The European Central Bank has published the Eurosystem oversight policy framework, which describes the role of the Eurosystem in the oversight of payment and settlement systems and provides an overview of the existing set of tools and instruments that it employs.

The oversight policy framework replaces the Eurosystem’s previous policy statement, Role of the Eurosystem in the field of payment systems oversight, published in 2000. Throughout the document the term “payment, clearing and settlement systems” is used as a generic label for payment systems (including payment instruments), clearing systems (including central counterparties) and (securities) settlement systems. Where necessary, the document differentiates between these types of systems.

The scope of the Eurosystem’s oversight activities is generally guided by its objectives of promoting the safety and efficiency of the “clearing and payment systems” for the euro to the extent determined by the relevant provisions of the Treaty on the Functioning of the European Union. Within these general boundaries, the scope and depth of oversight may change over time, as the financial market infrastructures evolve. The scope is defined in the document along with the different types of entities and instruments that form the payment and settlement landscape of the euro area. A key consideration for the Eurosystem in setting the scope of oversight is applying policy requirements and standards in a consistent way that does not create inappropriate competitive distortions between comparable systems. An overview of the relevant policy documents is set out in the document’s annex.

With this publication the Eurosystem seeks to further strengthen the transparency of its oversight polices, which enables payment and settlement system operators to better understand and observe the applicable policy requirements and standards.

View Eurosystem oversight policy framework, 23 September 2015