on the capacity and authority of the applicant to become a Participant
in one or more the Schemes.
The application for adherence shall be finally submitted to the EPC Secretariat. Except as otherwise
indicated in section 3.2.3 of these Internal Rules, before submitting the application, an applicant must
consult with the relevant NASO for preliminary guidance on eligibility and documentation involved in
the adherence process.
The Secretariat uses reasonable efforts to send a written acknowledgement of receipt of the application
to the applicant within 10 Business Days of receiving the application.
The Secretariat shall use reasonable efforts to determine the application within 60 Calendar Days of
receiving the application. In the event that the Secretariat requires more time to arrive at a
determination, it shall notify the applicant as soon as it is reasonably practicable to do so.
The Secretariat may request the applicant to provide such additional information as may be required in
the course of determining the application.
In the course of determining the application, the Secretariat may take into consideration views
expressed by national regulators (this term extends to include such bodies as insolvency officers, law
enforcement authorities and local courts).
In the case of a successful application, the applicant or its agent will receive a written notification of
admission to a Scheme. The applicant becomes a Participant and becomes subject to the Rulebooks on
one of the Admission Dates agreed by the CAC and published on the EPC Website or, where requested
by the applicant and agreed by the Secretariat, on a deferred Admission Date specified by the applicant
in advance to the Secretariat. The Secretariat may send the written notification to the applicant in paper
or electronic format.

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The Secretariat will make a recommendation to the CAC when an applicant for participation in one or
both of the Schemes or an existing Participant fails to satisfy the eligibility criteria set out in chapter
5.4 of the Rulebooks. In such case, the CAC may decide to request the applicant or existing Participant
to provide additional information, or to reject the application or terminate participation in accordance
with section 3.2.3.6 of these Internal Rules.
The Secretariat will, on a regular basis, and at least four times per year, report in writing on the
adherence applications received and accepted to the CAC. It will also report or seek guidance and
advice on any particular issue encountered when performing its activities.
3.2.3.5 Register of Participants
The Secretariat shall maintain a separate register of Participants for each of the Schemes. The register
shall contain the name, contact address and other details determined by the EPC in respect of the
Participant.
The registers shall be updated by the Secretariat regularly as specified in the relevant schedule published
on the EPC Website.
If the Participant changes its details, so that the register does not carry accurate data in respect of the
Participant, the Participant shall notify the Secretariat as soon as it is reasonably practicable to do so. It
is the responsibility of the Participant to ensure that the Secretariat is provided with information in
relation to the Participant that is accurate and up-to-date at all times.
In the event of Participants no longer being able to pay their debts as they fall due, becoming insolvent
or having ceased to exist (each an Event of Default), the Secretariat may decide to rectify the register
of Participants after verification of such event with the relevant national regulator or national authority.
The failure of a Participant to pay the fees mentioned in section 1.4 of these Internal Rules shall
constitute an Event of Default for the purposes of this section 3.2.3.5, on the basis of which the EPC
may, at its sole discretion and upon notice by registered mail, temporarily or permanently suspend the
entry of the Participant in the register(s) of the relevant Scheme(s), as of the first following register
update publication, but not earlier than 30 calendar days after the issuance of such notice of suspension.
The register may be accessed and searched through a website of the EPC, available to all users. The
register is not an operational database in respect of Scheme usage. Any operational data needed by
Participants in relation to other Participants shall be supplied outside of the Schemes.
3.2.3.6 Unsuccessful Applications
The CAC may reject an application for participation in one or both of the Schemes if an applicant fails
to satisfy the eligibility criteria set out in chapter 5.4 of the Rulebooks.
Where an application is rejected, the CAC shall provide the applicant with a letter setting out the reasons
for rejecting the application.
An applicant may not re-apply to become a Participant until 3 months after the determination of its
application by the CAC or after a determination in an appeal begun in accordance with these Internal
Rules or after a final determination of a tribunal or court responsible for determining the case.
3.2.3.7 Appeals
An applicant whose application for participation in one or more of the Schemes has been rejected may
appeal to the Appeals Committee for a re-consideration of its application. A notice of appeal in such
cases must be filed within 21 Calendar Days of the applicant receiving a notification of rejection of its
adherence application. The appeals notice must include a copy of the adherence application together
with a letter supplied to the applicant under section 3.2.3.6 and any other information required by
section 3.5.3 of these Internal Rules. The appeal shall be determined in accordance with section 3.5 of
these Internal Rules.

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3.3
3.3.1

Conciliation Undertaken by the CAC

CAC Role in Conciliation
The CAC shall provide a voluntary conciliation service to Participants and to the EPC. Conciliation
may be used for resolving Unresolved Issues that arise in respect of the Rulebooks only.
Issues concerning CAC determinations on adherence applications or on complaints must be addressed
through the appeals process rather than through conciliation.
Conciliation services shall be available with regard to the following:

Unresolved Issues arising out of the Rulebooks between Participants;

Unresolved Issues arising out of the Rulebooks between a Participant and the EPC.

Conciliation services shall only be available to a Participant where the Participant can demonstrate
that it has used reasonable endeavours to resolve the matter amicably, after dialogue with banking
communities and by using conciliation or other dispute resolution processes at a local level. SEPA
banking communities are expected to make a body available to Scheme Participants for this purpose.
Conciliation services shall be administered in a manner that is efficient and cost-effective, with a
view to ensuring a rapid conclusion to the Unresolved Issue.
The CAC shall appoint one or more conciliators either from the body of relevant CAC members to
hear the Unresolved Issue on a case-by-case basis and/or, as appropriate, appoint experienced
individuals from outside the CAC and EPC to adjudicate on Unresolved Issues. The conciliators shall
make a recommendation to the parties involved. This recommendation shall not be binding upon
them and will be without prejudice to further proceedings between the parties.
As set out in further detail in Appendix 2, conciliators must be mindful of any conflict of interest
arising in relation to the subject matter of the conciliation or to any of the parties to the conciliation.
In the event that a conciliator is aware that a conflict of interest exists, he or she shall make this
known to the CAC immediately and the CAC can appoint another conciliator(s) from the relevant
members of the CAC to carry out the conciliation. If the CAC is unable to find a conciliator(s) from
the CAC to act in respect of the Unresolved Issue, the Chair may appoint a conciliator(s) from outside
of the CAC and the EPC, provided always that the parties to the Unresolved Issue agree to this
appointment.
In cases where the conciliation is between a Participant and the EPC, the CAC shall ensure that
conciliators from outside the CAC and the EPC are appointed, provided that both the EPC and the
Participant agree to this appointment.
3.3.2

Application for Conciliation

An application for conciliation shall be made in writing and filed with the Secretariat. The application
shall clearly state the name of the other party involved together with details of the Unresolved Issue.
The application shall also be accompanied with a written statement of consent from the other party
stating that it wishes to submit to conciliation.
The Participant shall give a copy of the application and accompanying information to the other party
involved in the Unresolved Issue.
Within 15 Business Days starting from the date that the application was filed, the Secretariat shall
request the other party to file with the Secretariat any statement of facts in relation to the Unresolved
Issue.
The other party may withdraw from the conciliation at any time. If the other party withdraws in this
manner, the conciliation proceedings shall be terminated with immediate effect and the conciliator
shall not deliver a recommendation. The costs provisions set out in section 3.3.6 of these Internal
Rules continue to apply.

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3.3.3

Conciliation Proceedings
The conciliator shall aim to resolve the Unresolved Issue between the parties in a manner that is fair,
open and amicable.
Unless otherwise agreed, conciliation proceedings shall be in private.
The conciliator shall consider all the evidence put before the conciliator and allow both parties to
provide clarification and elaboration on the points raised in the Unresolved Issue.
The conciliator shall then recommend a proposed settlement to the Unresolved Issue.
If a settlement is reached, the settlement shall be written down by the conciliator and signed by the
parties. The parties may keep a copy of the settlement.
If the parties cannot reach settlement, the conciliator shall close the conciliation proceedings. The
parties may take such procedures as they consider appropriate and may take the matter to arbitration
or litigation in accordance with section 3.3.7.

3.3.4

Conciliation Involving the EPC

Where conciliation involves the EPC, the conciliators shall always be individuals who are not
connected to either the EPC or to the Participant in any way. The costs of engaging conciliators in
such cases shall be determined in accordance with section 3.3.6. In all other respects, the conciliation
proceedings shall follow the procedure set out in this section.

3.3.5

Report of Conciliators
Following the conclusion of conciliation proceedings, whether by way of settlement or voluntary
termination by parties to the conciliation, the conciliators may prepare a report on the conciliation for
the CAC. The report may contain such details relating to the conciliation proceedings as the
conciliators wish to include. The report shall be confidential and may only be made available to
relevant members of the CAC.
Where the conciliators become aware of serious misconduct by the Participant such as behaviour
evidencing fraud or other such serious violations of the law, they may bring this to the attention of
the relevant national regulator or national authority.

3.3.6

Costs
An upfront, non-refundable administrative fee outlined in Appendix 3 of these Internal Rules on the
Scheme Management cost recovery mechanism will be payable to the EPC prior to the initiation of
the proceeding, by the Scheme Participant who wishes to initiate the proceeding, to cover basic
administrative costs. This fee will be recoverable from the losing party, as appropriate.
The EPC will ensure that any fee set under this section is quantified so as to be consistent with the
costs incurred by the EPC and the EPC's status as a non-profit organisation under Belgian law.
The upfront, non-refundable administrative fee shall be equally split between the two parties where
they are both jointly seeking conciliation.
In addition, any relevant non-administrative EPC costs incurred during the course of the proceedings
shall be recovered from the losing party, or divided between the parties based on the principles
established by the Rules of Arbitration of the International Chamber of Commerce.
Where the conciliation is terminated before either a settlement is reached or before the conciliators
close the conciliation, the upfront, non-refundable administrative fee payable to the EPC and the
EPCs costs incurred to handle the conciliation up to that point in time will be recovered from the
party requesting the termination of the conciliation process.

