2016年-ECB欧洲央行_Eurosystem_oversight_policy_framework_18页_305kb

Eurosystem Oversight Policy Framework Summary

Core Content

The Eurosystem Oversight Policy Framework outlines the role and responsibilities of the Eurosystem in ensuring the safety and efficiency of financial market infrastructures (FMIs). It replaces the 2011 framework due to evolving regulatory and institutional landscapes, as well as market developments. The Eurosystem's oversight is part of its broader mandate to maintain monetary stability and support the smooth functioning of the financial system.

Main Objectives

The Eurosystem aims to promote the safety and efficiency of FMIs, which are essential for the stability of the financial system and the euro. This includes:

• Ensuring resilience against potential disruptions.
• Promoting efficiency in cost and pricing structures.
• Enhancing interoperability and reducing cross-border frictions.
• Supporting market integration and alignment with international standards.

Key Responsibilities

Legal Basis

• The Eurosystem's oversight is based on the Treaty on the Functioning of the European Union and the Statute of the European System of Central Banks and the European Central Bank.
• These legal instruments empower the Eurosystem to ensure the smooth operation of payment systems and to impose legal obligations for oversight.

Oversight Objectives

• The Eurosystem translates its objectives into specific regulations, standards, guidelines, and recommendations.
• Oversight standards are aligned with international standards (CPSS-IOSCO PFMIs) and EU regulations (EMIR, CSDR).

Scope of Oversight

The Eurosystem oversees various types of FMIs, including:

4.1 Payment Systems

• SIPS (Systemically Important Payment Systems): Subject to legally binding oversight under the SIPS Regulation.
• Non-SIPS: Subject to a subset of PFMIs, with oversight expectations based on their systemic relevance.
• The Eurosystem ensures consistent oversight to avoid competitive distortions.

4.2 Securities Settlement Systems and Central Counterparties (CCPs)

• These systems are crucial for financial stability.
• Oversight is primarily conducted by national central banks (NCBs) under national law, with cooperation from securities regulators and banking supervisors.
• The Eurosystem promotes consistency in oversight policies across its members, in line with the PFMs.

4.3 Payment Instruments

• Includes payment cards, credit transfers, direct debits, and e-money.
• These instruments are personalised and used to initiate payment orders.
• Oversight is harmonised across the Single Euro Payments Area (SEPA), with standards for payment schemes developed by the Eurosystem.

4.4 Other Infrastructures and Service Providers

• TARGET2-Securities (T2S): A Eurosystem infrastructure that provides a single securities settlement process across the euro area and beyond.
• Critical service providers: Must meet specific oversight expectations regarding risk management, information security, reliability, and communication.
• Correspondent and custodian banks: Play a key role in payment and settlement arrangements and are monitored for operational and financial risks.

Oversight Activities

5.1 Methods

The Eurosystem conducts oversight through a three-step process:

1. Collecting information from system operators, reports, and documentation.
2. Assessing the collected information against established standards and objectives.
3. Inducing changes where necessary to enhance safety and efficiency.

Tools used include moral suasion, public statements, regulatory influence, and potential sanctions.

5.2 Role Allocation

• Oversight responsibilities are decentralised among the ECB and NCBs.
• Primary oversight responsibility is assigned to the central bank best suited to the system, usually based on national anchor or legal incorporation.
• The ECB leads oversight for systemically important euro systems such as TARGET2, EURO1, and STEP2-T.
• CLS (Continuous Linked Settlement) is overseen by the US Federal Reserve System, with the ECB participating in a cooperative oversight framework.

Key Challenges and Future Outlook

• The Eurosystem anticipates increased oversight demands due to evolving risks and market developments.
• Key challenges include:
  • Establishing effective recovery and resolution arrangements.
  • Reviewing and updating international standards and EU rules.
• The Eurosystem continues to promote regulatory convergence and enhance cross-border and cross-sectoral cooperation to ensure a consistent and effective oversight approach.

Conclusion

The Eurosystem's oversight policy framework is a comprehensive and evolving set of guidelines aimed at ensuring the safety, efficiency, and resilience of FMIs. It reflects a collaborative and coordinated approach, involving both central banks and other authorities, and is aligned with international and EU standards. Transparency and consistency are central to the Eurosystem's oversight function, which is crucial for maintaining financial stability and public confidence in the euro.