A receptacle assembly includes a hollow conductive cage with a front end and an opening to an interior portion of the cage. The opening is configured to receive a module assembly therein. The cage has a bottom with a bottom opening communicating with the interior portion, and the bottom is configured to be joined to a circuit board. A layered EMI shield member is provided between the bottom of the cage and the circuit board and the shield member extends completely around the bottom opening of the cage. The EMI shield member is formed as a flexible, low-cost assembly that utilizes a pair or insulative layers that flank a conductive layer.