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November 24, 2017

ECB published its fourth report on the Eurosystem oversight of the financial market infrastructures (FMIs). The report describes the way the Eurosystem has exercised its oversight responsibilities and conducted oversight activities in the period from June 2014 (which was when the earlier oversight report was completed) to the end of 2016. The report reflects on regulatory, policy, market, and technical developments during this period, which are relevant from an oversight perspective. In some cases, reference is also made to important activities or developments that took place in the first part of 2017.

The report begins by providing an overview of the oversight function in Eurosystem, including the institutional and legal framework and the respective oversight standards. It then elaborates on the oversight activities that the Eurosystem carried out under its various areas of responsibility during the reporting period. This is followed by an outlook for the area of Eurosystem oversight for the period ahead. The report concludes with a set of special articles on topics relevant to Eurosystem oversight, including instant payments, cyber resilience, and PSD2 regulatory standards on strong customer authentication (SCA) and common and secure communication (CSC). The report highlights that the period under review can be seen more as a consolidation phase, with a focus on ensuring that the regulatory changes introduced after the crisis were properly implemented and integrated by overseers and FMI operators. A strong focus was on financial and operational resilience, with detailed assessments being conducted by overseers and other authorities to ensure compliance with the newly introduced regulatory requirements and oversight standards. Moreover, additional guidance on selected areas was also developed and published during the period.

Eurosystem comprises ECB and the national central banks of EU member states that have adopted the euro. The scope of the Eurosystem’s oversight includes oversight of FMIs, more specifically payment systems, securities settlement systems or central securities depositories (SSSs/CSDs) and central counterparties (CCPs), along with payment instruments or schemes and other infrastructures and service providers, including TARGET2-Securities (T2S). Payment, clearing, and settlement systems are FMIs that are essential for the proper functioning of market economies. Through its oversight function, the Eurosystem aims to ensure the safety and efficiency of FMIs operating in the euro area by applying relevant legal provisions and its own oversight principles and standards.

 

Related Link: Report (PDF)

Keywords: Europe, EU, PMI, FMI, Eurosystem Oversight, PSD2, ECB

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