There has been published in the Official Journal of the EU (OJ), the Regulation of the European Central Bank (ECB) on oversight requirements for systemically important payment systems.
The Regulation implements the principles for financial market infrastructures issued by the Committee on Payment and Settlement Systems (CPSS) and the Technical Committee of the International Organization of Securities Commissions (IOSCO) in April 2012. The principles are designed to harmonise and strengthen international oversight standards for a range of market infrastructures, including systemically important payment systems (SIPS).
The Regulation lays down oversight requirements for both large value payment systems and systemically important retail payment systems. It applies to payment systems operated by both central banks and private operators (subject to certain exemptions).
The Regulation comes into force on the twentieth day following its publication in the OJ (15 August 2014). However SIPS operators have the benefit of a transitional period of one year from the date on which the decision of the governing council under article 1(2) has been notified to them to comply with the requirements.