2017年-ECB欧洲央行_Eurosystem_oversight_report_2016_57页_896kb

Eurosystem Oversight Report Summary (2016)

Core Content

The Eurosystem Oversight Report for 2016 provides an in-depth analysis of the Eurosystem's oversight activities and responsibilities in the euro area from mid-2014 to the end of 2016, with a reflection on developments in early 2017. It outlines the legal and policy frameworks that underpin the Eurosystem's oversight function, emphasizing the importance of financial and operational resilience in payment, clearing, and settlement systems, as well as payment instruments.

Main Views

• Oversight Importance: Financial market infrastructures (FMIs) are vital for the stability and efficiency of the financial system and the economy. Ensuring their safety and robustness is a core responsibility of the Eurosystem.
• Legal Basis: The Eurosystem's oversight responsibilities are grounded in the Treaty on the Functioning of the European Union and the Statute of the European System of Central Banks (ESCB), which provide the legal authority to monitor and regulate FMIs.
• Regulatory Focus: The report highlights the Eurosystem's role in implementing international standards such as the Principles for Financial Market Infrastructures (PFMI) and adapting them to the euro area context through the SIPS Regulation.
• Collaboration and Coordination: The Eurosystem collaborates with national central banks (NCBs), other international bodies, and financial market participants to ensure a consistent and effective oversight approach.

Key Information

Eurosystem Oversight Responsibilities

• The Eurosystem oversees payment systems, securities settlement systems (SSSs), central counterparties (CCPs), and payment instruments.
• Oversight is conducted based on standards and recommendations, often derived from international frameworks or developed internally.
• The Eurosystem uses a three-step process: collecting information, assessing it against standards, and taking action where necessary.

Oversight Activities

• Payment Systems: The Eurosystem conducted the first comprehensive assessment under the SIPS Regulation for TARGET2, EURO1, and STEP2-T. It also initiated coordinated assessments for non-systemically important retail payment systems.
• Securities Settlement Systems: Eurosystem central banks assessed CSDs against the CPMI-IOSCO PFMI, with a focus on the migration to TARGET2-Securities (T2S). T2S, launched in 2015, is a critical pan-European securities settlement platform.
• Central Counterparties (CCPs): The Eurosystem continued its involvement in EMIR-related supervisory colleges, supporting the authorization and supervision of CCPs. It also assessed the impact of UK's Brexit on euro area FMIs and their participants.
• Payment Instruments: The Eurosystem assessed card payment schemes against its updated guidelines and initiated oversight of the SEPA Direct Debit Core Scheme.
• Cooperative Oversight: The Eurosystem engaged in cooperative oversight arrangements with other authorities, particularly in the areas of cyber resilience and financial stability.

Regulatory Developments

• The SIPS Regulation was reviewed and revised in 2016, with the final version expected in late 2017. It includes new requirements on cyber resilience and liquidity risk mitigation.
• The CSDR entered into force in 2014, with regulatory technical standards finalized in 2017. CSDs were required to apply for authorization by the end of 2017.
• The EMIR revisions in 2017 aimed to improve the EU framework for authorizing and supervising CCPs, with a particular focus on third-country CCPs.
• The PSD2 RTS and guidelines on Strong Customer Authentication (SCA) and Common and Secure Communication (CSC) were developed in collaboration with the European Banking Authority (EBA) and will apply from 2018.
• International standards such as the CPMI-IOSCO Guidance on cyber resilience and the FSB's resolution frameworks were also referenced and considered in the Eurosystem's oversight activities.

Future Priorities

• The Eurosystem will continue to focus on financial and operational resilience of FMIs and payment instruments.
• It will monitor the implementation of the PFMI and develop frameworks for supervisory stress testing of CCPs.
• Cyber resilience remains a key area of attention, with the Eurosystem aiming to deepen cooperation with other authorities and operators to address evolving threats.
• The impact of Brexit on euro area FMIs and participants is a continued concern, with the Eurosystem assessing potential implications.
• The Eurosystem will also work on enhancing its role in the supervision of third-country CCPs, as outlined in the Commission's EMIR revision proposal.

Conclusion

The Eurosystem is committed to ensuring the safety, efficiency, and resilience of financial market infrastructures and payment instruments in the euro area. Through a combination of legal frameworks, international cooperation, and continuous monitoring, it aims to maintain financial stability and support the smooth functioning of the monetary policy and payment systems. The report underscores the need for a unified and proactive approach to oversight, especially in the face of emerging risks and technological changes.