2012年-ECB欧洲央行_Eurosystem_oversight_report_2011_63页_1mb

Eurosystem Oversight Report 2011 Summary

Core Content

The Eurosystem Oversight Report 2011, published in April 2012, outlines the legal and institutional framework of the Eurosystem's oversight function, describes recent oversight activities, and provides an outlook for future developments. It also includes three special articles that elaborate on specific oversight-related topics.

Main Views and Key Information

1. Institutional Framework and Legal Basis

• The Eurosystem's oversight function is based on the Treaty on the Functioning of the European Union and the Protocol on the Statute of the European System of Central Banks (ESCB) and the European Central Bank (ECB).
• The Eurosystem is tasked with promoting the smooth operation of payment systems and fulfills this in three roles: overseer, catalyst for market-led change, and operator of payment and settlement facilities.
• The ECB has statutory powers to regulate clearing and payment systems to ensure they are efficient and sound.
• Oversight activities are carried out cooperatively with the entities under review, and national laws also support the oversight function of national central banks (NCBs).

2. Oversight Activities

• The Eurosystem’s main oversight activities include:
  • Establishing oversight policies and standards
  • Monitoring and assessing entities in the oversight scope to ensure compliance
• These activities cover:
  • Large-value and retail payment systems
  • Correspondent banking
  • Payment instruments
  • Securities settlement systems (SSSs), central securities depositories (CSDs), and central counterparties (CCPs)

3. Oversight Standards and Requirements

• Oversight standards ensure that payment, clearing, and settlement systems are safe and efficient.
• The Eurosystem has developed a Harmonised oversight approach for payment instruments, including:
  • Card payment schemes
  • Credit transfers and direct debits (SCT and SDD)
• The Eurosystem has updated its oversight policy framework in July 2011, including:
  • Inclusion of trade repositories (TRs) in the oversight scope
  • Review of oversight standards for retail payment systems (RPS) to better reflect their European dimension and address systemic links
• The Eurosystem has initiated a review of oversight standards for e-money schemes

4. Cooperative Oversight Arrangements

• The Eurosystem participates in cooperative oversight arrangements for various infrastructures:
  • SWIFT
  • CLS (Continuous Linked Settlement) system
• A new cooperative arrangement was established in June 2011 for the DTCC's Warehouse Trust, a US-based TR, involving three Eurosystem central banks.

5. Legislative Developments

• The Eurosystem engages with and provides opinions on relevant European legislation, including:
  • EMIR (European Market Infrastructure Regulation)
  • CSDR (Central Securities Depositories Regulation)
  • Securities Law Directive (SLD)
  • Close-out netting legislation
  • SEPA End Date Regulation

EMIR (European Market Infrastructure Regulation)

• Aims to regulate OTC derivatives, CCPs, and TRs.
• The ECB emphasized the need for EMIR to better reflect the statutory competencies of the Eurosystem, particularly regarding:
  • Authorisation of CCPs and TRs
  • Risk assessments
  • Regulatory technical standards
  • Recognition of third-country CCPs and TRs
• The ECB also stressed the importance of central bank liquidity facilities in ensuring systemic liquidity.

CSDR (Central Securities Depositories Regulation)

• The proposed regulation includes:
  • Authorisation and ongoing supervision
  • Cross-border provision of services
  • Prudential requirements
  • Minimum capital requirements
  • Organisational standards
• The ECB highlighted the need for harmonization of settlement cycles and settlement discipline.
• It also called for clear definitions of core and ancillary services of CSDs, particularly regarding credit provision and operational conditions.

SLD (Securities Law Directive)

• Aims to harmonize securities holding and transfer laws across the EU.
• The Eurosystem supports the directive's goals to:
  • Harmonize frameworks for holding and transferring securities
  • Clarify conflict of law rules
  • Define rights and obligations of account providers
  • Address book-entry securities rights
• The directive is expected to support the Eurosystem collateral framework and the safe functioning of TARGET2-Securities (T2S).

Close-out Netting

• The Eurosystem supports the legal harmonization of close-out netting to enhance financial stability.
• The ECB welcomed the Commission's initiative to:
  • Clarify enforceability of close-out netting agreements
  • Allow temporary suspension in crisis scenarios
• This will help ensure safety and efficiency of financial market infrastructures (FMIs) and their netting arrangements.

SEPA End Date Regulation

• The Eurosystem advocated for a realistic end date for migration to SEPA to ensure an integrated market.
• An agreement was reached in December 2011, setting the migration end date for credit transfers and direct debits as 1 February 2014.

6. Special Articles

4.1 Progress in OTC Derivatives Market Reform: A Eurosystem Perspective

• The Eurosystem identifies three main priorities for OTC derivatives reform:
  1. Convergence of requirements across borders and sectors for risk management and use of OTC derivatives infrastructures
  2. Central bank involvement in cooperative arrangements for CCPs and TRs
  3. Access to high-quality TR data aligned with central bank needs

4.2 TARGET2 Transactions: Data and Analysis

• The TARGET2 Simulator project was launched in 2009–10 to analyze quantitative and qualitative risks in TARGET2.
• The project includes:
  • Analysis of payment timing and networks
  • Development of a simulation structure for extraordinary events
  • Quantification of potential impacts of such events

4.3 A Survey on the Role of Technological Service Providers in Retail Payments in Italy and Greece

• A joint survey by Banca d'Italia and the Bank of Greece explored the role of technological service providers in the retail payments sector.
• Key findings:
  • Outsourcing is more common for card payments and electronic money
  • Intermediaries are aware of operational risks from outsourcing
  • They do not perceive outsourcing as particularly risky

7. Outlook

• The Eurosystem has a full schedule for oversight activities in the short to medium term.
• Key upcoming tasks include:
  • Review of oversight policies following the finalization of CPSS-IOSCO principles
  • First assessment of SEPA credit transfer (SCT) and direct debit (SDD) schemes
  • Eighth survey on correspondent banking in the euro area

8. New CPSS-IOSCO Principles

• Released in March 2011, these principles integrate and update:
  • CPSS Core Principles for SIPS (2001)
  • CPSS-IOSCO Recommendations for SSSs (2001)
  • Recommendations for CCPs (2004)
• The new principles are expected to:
  • Promote greater consistency in oversight and regulation
  • Address systemic risks related to participant default arrangements, liquidity, operational risk, and interdependencies
  • Include TRs as a new category of FMI
• The final report is expected in the first half of 2012

Conclusion

The Eurosystem Oversight Report 2011 highlights the evolution of oversight policies, the importance of legal harmonization, and the increasing role of the Eurosystem in ensuring financial stability and market efficiency. It underscores the Eurosystem's commitment to transparency, cooperation, and regulatory alignment across the EU and globally.