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Eurosystem Oversight Report Summary (2014)

Core Content

The Eurosystem Oversight Report 2014 outlines the Eurosystem's role in ensuring the safety and efficiency of financial market infrastructures (FMIs) and payment systems in the euro area. It highlights the importance of these systems for the functioning of financial markets and the broader economy, emphasizing that their stability is crucial for the implementation of monetary policy, financial system stability, and economic growth.

The report covers the oversight activities conducted by the Eurosystem from 2011 to mid-2014, including monitoring and assessments of key systems such as TARGET2, central counterparties (CCPs), securities settlement systems (SSSs), and payment systems. It also discusses the legal and institutional framework that underpins the Eurosystem's oversight function and outlines future priorities based on regulatory developments and risk management considerations.

Main Objectives

• To promote the safety and efficiency of FMIs and payment systems in the euro area.
• To ensure compliance with international standards and the Eurosystem's own oversight principles.
• To raise awareness among stakeholders about relevant developments and risks in financial infrastructures.
• To support the implementation of regulatory reforms and avoid systemic risks.

Key Information

Regulatory Environment

• The CPMI-IOSCO Principles for Financial Market Infrastructures (PFMIs) were adopted in April 2012 as global standards for FMIs.
• The Eurosystem adopted the PFMIs as its oversight standards in June 2013.
• The European Market Infrastructure Regulation (EMIR) entered into force in August 2012, establishing a common EU regulatory and supervisory framework for CCPs and trade repositories (TRs).
• The CSD Regulation (CSDR) became effective in September 2014, introducing harmonized rules for central securities depositories (CSDs) and securities settlement systems.
• The ECB SIPS Regulation was adopted in August 2014, covering systemically important payment systems (SIPS) in the euro area, including both large-value and retail systems.

Oversight Function

• The Eurosystem's oversight function is based on international standards, legal provisions, and its own policy framework.
• It involves a three-step process:
  1. Collecting information
  2. Assessing the information
  3. Using measures to induce change
• Oversight is risk-based, with a focus on systems that pose the highest systemic risk to the euro area.
• The Eurosystem does not replace the primary responsibility of system owners and operators, which remain the main entities ensuring the safety and efficiency of their infrastructures.

Oversight Activities

• The Eurosystem conducted assessments of TARGET2, CCPs, SSSs, and payment systems against the PFMIs and other relevant standards.
• TARGET2 was found to be compliant with 12 out of 17 PFMIs standards, with recommendations for improvement on the remaining five.
• The Eurosystem also assessed other payment systems such as CLS, EURO1, STEP2-T, and retail payment schemes.
• Card payment schemes in the euro area were found to generally comply with Eurosystem standards.
• The Eurosystem participated in cooperative oversight arrangements, including with SWIFT, DTCC Derivatives Repository Ltd (DDRL), and ESMA.
• The European Forum on the Security of Retail Payments played a role in shaping oversight standards and EBA guidelines.

Oversight Roles and Responsibilities

• The ECB and national central banks (NCBs) share oversight responsibilities, depending on the system's jurisdiction and legal structure.
• For systemically important payment systems (SIPS), the ECB has a leading role in oversight.
• For non-systemic payment systems, NCBs are typically responsible.
• The Eurosystem is represented by NCBs in the oversight of euro area CCPs, while the ECB oversees CCPs outside the euro area.

Cooperative Oversight

• The Eurosystem engages in cooperative oversight with central banks, regulators, and supervisory authorities at both international and domestic levels.
• It collaborates with ESMA, EBA, and national competent authorities to ensure consistent application of oversight standards.
• The ECB has signed Memoranda of Understanding (MoUs) with prudential supervisors and regulators to facilitate regulatory cooperation.
• The Eurosystem also contributes to the review of the Payments Services Directive (PSD2) and the Securities Settlement Systems Regulation.

Future Priorities

• The Eurosystem will continue to monitor and assess the four systemically important payment systems (SIPS) against the SIPS Regulation.
• It will review the design and operation of TARGET2-Securities (T2S) before its launch in June 2015.
• The Eurosystem will update its assessment guides for cards, direct debits, and credit transfers, taking into account the SecuRe Pay recommendations.
• It will also monitor the implementation of the CSDR and EMIR to ensure compliance and efficiency.

Conclusion

The Eurosystem's oversight function is a crucial element of its mandate, aimed at ensuring the resilience and efficiency of financial market infrastructures. The report highlights the regulatory developments since 2011 and the ongoing efforts to align with international standards. The risk-based approach ensures that the Eurosystem focuses on the most critical systems in the euro area, supporting financial stability and monetary policy effectiveness.