Featured Product

    ECB Publishes the Fourth Eurosystem Oversight Report 2016

    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

    FDIC Releases Economic Scenarios for Stress Testing in 2020

    FDIC released the hypothetical economic scenarios for use in the upcoming stress tests for covered institutions with total consolidated assets of more than USD 250 billion.

    February 14, 2020 WebPage Regulatory News
    News

    EBA Acknowledges EC Adoption of Amended Supervisory Reporting Standard

    EBA acknowledged the adoption, by EC, of an Implementing Act with regard to the common reporting (COREP) and financial reporting (FINREP) changes, in accordance with the Capital Requirements Regulation or CRR.

    February 14, 2020 WebPage Regulatory News
    News

    APRA and ASIC Welcome Proposed Reforms for Superannuation Sector

    APRA and the Australian Securities and Investments Commission (ASIC) have jointly welcomed the proposed legislative reforms increasing the role of ASIC in the superannuation sector.

    February 14, 2020 WebPage Regulatory News
    News

    ESMA Responds to EC Consultation on Review of Benchmarks Regulation

    ESMA published its response to EC consultation on review of the Benchmarks Regulation in EU.

    February 14, 2020 WebPage Regulatory News
    News

    ISDA Guide on Smart Contracts for Equity and Interest Rate Derivatives

    ISDA has published the fourth and fifth installments in a series of legal guidelines for smart derivatives contracts.

    February 13, 2020 WebPage Regulatory News
    News

    FED Paper Describes FLARE, A Top-Down Model for Stress Testing

    FED published a technical paper that describes the Forward-Looking Analysis of Risk Events (FLARE) model.

    February 13, 2020 WebPage Regulatory News
    News

    EC Rule Updates Data for Calculations Under Solvency II Reporting

    EC published the Implementing Regulation 2020/193, which lays down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from December 31, 2019 to March 30, 2020, in accordance with the Solvency II Directive (2009/138/EC).

    February 13, 2020 WebPage Regulatory News
    News

    EIOPA Publishes Supervisory Convergence Plan and Suptech Strategy

    EIOPA published the strategies for cyber underwriting and supervisory technology (suptech), in response to the evolving insurance landscape.

    February 12, 2020 WebPage Regulatory News
    News

    EBA Proposes Guide on Sectoral Exposures to Apply Systemic Risk Buffer

    EBA launched a consultation on the guidelines on appropriate subsets of sectoral exposures to which competent or designated authorities may apply a systemic risk buffer (SyRB), in accordance with the Capital Requirements Directive (CRD).

    February 12, 2020 WebPage Regulatory News
    News

    ISDA Paper Outlines Developments on Risk-Free Rate Adoption in 2020

    ISDA published a research paper that examines several major upcoming developments on the adoption of risk-free rates in 2020.

    February 12, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4676