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3.3.7

Further Steps - Arbitration v Litigation

Following consultation with the CAC, if the parties are unable to settle an Unresolved Issue through
conciliation, or where such a conciliation process has not taken place, if a Participant gives another
Participant notice that an Unresolved Issue exists and if the Unresolved Issue has not been resolved
within 30 Calendar Days of service of the notice, the Unresolved Issue shall be referred by the CAC
to arbitration.
No Participant shall resort to arbitration against another Participant under the Rulebook until 30
Calendar Days after the referral of the Unresolved Issue to the CAC.
Unless parties to the Unresolved Issue otherwise agree, any Unresolved Issue which is unresolved 30
Calendar Days after the referral of the Unresolved Issue to the CAC shall be finally settled under the
Rules of Arbitration of the International Chamber of Commerce by one or more arbitrators appointed
in accordance with those Rules. The seat of the arbitration shall be Brussels. The EPC, as represented
by an appropriate member of the CAC, shall have the right to participate in the arbitration.
However, if the Unresolved Issue is referred to arbitration in accordance with this section, the parties
to the Unresolved Issue may agree to submit to local arbitration in a SEPA jurisdiction. If the relevant
Participants elect to submit to such local arbitration, they shall conduct the arbitration under rules
agreed between them. The jurisdiction chosen by the relevant parties for such local arbitration must
be substantially connected to the conduct of the Unresolved Issue. The EPC, as represented by an
appropriate member of the CAC, shall have the right to participate in the arbitration.
Any arbitration between Participants under the Rulebook shall (unless the relevant Participants agree
otherwise, and in an Unresolved Issue in which the EPC is participating, with the consent of the EPC)
be conducted in the English language.
Alternatively, following a failure by the relevant Participants to resolve an Unresolved Issue in
accordance with the steps set out above, the parties to the Unresolved Issue may agree to submit to
such other dispute resolution process (other than arbitration) as they consider appropriate, including
litigation. If the relevant parties submit to litigation in accordance with this section, the relevant
Participants shall conduct the litigation in a jurisdiction, and under such processes as are determined
by established principles of conflicts of laws.
In arbitration or litigation proceedings, the Rulebooks shall be governed by and interpreted in
accordance with Belgian law. A court or arbitrator may however apply such rules of process in
relation to the proceedings as may be applicable under established principles of conflicts of laws.
The parties shall inform the CAC of the outcome of any litigation or arbitration or other dispute
resolution methods conducted by them. The parties may consult the CAC on matters relating to the
interpretation of the Rulebooks in the course of any such arbitration or litigation proceedings.

3.4
3.4.1

Complaints Submitted to the CAC

Role of CAC in Complaints
The CAC shall oversee the implementation of the Rulebooks by Scheme Participants. The CAC may
investigate breaches or potential breaches of the Rulebooks following a complaint made by a Scheme
Participant to the CAC.
Unless otherwise stated, a complaint may be submitted by any Scheme Participant and must be filed
in writing with the Secretariat. A complaint that is filed with the Secretariat must state the name of
the Participant that is the subject of the complaint (the "Affected Participant") together with details
of the complaint.
In addition, the CAC may investigate breaches or potential breaches of the Rulebooks of its own
accord.

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For the purposes of this section, investigations made by the CAC into breaches or potential breaches
of the Rulebooks, whether or not initiated by the CAC itself, shall be referred to as complaints.
References to the CAC include any person nominated by the CAC to carry out a function in relation
to a complaint, and where a complaint is made by or on behalf of the CAC itself, references to the
"parties" are to the Affected Participant only.
3.4.2

Key Principles
In the course of carrying out its function in relation to complaints, the CAC shall ensure that it acts
in accordance with the following general principles:

the CAC shall act in a manner that is impartial and objective at all times;

the CAC shall act in a manner that is fair to all parties, taking into account the circumstances
of each case;

the CAC shall ensure that, as far as possible, it acts in a manner that is transparent, open and
intelligible to the parties; and

the CAC shall ensure that it acts in a manner that is proportionate to the seriousness of the
matter before it.

The deliberations of the CAC and any discussions held in the course of evaluating and investigating
the complaint shall be private and confidential, unless otherwise agreed between the parties.
3.4.3

Investigation of Complaints
The CAC may nominate a group of members of the CAC to investigate and evaluate a complaint or
the CAC may delegate its power to investigate a complaint to the EPC Secretariat or any other person.
The CAC shall as soon as reasonably possible notify the Affected Participant that it is subject to
investigation by the CAC. The Affected Participant shall have 28 Calendar Days from receipt of such
notification to file written representations in respect of the Complaint. The Affected Participant may
be required to cease any activity that could constitute conduct suspected of being in breach of one or
both of the Rulebooks.
Members investigating the complaint may in the course of the investigation call for such information
and documentation from the Affected Participant as may be relevant for determining whether a breach
of a Rulebook has taken place. The Affected Participant shall use reasonable efforts to provide such
information to the relevant CAC members as is within the Affected Participant's possession, custody
or control. The Affected Participant shall have 28 Calendar Days to respond to such requests for
information and documentation.
The CAC may additionally require the Affected Participant to give all reasonable assistance in the
course of the CAC investigation. A failure to provide such assistance shall be deemed to be a breach
of Scheme rules and may therefore be actionable in accordance with this section.
In addition, in the course of the investigation, relevant CAC members may consult Participants as
well as end-users and suppliers and may call for information and documentation from such bodies,
liaising through Scheme Participants.
Members investigating the complaint may engage any person in order to carry out tasks related to the
investigation at the cost of the EPC and within the budget of the EPC. The CAC may also engage a
legal professional to give legal advice on any aspects of the investigation. Where this is done, the cost
incurred by the CAC and paid by the EPC may be added by the CAC to the costs payable under
section 3.4.10 below.

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3.4.4

Evaluation of Complaint
The CAC shall evaluate any information that it may obtain in the course of the investigation. It may
engage a skilled person in order to carry out tasks related to the evaluation of the complaint as well
as a legal professional to give legal advice on any aspects of the evaluation and adjudication of the
complaint at the cost of the EPC and within the budget of the EPC. The CAC may request advice
from the EPC Scheme Evolution and Maintenance Working Group (SEMWG) and the EPC Legal
Support Group (LSG) to determine whether a Scheme Participant is in breach of a Rulebook. The
CAC shall ensure that any person engaged in this manner shall be subject to a duty of confidentiality
in respect of information acquired in the course of its engagement with the CAC.
In the course of this evaluation, the Affected Participant shall be invited to discuss the complaint with
the CAC. The Affected Participant may seek legal advice at any stage of this process at its own cost.
When evaluating any complaint, the CAC shall take into account the date of the alleged breach and,
except in exceptional circumstances at the discretion of the CAC or where a breach is continuing,
shall determine a complaint to be invalid which relates to a breach which occurred three years or
more before the complaint is filed.

3.4.5

Sanctions
On completion of the evaluation, the CAC shall prepare a report on the conduct of the case, setting
out the facts of the case and a preliminary evaluation of the complaint.
The CAC shall review the contents of this report, following which the CAC may consider that:
no further action should be taken in relation to the alleged breach of the Rulebook if the
CAC considers that either there is no evidence of a breach, or that the breach is of a trivial
nature;
discussions should take place with the Affected Participant to decide how to proceed in
respect of a breach that has already occurred or one that is continuing - no sanctions are
contemplated at this stage;
discussions should take place with the Affected Participant and the Affected Participant
should be sanctioned.
If the CAC considers that the Affected Participant should be sanctioned, the CAC shall send a written
notice to the Affected Participant setting out details of the complaint and the sanction proposed, the
report and any material that is believed to be relevant to the matter.
Subject to section 3.4.7, the Affected Participant shall have 30 Calendar Days following receipt of
the notification to accept the sanction, or to present written or oral representations to the CAC (the
"Representation Right"). The Affected Participant may consult legal counsel at any stage of the
sanctioning process.
In considering any representations made to it, the CAC is not bound to follow rules of evidence, as
followed in a court or tribunal. It will not normally consider oral evidence. Any party may however
adduce written evidence in the course of the deliberations of the CAC and make such representations
as it considers appropriate in accordance with this section.
Within 30 Calendar Days of hearing representations from the Affected Participant, the CAC shall
determine the sanction to be made against the Affected Participant. The CAC shall notify the Affected
Participant of its determination.
The sanctions available to the CAC are the following:

private warning

written notification of complaint

public warning

report to a national regulator or equivalent national authority, including a NASO

