General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
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

Related Articles
News

HKMA Decides to Maintain Countercyclical Capital Buffer at 2.5%

HKMA announced that, in accordance with the Banking (Capital) Rules, the countercyclical capital buffer (CCyB) ratio for Hong Kong remains at 2.5%.

April 16, 2019 WebPage Regulatory News
News

EP Approves Agreement on Package of CRD 5, CRR 2, BRRD 2, and SRMR 2

The European Parliament (EP) approved the final agreement on a package of reforms proposed by EC to strengthen the resilience and resolvability of European banks.

April 16, 2019 WebPage Regulatory News
News

FDIC Consults on Approach to Resolution Planning for IDIs

FDIC approved an Advance Notice of Proposed Rulemaking (ANPR) and is seeking comment on ways to tailor and improve its rule requiring certain insured depository institutions (IDIs) to submit resolution plans.

April 16, 2019 WebPage Regulatory News
News

EP Resolution on Proposal for Sovereign Bond Backed Securities

The European Parliament (EP) published adopted text on the proposal for a regulation of the European Parliament and of the Council on sovereign bond-backed securities (SBBS).

April 16, 2019 WebPage Regulatory News
News

PRA Seeks Input and Issues Specifications for Insurance Stress Tests

PRA announced that it will conduct an insurance stress test for the largest regulated life and general insurers from July to September 2019.

April 15, 2019 WebPage Regulatory News
News

PRA Finalizes Policy on Approach to Managing Climate Change Risks

PRA published the policy statement PS11/19, which contains final supervisory statement (SS3/19) on enhancing banks’ and insurers’ approaches to managing the financial risks from climate change (Appendix).

April 15, 2019 WebPage Regulatory News
News

EBA Single Rulebook Q&A: First Update for April 2019

EBA published answers to nine questions under the Single Rulebook question and answer (Q&A) updates for this week.

April 12, 2019 WebPage Regulatory News
News

EIOPA Statement on Application of Proportionality in SCR Supervision

EIOPA published a supervisory statement on the application of proportionality principle in the supervision of the Solvency Capital Requirement (SCR) calculated in accordance with the standard formula.

April 11, 2019 WebPage Regulatory News
News

FED Updates Form and Supplemental Instructions for FR Y-9C Reporting

FED updated the form and supplemental instructions for FR Y-9C reporting. FR Y-9C is used to collect data from domestic bank holding companies, savings and loan holding companies, U.S intermediate holding companies, and securities holding companies with total consolidated assets of USD 3 billion or more.

April 11, 2019 WebPage Regulatory News
News

OSFI Finalizes Guidelines on Liquidity Adequacy and NSFR Disclosures

OSFI published the final Liquidity Adequacy Requirements (LAR) guideline and the net stable funding ratio (NSFR) disclosure requirements guideline.

April 11, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2920