United Kingdom (and EU regulation)

Published in OJ – ECB Regulation and Decisions on systemically important payment systems

On 5 May 2021, there was published in the Official Journal of the EU:

Regulation (EU) 2021/728 of the European Central Bank of 29 April 2021 amending Regulation (EU) No 795/2014 on oversight requirements for systemically important payment systems (ECB/2021/17). Regulation (EU) No 795/2014 (the ECB Regulation) sets out the European Central Bank’s (ECB) oversight requirements for payment systems of systemic importance. Regulation (EU) 2021/728 makes certain amendments to the ECB Regulation including introducing a methodology that allows the ECB Governing Council to identify certain payment systems as systemically important payment systems that fall outside the criteria currently set out in the ECB Regulation.
Decision (EU) 2021/730 of the European Central Bank of 29 April 2021 amending Decision (EU) 2019/1349 on the procedure and conditions for exercise by a competent authority of certain powers in relation to oversight of systemically important payment systems (ECB/2021/19).
Decision (EU) 2021/729 of the European Central Bank of 29 April 2021 amending Decision (EU) 2017/2098 on procedural aspects concerning the imposition of corrective measures for non-compliance with Regulation (EU) No 795/2014 (ECB/2021/18).

The ECB has also issued a statement on the Regulation and two decisions which followed an earlier consultation. In particular, in the statement the ECB provides certain clarification concerning the criteria for classifying payment systems as systemically important payment systems.