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termination

Private Warning
The CAC may give a private warning to the Affected Participant. The private warning shall constitute
a formal notice to the Affected Participant and aims to deter the Affected Participant from committing
a further breach of a Rulebook or to cease conduct that is in breach of a Rulebook. A record of the
private warning shall be made by the CAC. This record shall be confidential.
Written Notification of Complaint
The CAC may give a written notification of a complaint to the Affected Participant. A written
notification constitutes a formal reprimand to the Affected Participant. The written notification shall
set out details of the breach and is aimed to deter the Affected Participant from committing a further
breach of a Rulebook or to cease conduct that is on breach of a Rulebook. The CAC may publish
details of this sanction on the Website of the EPC.
Public Warning
The CAC may give a public warning to the Affected Participant. The public warning shall constitute
a formal notice to the Affected Participant and aims to deter the Affected Participant from committing
a further breach of a Rulebook or to cease conduct that is in breach of a Rulebook. The public warning
shall publish the name of the Affected Participant, together with details of the breach, on the website
of the EPC.
Circumstances which may indicate which Warning Sanctions may be applied
The decision as to which sanction or sanctions may be appropriate in respect of any Affected
Participant shall be entirely at the discretion of the CAC. However, the following circumstances
would tend to indicate that one of the above three sanctions would be more appropriate than the
sanction of termination (described below):

the conduct of the Affected Participant did not display bad faith nor was it due to gross
negligence towards other Participants or to the Scheme(s) of which the Affected Participant
is part;

the conduct of the Affected Participant did not display dishonesty and the Affected
Participant did not act in a grossly unprofessional manner;

the breach was not of such a serious nature as to potentially undermine the operation and
integrity of one or both of the Schemes;

the Affected Participant had not committed a breach, or a breach of this type, in the past;

the breach was of a nature that the CAC believes would be best addressed by deterrent action
envisaged by these three sanctions and that it remains appropriate for the Affected
Participant to continue as a Participant in the relevant Scheme(s) rather than facing expulsion
under the sanction of termination; and

the breach can be rectified without loss or cost to any other Participant or user or the EPC

As regards which of the three Warning Sanctions might be applicable to any case:

a private warning may generally be considered more appropriate for a first breach where the
breach was not of a serious nature, had not adversely affected other Participants or the
Scheme(s), and there would be no merit in other Participants being informed of the breach;

a written notification of complaint, being a formal reprimand, would be applied where the
CAC considered the breach to be of a sufficiently serious nature to record a reprimand against
the firm. The CAC may consider publishing the notification on its website if it believed this
would be in the interests of other Participants and/or the Scheme(s)

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a public warning, being a formal notice, would be applied in the case of a more serious breach
and where the CAC believes it would be in the interests of other Participants and/or the
Schemes to publicise the notice. This sanction is the most likely of the three to be used in
conjunction with the sanction of termination.

Report to National Regulator

In addition to giving a private warning, public warning or written notification of breach, the CAC
may report the Affected Participant to its national regulator, NASO or to an equivalent national
authority. The regulator shall be provided with the name of the Affected Participant together with
details of the conduct of the Participant.
Considerations which may indicate the appropriateness of this sanction would be if the CAC believed
that the breach by the Affected Participant may also constitute a breach of the rules or guidelines of
a relevant regulator or if the Affected Participant's conduct cast doubt on its fitness and propriety to
continue as a regulated entity. However, the decision whether or not to report a breach by an Affected
Participant to a regulator will be entirely at the CAC 's discretion.
Termination
In addition to making a report to a relevant national regulator or giving a private warning, written
notification of breach or public warning to the Affected Participant, the CAC may terminate the
participation of an Affected Participant in a Scheme in the following circumstances:
where the breach committed by the Affected Participant is sufficiently serious to undermine the
operation and integrity of a Scheme;

where the Affected Participant has committed a repeated breach of a Rulebook, notwithstanding
any earlier sanctions given to the Affected Participant by the CAC;

where the conduct of the Affected Participant displays bad faith or gross negligence towards
other Participants or towards the Scheme(s) of which it is part; or

where the conduct of the Affected Participant displays dishonesty or is grossly unprofessional.

Before making a termination order, the CAC may consult with relevant groups to determine the
impact of the sanction. Such groups may include other Scheme Participants, the EPC Board, clearing
and settlement mechanisms or banking communities. The CAC shall consult with relevant regulators
before applying the termination sanction.
If the CAC decides to terminate the participation of an Affected Participant, it shall make a
termination order setting out the terms and conditions on which the termination is to be effected. Such
an order shall set out the steps to be taken by the Affected Participant to ensure the continued orderly
and efficient operation of the Schemes.
In the event of termination, the Affected Participant shall be barred from exercising rights under the
Rulebooks in accordance with the terms and conditions set out in the termination order. The Affected
Participant shall fulfil all obligations arising under the Rulebooks in accordance with the termination
order.
If the participation of an Affected Participant is terminated, the Affected Participant may re-apply to
join the relevant Scheme after 6 months, starting from the date of the termination of its participation.
However, an Affected Participant may re-apply earlier if it can demonstrate to the CAC that it has
remedied the breach and/or that there is no reasonable likelihood of the Scheme Participant
committing the breach in future.
The CAC shall publish details of a termination of participation on the website of the EPC together
with the relevant order and details of the conduct giving rise to the complaint.

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3.4.6

Emergency Injunction Procedure

Where a termination order is issued to an Affected Participant, such Affected Participant may within
21 Calendar Days of receiving notification of the order, apply for an injunction against such order to
a competent court in Belgium, during which time the sanction shall be suspended pending the court's
determination of the matter. Where the court decides not to grant the injunction requested by the
Affected Participant, the CAC may enforce the conditions of the termination order. The courts of
Belgium shall have exclusive jurisdiction in respect of proceedings brought in accordance with this
section.

3.4.7

Appeals Arising from Complaints

Within 30 Calendar Days of receiving the notification of a sanction, the Affected Participant may
appeal to the Appeals Committee in accordance with section 3.5.

3.4.8

Timing of Sanctions
Except in exceptional circumstances described in more detail below, a determination by the CAC of
a sanction to be made against an Affected Participant shall not take effect until the conclusion of
appeals proceedings before the Appeals Committee that may be commenced in accordance with these
Internal Rules, or until such time as the time period for referring a matter to an appeal to the Appeals
Committee has expired in accordance with these Internal Rules.
Of all sanctions available to the CAC, the imposition of the following sanctions only shall be
suspended awaiting the determination of the appeal: (i) public warning, (ii) report to national regulator
or equivalent national authority, including NASO, and/or (iii) termination.
The following applies only if the CAC considers that the conduct or circumstances of the Affected
Participant will undermine the operation of any of the Schemes or would cause a serious risk of
undermining the operation of any of the Schemes. The CAC may impose a sanction of which it has
notified the Affected Participant with immediate effect, or at any other time specified by the CAC. In
particular, the CAC may impose a sanction in such circumstances even though:

the Representation Right has not expired; or any appeal under section 3.5 has not yet been
determined.

However, both the Representation Right and the right to appeal against any sanction will remain
available to any Affected Participant notwithstanding the expedited imposition of any sanction.
The decision whether or not to expedite the imposition of sanctions under this section 3.4.8 shall be
entirely at the discretion of the CAC, however, issues which would tend to indicate the need for such
action would be insolvency, loss of regulatory licence(s), or criminal conviction of the Affected
Participant.
In cases where a sanction takes effect with immediate effect or at any other time specified by the
CAC, the sanction shall remain in force for as long as determined by the CAC or until it is revoked
by a determination of the case at appeal. No Affected Participant will have any right of recourse
against the CAC for any loss suffered due to the imposition of a sanction if a sanction is subsequently
revoked on appeal or under any other circumstances.
3.4.9

Eligibility, Merger and Acquisition of a Participant

In addition to the circumstances set out in section 3.3.1, the CAC may investigate, initiate or respond
to a complaint in the following circumstances:

a Participant has failed to satisfy one or more of the Scheme eligibility criteria; and

a Participant has failed to notify the EPC of its intention to terminate its participation under
section 5.11 of the relevant Rulebook,

The CAC may treat evidence of the existence of these circumstances coming to its attention as if it
were a formal complaint, and deal with the matter in accordance with section 3.3.1 of these Internal
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Rules. Any references to a 'breach' of the Rulebooks in section 3.3.1 shall include a breach of the
Adherence Agreement (including the representations and warranties set out in the Adherence
Agreement) entered into by the Participant and may be treated by the CAC as being references to the
circumstances set out in this section 3.4.9.
3.4.10 Costs
An upfront, non-refundable administrative fee outlined in Appendix 3 of the SMIRs on the Scheme
Management cost recovery mechanism will be payable by the complainant to the EPC, upon lodging
the complaint, to cover basic administrative costs, This fee will be recoverable from the losing party,
as appropriate. Appendix 3 of the SMIRs listing this fee will be reviewed regularly and adjusted in line
with any actual costs incurred in the first year plus a reasonable increase uplift for anticipated increases
in costs in the year in question and will be adjusted accordingly in subsequent years.
The EPC will ensure that any fee set under this section is quantified so as to be consistent with the
costs incurred and paid by the EPC and the EPC's status as a non-profit organisation under Belgian
law. In addition, any relevant non-administrative costs incurred during the course of the proceedings
will be recovered from the losing party.
Where the complaint is withdrawn by the complainant before a formal CAC decision on the complaint
has been made, the CACs costs incurred to handle the complaint proceedings up to that point in time
will be recovered from the complainant.
Where the CAC initiates a complaint, it may require the Affected Participant to contribute to any costs
incurred by the CAC in relation to the complaint, if the Affected Participant were found to be in breach
of the Rulebook(s).

