2010年-ECB欧洲央行_Summary_of_the_outcome_of_the_public_consultation_on_the_oversight_frameworks_for_credit_transfer_and_direct_debit_schemes_16页_256kb

Summary of the Outcome of the Public Consultation on the Oversight Frameworks for Credit Transfer and Direct Debit Schemes

Introduction

The Eurosystem has developed oversight frameworks for credit transfer and direct debit schemes as part of its broader efforts to ensure the safe and efficient functioning of the European retail payment system, particularly in the context of the Single Euro Payments Area (SEPA). These frameworks are based on the legal mandate under Article 127(2) of the Treaty on the Functioning of the European Union and are aligned with the Eurosystem's "Harmonised oversight approach and oversight standards for payment instruments" published in February 2009. The consultation period for the draft frameworks ran from 10 August to 10 November 2009, during which six market participants provided feedback. The Eurosystem has addressed these comments, particularly regarding terminology, geographical scope, level playing field, overlaps with banking supervision, and the need for cost-benefit analysis.

Core Terminology Clarifications

Scheme

• A "scheme" refers to the entire payment cycle, including all actors involved, and is not limited to technical specifications or interbank rules.
• It encompasses both paper-based and electronic payment methods.
• The definition includes the execution of payment orders, the initiation phase, the transaction phase, and the clearing and settlement phase.

Governance Authority

• The governance authority is responsible for the overall functioning, promotion, and compliance of the scheme.
• It is not a single entity but may be assumed by multiple actors, including the EPC, groups of banks, or individual banks, depending on the aspect.
• The governance authority’s role is not fixed and will be determined during the practical implementation of oversight.

Standards

• The five standards are oversight expectations, not technical norms.
• They include:
  1. A sound legal basis.
  2. Comprehensive information for all actors.
  3. Security, operational reliability, and business continuity.
  4. Effective, accountable, and transparent governance.
  5. Risk management in clearing and settlement.
• These standards may be applied to national non-SEPA schemes if required by national law.

Geographical Scope

• The Eurosystem's oversight applies to SEPA direct debits and credit transfers, as well as new SEPA-wide payment instruments.
• National Central Banks (NCBs) may choose to apply these standards to non-SEPA payment instruments in their jurisdictions, only if those systems are not phased out within SEPA deadlines.
• The goal of SEPA is to migrate to common standards, ensuring consistency across the Eurosystem.

Level Playing Field and Payment Institutions

• The Eurosystem aims to ensure consistent oversight for all SEPA-wide instruments to prevent distortions in the retail payment landscape.
• The oversight framework includes payment institutions as part of the scheme, with a focus on the functioning of the payment scheme and the compliance of all actors.
• The revised definitions of "scheme" and "governance authority" clarify that payment institutions are included in the oversight scope.

Overlaps with Banking Supervision and Other Oversight Activities

• The Eurosystem has avoided overlaps with existing banking supervision and other oversight frameworks, such as those for large-value and retail payment systems.
• Clearing and settlement mechanisms (CSMs) already under supervision are not subject to a second oversight.
• NCBs may apply the standards to additional actors within the scheme if required by national law, but the Eurosystem will coordinate to ensure consistency.

Cost-Benefit Analysis

• The Eurosystem does not plan to conduct a cost-benefit analysis of the standards, as they are statutory obligations under the Treaty and ESCB Statute.
• The standards are the result of in-depth risk analysis and fact-finding.
• The focus is on maintaining public confidence and promoting economic efficiency, rather than cost considerations.

Key Comments and Responses

Conclusion

The Eurosystem has taken the feedback from market participants into account and has clarified key terminology, defined the scope of its oversight, and emphasized the statutory nature of the oversight framework. The frameworks are designed to be flexible, allowing for multiple governance actors, and aim to ensure a level playing field across the Eurosystem. The Eurosystem has also avoided overlaps with existing banking supervision and has no plans for cost-benefit analysis. The final frameworks will be implemented with a focus on security, reliability, and public confidence, while maintaining regulatory consistency.