ECOFIN: Commission statement on SEPA governance/review of PSD

This statement notes that, during its review of the functioning of the SEPA Council in 2012, the EC will consider the governance of the whole SEPA project and how to take better account of consumer, small and medium-sized enterprises, retailers and other user interests. The EC will also review the composition of the EPC, the interaction between the EPC and an overarching governance structure, such as the EPA Council. The EC will also include a review of the existing direct debit refund rights in the EU within the scope of its report under Article 87 PSD. The EC will present that report no later than 1 November 2012 to the European Parliament, the Council, the European Economic and Social Committee and the European Central Bank.