3.5
3.5.1

Appeals
Introduction to the Appeals Process
In this section and unless the context otherwise indicates, a reference to the Appeals Committee shall
be read as a reference to those persons comprising the Appeals Committee who have been nominated
to carry out the Appeals Function of Scheme Management in accordance with section 3.2.2.1 of these
Internal Rules.
Where the decision under appeal is a decision in which the CAC had initiated a complaint under
section 3.4.1 of these Internal Rules, the CAC is not to be regarded as a "party" to the appeal.
The role of the Appeals Committee shall be to determine whether, on the basis of the material put
before it by the appellant, a decision reached in complaints and adherence matters was correct and
justified. The Appeals Committee may request advice from a third party professional, including a
legal professional in the course of its deliberations.
Deliberations before the Appeals Committee shall be conducted in private and shall be confidential
unless otherwise agreed between the parties.
In considering any representations made to it, the Appeals Committee is not bound to follow rules of
evidence, as followed in a court or tribunal. The Appeals Committee will not normally consider oral
evidence.
The Appeals Committee shall act in accordance with the principles set out in section 3.5.2 to ensure
that a matter is handled fairly and impartially. It may stipulate such conditions as it considers
appropriate in order to ensure that this obligation is fulfilled.
In the course of determining an appeal, the Appeals Panel must not discuss details of the case with
members of other EPC bodies, without first ensuring that such discussions are carried out with the
agreement of the parties to the appeal.

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The Appeals Committee may engage skilled professionals or the Secretariat to carry out
administrative duties arising out of the conduct of appeals before the Appeals Committee at the cost
of the EPC and within the budget of the EPC. The Appeals Committee shall ensure that any person
engaged in this manner shall be subject to a duty of confidentiality in respect of information acquired
in the course of its engagement with the Appeals Committee.
3.5.2

Key Principles
In carrying out the Appeals Function, the Appeals Committee shall perform its functions in
accordance with the following principles:

3.5.3

the Appeals Committee shall act in a manner that is impartial and objective at all times;

the Appeals Committee shall act in a manner that is fair to all parties, taking into account the
circumstances of each matter before it;

the Appeals Committee shall act in a timely manner to determine matters arising before it;

the Appeals Committee shall allow all parties to make representations and present written
material to the Appeals Committee;

the Appeals Committee shall ensure that, as far as possible, matters referred to it are dealt
with in a way which is transparent, open and intelligible to the parties; and

the Appeals Committee shall ensure that it acts in a manner that is proportionate to the
seriousness of the matter before it.

each member shall be subject to a duty of confidence in respect of appeals cases pending
before the Appeals Committee.

Submission of Appeals Notice

A person with the right to an appeal under these Internal Rules must file an appeals notice with the
Secretariat. An appeals notice shall set out details of the case under appeal, reasons supporting the
appeal, together with a copy of the determination that is the subject of the appeal.
Within 21 Calendar Days of receiving the appeals notice, the Secretariat shall provide a copy of the
appeals notice to the CAC. The CAC members shall have 21 Calendar Days to file written
representations in respect of the appeal. They may appoint one or more representatives from their
number to take the appeal forward on their behalf.
The Appeals Committee shall then consider the appeals notice and any representations filed and,
within 21 Calendar Days of receiving representations from each party, shall notify all parties of the
date of the appeal meeting.
At any time before the date of the meeting, the Appeals Committee may, but is not obliged to make
such directions to the parties as may be useful for the swift and fair determination of the appeal. Such
directions may include the following:

directions to exchange documents relevant for the appeal; and

directions to exchange names and written statements of any witnesses, including expert
witnesses (if any).

The Appeals Committee shall ensure that all documents and evidence received from the CAC by the
Appeals Committee or by one or other of the parties is provided to all the parties to the appeal in a
timely manner in advance of the appeal meeting.
3.5.4

Meeting
The Appeals Committee shall aim to determine the appeal between the parties in a manner that is
fair, open and amicable at a meeting involving all relevant parties.

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Unless otherwise agreed, this meeting shall be private. Parties may bring legal representatives to a
meeting.
In the event that a party does not attend the meeting, or if both parties do not attend, the Appeals
Committee may arrive at such determination as it considers appropriate, or may postpone the date of
the meeting.
The Appeals Committee shall consider all the material put before it and allow the parties to make
oral representations during the meeting.
The Appeals Committee shall then deliver a decision on the appeal.
The Appeals Committee may make either of the following determinations:

confirm, vary, or reverse the decision of the CAC at first instance;

impose any sanction that may have been imposed, but was not imposed by the CAC at first
instance.

The Appeals Committee may publish the details of the appeals decision on the website of the EPC.
Any decisions of the CAC at first instance that are published on the website of the EPC, if varied or
reversed at appeal, shall be amended accordingly on the EPC Website.
A party to an appeal may withdraw from the appeal at any time by giving notice to the Appeals
Committee. The appeal shall be closed with immediate effect and the Appeals Committee may make
such determination in respect of the subject matter of the appeal and in respects of the allocation of
costs for the appeal as may be appropriate.
3.5.5

Costs
An upfront, non-refundable administrative fee outlined in Appendix 3 of the SMIRs on the Scheme
Management cost recovery mechanism will be payable to the EPC upon lodging the appeal, by the
party filing the appeal in question, to cover basic administrative costs, This fee will be recoverable
from the losing party, as appropriate. Appendix 3 of the SMIRs listing this fee will be reviewed and
adjusted in line with any actual costs incurred in the first year plus a reasonable amount for anticipated
increases in costs in the year in question and will be adjusted accordingly in subsequent years.
The EPC will ensure that any fee set under this section is quantified so as to be consistent with the
costs incurred by the EPC and the EPC's status as a non-profit organisation under Belgian law. In
addition, any relevant non-administrative costs incurred by the EPC during the course of the
proceedings will be recovered from the losing party.
Where the appeal is withdrawn by the appeal filing party before a formal Appeals Committee decision
on the appeal has been formulated, the EPCs costs incurred to handle the appeal proceedings up to
that point in time will be recovered from the appeal filing party.
Where there is a sole party to the appeal, the Appeals Committee shall have the power to require that
party to bear the EPCs costs in respect of the appeal, if that party were found to be in breach of the
Rulebook(s).

3.5.6

Further Steps
Following the determination of the Appeals Committee, if a party to the appeal does not consider
the issue to have been correctly resolved, it shall be open to that party to attempt to resolve the
matter through such means as it considers appropriate, including litigation in a competent court in
Brussels. As the EPC shall always be a defendant in such proceedings, the courts of Brussels shall
have exclusive jurisdiction in respect of proceedings brought in accordance with this section. Such a
party may challenge the decision before the courts of Brussels, but only on the grounds of a serious
breach by the EPC of these Internal Rules or of a breach of mandatory rules of law, or on the
grounds that the decision, when subject to a prima facie review (examen marginal / marginale
toetsing) by the court, appears manifestly incorrect.

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MAINTENANCE AND EVOLUTION

4.1
4.1.1

Change Management Processes

Change Management - Guiding Principles
It is a key objective of the EPC that the Schemes are able to evolve with an evolving payment services
market. To meet the demands of Participants, end-users and banking communities, the Schemes shall
be subject to a change management process that is structured, transparent and open, governed by the
rules of the management and evolution function of SEPA Scheme Management.
The key principles underpinning change management are the following:

4.1.2

Innovation - the Schemes shall be open to innovative proposals to improve delivery of the
Schemes with a view to ensuring that the Schemes are competitive, efficient and able to benefit
from the latest developments in payments technology.

Transparency - the change management process shall be transparent and open so that changes
implemented into the Schemes are carefully considered and scrutinised. Establishing open
channels for Scheme Participants, users and suppliers to propose changes is a key aim of change
management.

Cost-benefit analysis - proposals for change shall be supported by careful analysis weighing up
its costs and benefits to ensure that changes implemented into the Schemes are viable for all
concerned.

Development of SEPA - the Schemes are seen as an important platform for Scheme Participants
to develop SEPA-enabled products and services that allow both end-users and Participants to take
advantage of the development of and investment in SEPA.

Change Management - Terminology

The change management process shall involve ideas for changes being formulated as follows:
Submission of Suggestion - A Suggestion denotes any idea for making a change to the Schemes. A
Suggestion may be devised by any person and then submitted to the SEMWG in accordance with the
procedures set out in these Internal Rules. An Initiator refers to a person that submits a Suggestion in
accordance with these Internal Rules;
Preparation of Change Request - A Change Request is formulated by the SEMWG. A Change Request
is prepared if a Suggestion is accepted into the change management process, as set out in these Internal
Rules. A Change Request involves detailed analysis into the change set out in the Suggestion and can
include cost-benefit analysis and market research. Where the change proposes to modify the
Rulebooks and any related documentation, a Change Request shall include a mark-up of the
Rulebooks and any related documentation to show the amendments required to be made to the
Rulebooks and related documentation as a result of implementing the change; and
Preparation of Change Proposal - A Change Proposal is prepared after consultation on the Change
Request, as set out in detail in these Internal Rules. A Change Proposal sets out a detailed framework
for making a change to the Schemes, taking into consideration comments made during consultation.
Where the change proposes to modify the Rulebooks and any related documentation, the Change
Proposal shall include a mark-up of the Rulebooks and any related documentation to show the
amendments required to be made to the Rulebooks and any related documentation as a result of the
change proposed. The Change Proposal is accompanied by a Change Proposal Submission Document.
The Change Proposal Submission Document certifies that each stage of the change management
process has been completed.

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4.1.3

Role of SMB and Scheme Evolution and Maintenance Working Group

The management and evolution function of SEPA Scheme Management shall be performed by the
SMB supported by the Scheme Evolution and Maintenance Working Group ("SEMWG").
The SMB shall formulate proposals to stakeholders and end-users on the evolution of the SEPA
Schemes and implement changes, taking into account the overall strategy and policy goals of SEPA
and the EPC, identifying key needs and finding appropriate solutions.
The SMB shall be supported by the SEMWG. The SEMWG is the co-ordination and administration
body for change management whose role involves liaising with Initiators, reviewing Suggestions,
formulating Change Requests and guiding these through the change management process. The
SEMWG shall operate in accordance with its terms of reference. The Chair of the SEMWG, who may
or may not be a member of the SMB, shall be invited to attend all SMB meetings.

4.1.4

Sending a Suggestion to the Secretariat

A Suggestion is an idea for making any change to the Schemes. A Suggestion may be devised by any
person and is to be submitted to the Secretariat in accordance with the rules set out in this section.
Suggestions can then be sent to the SEMWG for consideration.
The SEMWG, supported by the Secretariat, shall look to receive Suggestions from the following
sources:

Scheme Participants (or representatives)

end-users (or representatives )

suppliers (or representatives)

The Secretariat may also accept Suggestions made by bodies within the EPC, such as the CAC, that
have insight into the operation of the Schemes and ideas about enhancing the delivery of SEPA
services to Participants and users. Such Suggestions may also be sent directly to the SEMWG.
Scheme Participants
Scheme Participants must submit a Suggestion to their relevant banking community. The Suggestion
should be submitted in a format that can be understood by the banking community.
Upon receiving a Suggestion, the banking community shall carry out a preliminary evaluation of the
Suggestion to determine whether the Suggestion is appropriate for the change management process.
The banking community may conduct an initial consultation of its members on the Suggestion at this
stage. In the course of carrying out its evaluation, the banking community may consult with the
SEMWG at any time on any aspect of the evaluation process.
If the banking community determines that the Suggestion is likely to be appropriate for the change
management process, it shall submit this Suggestion to the Secretariat for the attention of the
SEMWG. The SEMWG shall then analyse the Suggestion further in accordance with these Internal
Rules. The banking community shall notify the relevant Participant of the outcome of its evaluation
as soon as it is reasonably possible to do so.
A banking community that wishes to submit its own Suggestion may do so directly to the Secretariat
at any time and the Secretariat shall send this Suggestion to the SEMWG.
End-users and suppliers
End-users and suppliers may send Suggestions to the EPC, or to a relevant stakeholder forum at a
national or SEPA level, including the Scheme End-User Forum.
If a Suggestion is sent to the EPC, the EPC shall send the Suggestion to the Scheme End-User Forum
in a timely manner after receiving the Suggestion.

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Where a stakeholder forum receives a Suggestion either from such an Initiator or from the EPC, it
shall discuss this Suggestion with a view to determining whether the Suggestion is appropriate for
the change management process and whether there is substantial consensus in support of the
Suggestion within the relevant stakeholder forum. In the course of this process, a stakeholder forum
may send the Suggestion to a relevant banking community for discussion and for possible
consultation nationally or at the European level. In the course of conducting its discussions, the
stakeholder forum may consult with the SEMWG at any time.
If the forum determines that the Suggestion is suitable for the change management process and if
there is substantial consensus in support of the Suggestion, it shall submit the Suggestion to the
Secretariat. The SEMWG shall then analyse the Suggestion further in accordance with these Internal
Rules. The stakeholder forum shall notify the Initiator of the outcome of its discussions as soon as it
is reasonably possible to do so.
A stakeholder forum that wishes to submit its own Suggestion may do so at any time directly to the
Secretariat, provided always that such a Suggestion is supported by substantial consensus within the
forum.
4.1.5

Acknowledgement of Receipt of Suggestion

The Secretariat shall acknowledge receipt of the Suggestion to the Initiator within 21 Calendar Days of
receiving the Suggestion.
An acknowledgement of receipt does not imply that a Suggestion has been accepted but only that the
Suggestion has been received for consideration by the SEMWG.

4.1.6

Consideration of a Suggestion
The SEMWG shall be responsible for deciding (a) whether the change should be accepted into the
change management process or rejected and (b) whether the change proposed by the Suggestion is a
Minor Change or a Major Change.
In respect of (a), the SEMWG will only accept Suggestions into the change management process that
propose ideas that fall within the scope of the Schemes. As part of this analysis, the SEMWG shall
consider the change proposed by a Suggestion in accordance with the following broad criteria:

the change presents a case for wide SEPA market-acceptance;

the change is underpinned by cost-benefit analysis;

the change is aligned with the strategic objectives of the EPC;

the change is feasible to implement; and

the change must not impede SEPA-wide interoperability of the Schemes.

Suggestions that are not within the scope of the Schemes, or ones that fail to meet these criteria will
generally not be accepted into the change management process.
In respect of (b), the SEMWG shall decide whether a Suggestion proposes a change can be defined as
a Minor Change or a Major Change.
A Minor Change is a change of an uncontroversial and usually technical nature that facilitates the
comprehension and use of the Rulebooks. Clarifications of existing rules shall not be deemed to affect
the substance of the Rulebooks or the Schemes and will therefore be a Minor Change. Examples of
such changes include corrections of spelling mistakes, grammatical corrections, or minor adjustments
to technical standards in the Rulebooks to take account of upgrades. If a change is classified as a Minor
Change, it can be approved through a simplified procedure, as set out below in these Internal Rules.

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A Major Change by contrast is a change that affects or proposes to alter the substance of the Rulebooks
and the Schemes. Examples of such changes include the addition or development of new technical
standards, proposals for new services to be offered in the Schemes, or changes affecting policy. Any
change to chapters 5 and 6 of the Rulebooks shall always be a Major Change. Changes that are classified
as Major Changes are approved through detailed consultation with relevant SEPA groups, as set out in
these Internal Rules.
4.1.7

Acknowledgement of Acceptance or Rejection of Suggestion to Initiator

After considering the Suggestion, the SEMWG shall decide whether or not to formulate a Change
Request on the basis of the Suggestion made and whether the Suggestion should be accepted into the
change management process.
After arriving at its determination, the SEMWG shall notify the Initiator of its decision in a timely
manner. The SEMWG may notify an Initiator either directly or indirectly using the EPC Website.
All Suggestions, irrespective of whether they have been accepted into the change management process
shall be published on the EPC Website, with a view to permitting such a list to be openly viewed by all
groups.

4.2
4.2.1

Process for Submitting Major Rulebook Changes

Preparation and Development of Change Request by SEMWG
Once a Suggestion has been accepted and the change proposed by the Suggestion classified as a Major
Change by the SEMWG, the SEMWG is responsible for carrying out detailed work to prepare and
develop a Change Request on the basis of the Suggestion made.
The SEMWG shall conduct research and carry out a cost-benefit analysis on the Suggestion, in
accordance with Appendix 2 of these Internal Rules. This work will involve developing a business case
for making a Change Request and eventually a Change Proposal. The analysis of the SEMWG should
also show how the Suggestion meets the criteria set out in section 4.1.6 of these Internal Rules.
The SEMWG will determine whether any Suggestion which includes a request for expedited
implementation in accordance with section 4.2.8 of these Internal Rules on grounds that the proposed
change constitutes a non-operational change does indeed qualify as such. If the SEMWG is satisfied
that a Suggestion would have no operational impact on Participants and that it is suitable for the fast
track process, the SEMWG will make a recommendation to the SMB that the Suggestion is
implemented as a non-operational change in accordance with section 4.2.8.
Where the change proposes to modify the Rulebooks and any related documentation, a Change Request
shall also show the likely amendments to be made to the Rulebooks and related documentation as a
result of implementing the change proposed in the Suggestion.
The SEMWG shall make all reasonable efforts to develop the Change Request in a timely manner.
Suggestions for change pertaining to the Internal Rules shall be submitted to the Scheme Management
Board for a first assessment unless the suggestion was initiated by the SMB itself. Any decision to
integrate or not to integrate a suggestion for change to the Internal Rules into the change request to be
submitted for public consultation must be endorsed by both the SMB and the EPC Board.

4.2.2

Dialogue with the Initiator

In the course of developing the Change Request, the SEMWG shall consult with the Initiator, so that,
as far as reasonably feasible, the Change Request is in line with the Suggestion submitted by the
Initiator. To that end the Initiator will be invited to present its Suggestion(s) to the SEMWG.

4.2.3

Consultation on Change Request

Once the SEMWG has developed a Change Request, the SEMWG shall begin the process of consulting
Participants, end users and service suppliers on the Change Request.

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Scheme Participants
The SEMWG shall consult Scheme Participants, through all banking communities, on the Change
Request. Banking communities will be asked to consult all of their members who are part of the
Schemes with a view to ensuring that the views of the payment services constituency are considered in
the consultation process.
Banking communities shall ask their Scheme Participants to approve the Change Request, or
alternatively, indicate their disapproval. A banking community shall notify the SEMWG of the outcome
of such a consultation with its members. A Change Request shall be deemed to be approved by SEPA
Participants if the Change Request is supported by those Scheme Participants who carry out at least
2/3rds of the volume of SEPA payment transactions in SEPA as a whole. For this purpose, a SEPA
payment transaction is defined as a transaction under one or both Schemes, or under such other scheme
as the EPC may devise from time to time. The SMB and the SEMWG shall not be obliged to verify the
correctness of any notification made by the banking community or any evaluative methods used by the
banking community in the consultation process. In addition to either approving or rejecting the Change
Request, Scheme Participants, through their banking community may provide comments on the Change
Request to the SEMWG.
The SEMWG shall aim to conclude consultations within 90 Calendar Days of first calling for
consultation. However, in cases where the Change Request requires further consideration or
clarification, the SEMWG shall be free to extend any deadline for completing the consultation to ensure
that Scheme Participants have an opportunity to provide their contributions.
End-user and suppliers
End-users and suppliers will be invited to contribute to the consultation including through the Scheme
End-User Forum and the Scheme Technical Forum.
4.2.4

Feedback from National Consultation

The SEMWG shall collect and analyse the comments received from both Participants and end-users
and suppliers. The SEMWG shall prepare a feedback report on the consultation and make this report
available on the EPC Website to all groups. The SEMWG shall additionally give feedback on the
consultation to the Initiator.
A Change Request that is not approved by Scheme Participants during the consultation process shall
generally not be taken forward by the SEMWG. However, notwithstanding this general position, the
SEMWG may, after due and proper consideration, raise issues arising from the national consultation
for discussion at the SMB and, where necessary, the EPC Board in accordance with the EPC Charter.

4.2.5

Preparation of Change Proposal and the Change Proposal Submission Document

If the SEMWG decides to proceed with the change following consultation, the SEMWG shall prepare
a Change Proposal, taking into account comments received during the national consultation. The
Change Proposal shall set out details of the change proposed and the likely costs and benefits involved
in implementing the change. The Change Proposal shall detail non-confidential comments received
from the different banking communities of Scheme Participants and from end-users and suppliers in
the stakeholder forums. Where the change proposes to modify the Rulebooks and any related
documentation, the Change Proposal shall include a mark-up of the Rulebooks and related
documentation to show the amendments to be made to the Rulebooks and related documentation as a
result of implementing the change.
A Change Proposal may bring together more than one change, as developed from one or more
Suggestions.
The SEMWG shall complete a Change Proposal Submission Document for submission to the SMB
alongside the Change Proposal. The Change Proposal Submission Document shall certify that each
stage of the change management process, from initiation to consultation, has been properly completed
in respect of the change proposed.

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4.2.6

Submission of Change Proposal to the SMB

The Change Proposal and the Change Proposal Submission Document shall be submitted to the SMB
for determination. The SMB shall determine whether or not to accept the Change Proposal.
If the SMB considers that the Change Proposal could be of strategic relevance to the EPC, for example
when the Change Proposal relates to the geographic scope of the SEPA Schemes or to the Change
release process and cycle itself, the Change Proposal shall be submitted for endorsement to the EPC
Board, without which it could not be accepted by the SMB.

4.2.7

Publication
A Change Proposal that has been considered at the SMB shall be published on the EPC Website together
with the Change Proposal Submission Document and the decision of the SMB. The SEMWG shall use
reasonable efforts to publish all Change Proposals, irrespective of whether the change has been accepted
or rejected at the SMB, as soon as reasonably practicable after the relevant meeting of the SMB.

4.2.8

Change Release Process and Cycle

In order to ensure that the Schemes are not disrupted by the rapid implementation of numerous Change
Proposals in a short space of time, it shall not be possible for the SMB to approve more than 1 Change
Proposal in any year, except in exceptional circumstances. The SMB may only approve a further
Change Proposal(s) in exceptional circumstances, for example, where the failure to implement a
Change Proposal may result in disruption to the Schemes or to users of the Schemes. In implementing
the changes set out in a Change Proposal, the SMB shall take into account current, mandated changes
in the payments industry.
Subject to the following paragraph and section 4.2.9, except in exceptional circumstances, the EPC
may only implement a Change Proposal, as approved by the SMB, at the earliest 6 months after the
date on which the Change Proposal is published on the EPC Website in accordance with section 4.2.7.
In respect of complex changes, the EPC may specify a longer period of notice before implementing a
Change Proposal. The EPC may implement a Change Proposal on shorter notice where the change
proposed is necessary to ensure the efficient operation of the Schemes or if the change proposed pertains
to sections 2 or 3 of these Internal Rules. Changes proposed to section 2 or section 3 of these Internal
Rules shall take effect on a date to be determined by the SMB but not earlier than 30 days after SMB
approval.
A change which has been designated by the SEMWG as a non-operational change suitable for fast track
implementation under section 4.2.1 of these Internal Rules may be implemented at a date earlier than 6
months after the date on which the Change Proposal is published on the EPC Website. Such date will
be determined by the SMB on a case by case basis following consideration of a recommendation from
the SEMWG.

4.2.9

Change for Regulatory Reasons

The creation of or amendments to relevant rules and regulations (including the technical requirements
set out in the Annex to the SEPA Regulation as amended by the European Commission from time to
time) might necessitate the urgent alignment of the Schemes with such rules and regulations.
In such case the SEMWG, in close collaboration with the LSG, will prepare a Regulatory Change
Proposal. This will be done as soon as reasonably possible, in light of the date on which the new or
amended rules and regulations will enter into force. The SEMWG shall complete a Regulatory Change
Proposal Submission Document for submission to the SMB alongside the Regulatory Change Proposal.
The Regulatory Change Proposal Submission Document shall specify that the change proposed relates
to a mandatory rule of law, and the reasons why the regular change management process could not be
followed.
The Regulatory Change Proposal and the Regulatory Change Proposal Submission Document shall be
submitted to the SMB for determination. The SMB shall determine whether or not to accept the
Regulatory Change Proposal.

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A Regulatory Change Proposal that has been considered at the SMB shall be published on the EPC
Website together with the Regulatory Change Proposal Submission Document and the decision of the
SMB, as soon as reasonably practicable after the relevant meeting of the SMB.
The EPC may implement a Regulatory Change Proposal, as approved by the SMB, at the earliest from
the business day following the date on which the Regulatory Change Proposal is published on the EPC
Website in accordance with this section 4.2.9. Such date will be determined by the SMB on a case by
case basis following consideration of a recommendation from the SEMWG and the LSG.
4.3
4.3.1

Process for Submitting Minor Rulebook Changes

Preparation of List of Minor Changes
The SEMWG shall prepare a List of Minor Changes not more than twice each year. This List shall take
into account Suggestions received by the SEMWG as well as any Minor Changes that the SEMWG
considers are required for the Rulebooks.

4.3.2

Publication of List of Minor Changes

The SEMWG shall publish the List of Minor Changes on the EPC Website and ensure that the List may
be viewed by all groups.
Any person may submit comments on the List of Minor Changes through the EPC Website to the
SEMWG. The SEMWG shall permit comments to be sent to it for a period of 90 Calendar Days starting
from the date of the publication of the List of Minor Changes on the EPC Website. However, the
SEMWG shall be free to extend this period, if appropriate.

4.3.3

Re-classification of a Minor Change

In the event that the SEMWG receives extensive comments on the List of Minor Comments, where
some items on the List are identified by contributors as potentially Major Changes, the SEMWG may
remove the item from the List and consider re-classifying this item.
The SEMWG may consult with relevant contributors and relevant groups on the status of the item with
a view to determining whether a change is a Minor or a Major Change. Following such a consideration,
the change may be re-classified as a Major Change and fall to be approved through the approval process
for Major Changes, as set out in these Internal Rules.

4.3.4

Submission of List of Minor Changes to the SMB

The List of Minor Changes shall be submitted to the SMB for determination. The SMB shall determine
whether or not to accept the changes proposed in the List of Minor Changes by resolution.

4.3.5

Publication
A List of Minor Changes that has been considered at the SMB shall be published on the EPC Website
together with the decision of the SMB on the items listed. The EPC shall use reasonable efforts to
publish the List of Minor Changes, irrespective of whether the changes proposed have been approved
or rejected at the SMB, as soon as it is reasonably practicable to do so after the relevant meeting of the
SMB.

4.3.6

Change Release Process and Cycle

In order to ensure that the Schemes are not disrupted by the rapid implementation of numerous changes
in a short space of time, it shall not be possible for the SMB to approve more than 2 Lists of Minor
Changes in any year, except in exceptional circumstances. The SMB may only approve a further List
exceeding this limit in exceptional circumstances, for example, where the failure to implement a change
may result in severe disruption to the Schemes or to users of the Schemes.

EPC207-14 EPC SMIRs v1.0 Approved - March 2015

Page 38

Except in exceptional circumstances, the EPC may only implement the changes set out in the List of
Minor Changes 6 months after the date on which the List is published on the EPC Website in accordance
with section 4.3.5. The EPC may implement one or more of the changes set out in the List on shorter
notice where the change(s) proposed is necessary to ensure the efficient operation of one or both of the
Schemes.
A change or changes to the Internal Rules shall not be counted as a List of Minor Changes.

4.4

Stakeholder Forums
The SEMWG shall consider the advice from stakeholder forums on a Change Request during the
change management process. It is envisaged that end-users and suppliers shall have an opportunity to
present their views through stakeholder forums. The change management process shall aim to capture
a range of stakeholder opinions in SEPA.
Stakeholder Forums Scheme End-User Forum
The SMB will establish a Scheme End-User Forum in order to cater for a thorough consultation of EndUser representative associations for advice to the SMB on the evolution of the Schemes.
It is envisaged that the Scheme End-User Forum shall represent a wide cross-section of interest groups
at the European level, including consumers, large users and small and medium sized enterprises. This
stakeholder forum shall operate in accordance with terms of reference concluded with the SMB.
The SMB shall request properly established, representative European End-User associations or major
pan-European End-Users with presence in multiple countries to nominate a representative(s) to the
Scheme End-User Forum (one member per eligible stakeholder association or End-User at the
European level). The representative(s) nominated by such groups, together with up to five SEMWG
members (including its Chair), shall form the Scheme End-User Forum. It is open for organisations
nominating a representative to withdraw a member from this forum at any stage and replace this
member with another representative. However, to encourage continuity in the work of the forum, the
forum should aim, as far as reasonably possible to have a stable and committed membership.
Stakeholder groups at the European level that wish to have a role in nominating a representative but
who have not been invited to submit a nomination, may request the SMB for permission to submit a
nominee. The SMB shall have complete discretion in deciding whether a stakeholder group at the
European level is sufficiently established to qualify as a nominating stakeholder group.
The Scheme End-User Forum will meet at least twice per year to reflect on the maintenance and
evolution of the Schemes.
The SEMWG shall invite the Scheme End-User Forum to provide comments on a Change Request. The
Scheme End-User Forum shall prepare a report to be shared with the SEMWG in an appropriate format,
setting out the views of stakeholders regarding the Change Request. This report will be communicated
to the SMB for its final decision on Change Requests.
The EPC shall publish Scheme End-User Forum consultation reports on the EPC Website during the
consultation and feedback process.
Stakeholder forums Scheme Technical Forum
In addition to consulting Scheme Participants and Scheme End-Users, the SMB shall facilitate the
establishment of a stakeholder forum for various types of technology and service providers including
Clearing and Settlement Mechanisms (CSMs) in SEPA.
A Scheme Technical Forum will be established for consultation and advice to the SMB, and for
provision of relevant Scheme related information to technical players.

EPC207-14 EPC SMIRs v1.0 Approved - March 2015

Page 39

The SMB shall request properly established, representative European Technical Player associations or
major Technical Players with presence in multiple countries to nominate a representative(s) to the
Scheme Technical Forum (one member per eligible association or Player. The representative(s)
nominated by such groups, together with up to five SEMWG members (including its Chair), shall form
the Scheme Technical Forum. It is open for organisations nominating a representative to withdraw a
member from this forum at any stage and replace this member with another representative. However,
to encourage continuity in the work of the forum, the forum should aim, as far as reasonably possible
to have a stable and committed membership. Stakeholder groups at the European level that wish to have
a role in nominating a representative but who have not been invited to submit a nomination, may request
the SMB for permission to submit a nominee. The SMB shall have complete discretion in deciding
whether a stakeholder group at the European level is sufficiently established to qualify as a nominating
stakeholder group.
The Scheme Technical Forum will meet at least once per year to be informed and provide advice on
the management and evolution of the Schemes.
The Scheme Technical Forum has no decision making power but is a consultative body to the SMB.

EPC207-14 EPC SMIRs v1.0 Approved - March 2015

Page 40

APPENDIX 1 - COST-BENEFIT ANALYSIS

5.1.1

Cost Benefit Analysis ("CBA") - Introduction

CBA is a powerful evaluative tool, used widely in industry and in the public sector to evaluate the costs
and benefits involved in making an investment. CBAs provide a monetary evaluation of the impact of
a potential investment together with a practical assessment of its benefit for the investor, consumer,
industry and society as a whole. CBAs therefore help all parties concerned in determining whether the
costs of an investment are worth the benefits that are likely to be garnered from it.
While a CBA gives a good indication of the costs and benefits involved in monetary terms, it forms
one component of a broader analysis into the decision of whether an investment is necessary or desired.
While the importance of establishing the "business case" is self-evident, the CBA permits the business
case to be given due weight while allowing parties to consider the change holistically, taking into
account stakeholder opinions on factors that may more difficult to quantify.
CBAs are conducted on the basis of key ground rules:

a CBA should take into account all important costs and benefits; and

a CBA should take full account of the risks and uncertainties involved in a project (technical
failures, market disruptions etc.)

5.1.2

CBA - Analytical Parameters

Not every Change Request may require a CBA to be performed, for example in cases where the benefit
of the innovation is overwhelming and self-evident.
However, where the Change Request requires the CBA to be performed, SEMWG shall be responsible
for carrying out, or requesting a third party to carry out, a CBA to evaluate the CBA business case for
the proposed change. The SEMWG may also take into consideration CBA received from third parties.
A CBA shall be responsible for showing the following:

the costs and benefits for industry, including Scheme Participants and suppliers of payments
technology and infrastructure; and

the costs and benefits for consumers and for SEPA as a whole, showing where the costs may be
distributed across the different areas of the SEPA payments society.

Costs and Benefits for Industry

A CBA should clearly show all the monetary costs involved in a Change Request, so that capital as
well as operational costs are reflected in this analysis.
The benefits for industry shall be determined mainly by the value added to the service already provided
to customers for the new services, or by the value-added to the service already provided to customers.
Accordingly, the CBA shall include information on the likely customer uptake of the Change Request
by including results of any surveys, research or projections.
Benefits for Customers and SEPA
The CBA shall consider the wide benefit accruing to customers and to society as a whole as part of any
analysis.
The wider social benefits of a change may be seen in the benefits it holds for technological innovation,
faster service delivery or financial stabilisation.
5.1.3

CBA - Results
The Change Request shall take into account the results of the CBA for Participants, users and suppliers
together with the level of net monetary return expected from the change.

EPC207-14 EPC SMIRs v1.0 Approved - March 2015

Page 41

In addition, the Change Request shall set out the costs for upgrading technology and infrastructure to
deal with the change together with an analysis of the general risks that may impact on the
implementation of the new changes.
If a CBA shows that the benefits do not justify the costs involved, it is expected that this will lead to
the rejection of the Change Request by relevant groups and by the SMB.
In some cases, where the CBA shows that the change would be positive for consumers but costly for
industry, this analysis is likely to inform the debate at the level of users, suppliers and the SMB. Such
a debate may focus on the funding arrangements necessary for re-distributing the costs involved, given
that Scheme Participants and SMB members are not obliged to fund measures that are not in their
overall financial interest. In such cases, the SMB shall exercise its discretion in determining the
feasibility of changes, taking into account the views expressed in the consultation process.

EPC207-14 EPC SMIRs v1.0 Approved - March 2015

Page 42

APPENDIX 2 - CONFLICTS OF INTEREST

6.1
6.1.1

Rules for Managing Conflicts of Interest

General Principles
A member of the SMB may be faced with a situation where the duties owed by him or her under these
Internal Rules conflict in some way with another interest, duty or consideration of the member.
A member of the SMB must be alert to such conflicts of interest, or potential conflicts of interest arising
in the course of his or her engagement with the SMB.
In order to ensure that the Schemes are administered in accordance with the highest standards of fairness
and transparency, a member of the SMB must monitor any conflicts of interest arising or potentially
arising in the course of his or her office.
On appointment, each Independent Member of the SMB must supply the NGC with a written list of
issues that create or that may create a conflict of interest in the course of his or her office. If a new issue
which could create a conflict of interest would arise in the course of a members appointment to the
SMB, that member will, without delay, inform the NGC accordingly.
A member of the SMB shall be expected to declare any actual or potential conflicts of interests at the
start of any meeting involving the SMB. A note of such a declaration must be retained in accordance
with section 6.1.2 below.
Any member of the SMB may inform an appropriate person like the Chair that he or she feels that a
member of the SMB or the SMB as a whole is subject to a conflict of interest, or that a conflict of
interest might reasonably be expected to arise. In such cases, the Chair shall act in an appropriate
manner to ensure that the conflict of interest is managed effectively and transparently. Where the Chair
is subject to a conflict of interest, he or she may nominate another person within the SMB to manage
the conflict on his or her behalf. Where all the members of a body are subject to a conflict of interest,
the body must request the NGC to take appropriate action.
Where a conflict exists or where one might reasonably be expected to arise, the member must declare
the conflict and the Chair, acting together with other members of the SMB shall decide whether a
conflict does indeed exist and how such a conflict should be managed. Where a conflict of interest is
deemed to exist or where one might reasonably be expected to arise, the Chair, acting together with the
other members of the SMB, must determine whether the affected member should refrain from voting
on the relevant issue before him or her.

6.1.2

Record Keeping
The SMB shall keep a record of each case where a conflict of interest has arisen or where one has been
likely to arise, together with the action taken by the relevant member or body to manage the conflict.
The SMB shall also record cases where a conflict of interest was suspected but where, after analysis,
such a conflict was deemed not to have arisen.
Such records shall be open to inspection by the EPC and to such other persons as the SMB may consider
appropriate.

6.1.3

Field of Application
The provisions of this Appendix 2 on conflicts of interest shall apply mutatis mutandis to the members
of the CAC and to the members of the Appeals Committee.

EPC207-14 EPC SMIRs v1.0 Approved - March 2015

Page 43

7
7.1

APPENDIX 3 - SCHEME MANAGEMENT COST ALLOCATION

Scheme participation fee
The EPC may set an annual Scheme participation fee to recover the costs related to the Scheme
Management function performed by the EPC and the Scheme Management governance bodies.
These fees may be levied at the individual Participant level, or at group level, for those Participants
which are part of a group as defined in the Regulation (EU) No 648/2012 of the European
Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade
repositories (the EMIR Regulation) as amended from time to time, or for those Participants located
in a country outside the European Economic Area and within the geographical scope of the Schemes,
which are part of a group meeting substantially equivalent requirements as referred to in the definition
of a 'group' in the EMIR Regulation.
The applicable fees will be fixed in a fair, reasonable and non-discriminatory way by the EPC Board
upon a proposal submitted by the SMB based on the fee setting mechanism approved by the EPC
Board upon recommendation by the SMB, and will be made public on the EPC Website.
By derogation of the above fee setting process, the first annual participation fee will be set in
accordance with principles and parameters agreed by the EPC Plenary in December 2014 on the basis
of a recommendation by the EPCs Coordination Committee and will be made public on the EPC
Website.

7.2

Main cost types in a dispute resolution procedure

Three types of costs are identified:

Administrative costs, incurred by the EPC for administering and monitoring the relevant
proceedings (including all disbursements in connection with a particular case, for example, postage,
international courier services, telephone, faxes, copies, etc);

Legal fees and expenses, incurred by the EPC including costs for travel, lodging and clerical
assistance; and

Litigation or dispute resolution costs incurred by the parties in question, including fees and
expenses of any lawyers engaged, as well as amounts incurred on the presentation and preparation of
the case.

7.3

Rationale for dispute resolution cost recovery mechanism

The rationale for the dispute resolution cost recovery mechanism centres on a non-refundable
administrative fee. This centres on the position that the individual participants benefiting from the
Scheme Management conciliation, complaint and appeal activities should be responsible for the costs
arising from them (in whole or in part). In addition, given the EPCs core activity is to develop and
design payment schemes and frameworks to realise SEPA, it would be unfair for the EPC
membership to subsidise the Scheme Management conciliation, complaint and appeal proceedings.
Moreover, there are some initial administrative and handling costs involved in the various stages of
the conciliation, complaint and appeal activity. These should be recoverable from the Scheme
Participants either requesting or affected by the conciliation, complaint and appeal proceedings.
It is therefore appropriate for the filing Scheme Participant to pay to the EPC a flat fee to cover these
costs as an upfront fee for such activities. Such a fee is recoverable from the other Scheme
Participant involved in the action if the Scheme Participant initiating the procedure is successful at
the end of the proceedings.
In addition, any relevant non-administrative EPC costs incurred during the course of the proceedings
shall be recovered from the losing party.

EPC207-14 EPC SMIRs v1.0 Approved - March 2015

Page 44

7.4

Level of the non-refundable administrative fee for dispute resolution

As a non-profit organisation, the EPC ensures that there is no material profit mark-up resulting in a
material gain for the EPC when setting the non-refundable administrative fee.
The upfront fee payable to the EPC per single conciliation, complaint and appeal case by the
concerned Scheme Participant initiating the proceeding is estimated to be as at [8 October 2014]:

Conciliation: 2.000 EUR

Complaint: 2.000 EUR

Appeal: 3.000 EUR

The level of these fees will be regularly reviewed by the SMB and the EPC Board.

EPC207-14 EPC SMIRs v1.0 Approved - March 2015

Page 45

TERMS DEFINED IN THE INTERNAL RULES

Definitions taken from other documents are acknowledged. Terms defined elsewhere in this document
are not repeated here, but only referenced.

Term

Definition

Additional Optional
Services

Complementary features and services based on the Schemes, as described

in more detail in the Rulebooks.

Adherence Agreement

The agreement to be completed as part of the process by which an entity

applies to become a Participant. The agreement is found at Annex 1 of the
Rulebooks.

Admission Date

A date specified for admission to one or both of the Schemes for a group of
successful applicants.

Affected Participant

A Participant that is subject to proceedings before the CAC in accordance

with section 3.4 of these Internal Rules.

Business Identifier Code An 8 or 11 character ISO code assigned by SWIFT and used to identify a
financial institution in financial transactions (ISO 9362).
(BIC)
BIC

See Business Identifier Code.

Business Day

A day on which banks in the relevant jurisdiction are generally open for
business with customers.

Calendar Day

A Calendar Day means any day of the year

CBA

Cost benefit analysis

Chair

Chair refers to the Chair of the SMB

Change Proposal

A detailed proposal setting out a proposal for change after consultation with
relevant groups such as users and suppliers and detailed consideration of the
Change Request. A Change Proposal can set out comments received from
such groups together with a detailed analysis of the change and the costs
and benefits of implementing a change. Where the change proposed in the
Change Proposal modifies the Rulebooks or related documentation, a
Change Proposal shall include a mark-up of the Rulebooks and related
documentation to show the amendments required to be made to the
Rulebooks and related documentation as a result of the change proposed.

Change Proposal
Submission Document

A pro-forma document prepared by the SDWG to certify that each stage of

the change management process has been properly completed.

EPC207-14 EPC SMIRs v1.0 Approved - March 2015

Page 46

Term

Definition

Change Request

A Change Request is formulated by the SDWG on the basis of Suggestions

accepted into the change management process. A Change Request takes into
account CBA, and other details in relation to the change proposed. Where
the change proposed in the Change Request modifies the Rulebooks or
related documentation, a Change Request shall include a mark-up of the
Rulebooks and related documentation to show the amendments required to
be made to the Rulebooks and related documentation as a result of the
change proposed.

CSMs

Clearing and Settlement Mechanisms

Commencement Date

The date on which the EPC resolves to commence operation of the Scheme
in accordance with section 5.1 of the Rulebooks.

Customer Banking
Business Day

A Customer Banking Business Day is a day on which banks in the relevant

jurisdiction are generally open for business with customers.

EBA

European Banking Association

ECSA

European Credit Sector Association

EPC

The European Payments Council

EPC Charter

The Charter of the European Payments Council dated 18 June 2004, as

amended from time to time.

The European Union

Event of Default

Each event indicating that a Participant is no longer able to pay its debts as
they fall due, becomes or became insolvent or has ceased to exist (each an
Event of Default), including but not limited to the failure of a Participant to
pay the fees mentioned in section 1.4 of these Internal Rules.

Independent Member

An Independent Member is a member who can display the highest standard

of professional integrity and objectivity in relation to Scheme Management.
An Independent Member should be a professional of good repute, with
appropriate skills, who has a reasonable knowledge of the payments
services sector but who is not employed or is otherwise affiliated with a
Scheme Participant or its banking communities, service providers or a
payment services user group or user association.

Initiator

Any person making a Suggestion

Internal Rules

These are the internal rules for Scheme Management set out in this
document, as amended from time to time.

List of Minor Changes

As defined in section 4.3.1 of these Internal Rules

Major Change

As defined in section 4.1.6 of these Internal Rules

Minor Change

As defined in section 4.1.6 of these Internal Rules

EPC207-14 EPC SMIRs v1.0 Approved - March 2015

Page 47

Term

Definition

NASO

National Adherence Support Organisation, as explained in section 3.2.3.3

of these Internal Rules.

National Community

The Scheme Participants from one and the same country.

NGC

Nominating and Governance Committee

Participant

A Participant is an entity that has adhered to one or both of the Schemes in

any capacity.

Payment Services
Directive

The EU Directive on payment services in the internal market, and any

revision thereof.

Scheme

Each of the SEPA Direct Debit Scheme and the SEPA Credit Transfer
Scheme

Scheme Participants
Assembly

The Scheme Participants Assembly is composed of all EPC Scheme

Participants (who can be represented), gathering via electronic
means.

SMB

Scheme Management Board

Secretariat

The EPC Secretariat

SEPA

SEPA is the area where citizens, companies and other economic actors are
able to make and receive payments in euro within Europe. SEPA comprises
the countries listed in the official EPC list of SEPA countries as published
by the EPC from time to time.

SEPA Credit Transfer

Scheme

The SEPA Credit Transfer Scheme is the payments scheme for making
credit transfers across SEPA, as set out in the SEPA Credit Transfer Scheme
Rulebook.

SEPA Credit Transfer

Scheme Rulebook

The Rulebook setting out rules and business standards for the SEPA Credit
Transfer Scheme, as amended from time to time.

SEPA Core Direct Debit

Scheme Rulebook

The Rulebook setting out rules and business standards for the SEPA Core
Direct Debit Scheme, as amended from time to time.

SEPA Business to
Business Direct Debit
Scheme Rulebook

The Rulebook setting out rules and business standards for the SEPA
Business to Business Direct Debit Scheme, as amended from time to time.

SEPA Scheme

A SEPA payment scheme is a common set of business rules, practices and

standards for the provision and operation of a SEPA payment instrument
agreed at an interbank level in a competitive environment.

SEPA Scheme
Management

SEPA Scheme Management denotes the governance, development and

compliance mechanisms in relation to a SEPA Scheme.

SEMWG

Scheme Evolution and Maintenance Working Group

EPC207-14 EPC SMIRs v1.0 Approved - March 2015

Page 48

Term

Definition

Suggestion

A Suggestion is an idea for change to the Schemes, proposed to the

SEMWG.

Unresolved Issue

Any dispute in relation to one or both of the Rulebooks.

EPC207-14 EPC SMIRs v1.0 Approved - March 2015

Page 49

Annex III Rulebook amendments and changes since v8.0

THIS ANNEX IS NOT A PART OF THE RULEBOOK AND IS INCLUDED IN THE
RULEBOOK FOR INFORMATION PURPOSES ONLY

Annex III to SEPA Credit Transfer Scheme Rulebook Version 8.1

Page 1 4 March 2015

List of Changes in SCT Rulebook v8.1

Compared to v8.0
Key:
Column one contains the rulebook reference
Column two contains a description of the amendment
Column three contains the type of amendment, as classified below:

TYPO: typing and layout errors

CLAR: clarification of the text
CHAN: change of the Rulebook content

Reference

Description

Type

2.3

Change of Scheme Management Committee (SMC) into Compliance CHAN

and Adherence Committee (CAC)

5.4

Penultimate paragraph: change of SMC into CAC

CHAN

Last paragraph: change of SMC into Secretariat and EPC Plenary

CHAN
into Scheme Management Board (SMB)
5.11

Change of SMC into CAC

CHAN

Annex III to SEPA Credit Transfer Scheme Rulebook Version 8.1

CHAN

Page 2 4 March 2015

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