2018年-ECB欧洲央行_Revised_Eurosystem_assessment_methodology_for_payment_systems_June_2018_107页_1mb

Summary of Revised Assessment Methodology for Payment Systems

1. General Introduction

In June 2018, the Eurosystem introduced a revised assessment methodology for payment systems, aiming to ensure consistent and harmonized application of the SIPS Regulation and the Principles for Financial Market Infrastructures (PFMs). This methodology is based on the CPMI-IOSCO framework and includes additional questions from the previously used "Terms of Reference for the oversight assessment of euro systemically and prominently important payment systems against the Core Principles". It also incorporates the Eurosystem's Cyber Resilience Oversight Expectations (CROE), which are aligned with the CPMI-IOSCO Guidance on cyber resilience (June 2016).

The methodology applies to both systemically important payment systems (SIPS) and non-SIPS. For SIPS, compliance ratings are assigned at the level of an article in the SIPS Regulation, while for non-SIPS, the observance of PFMs is rated at the level of each principle. The assessment questions are structured to align with the SIPS Regulation's articles and are divided into two parts: one for payment systems and one for links between retail payment systems (RPSs).

2. Use of the Assessment Methodology

• Scope: The methodology applies to all payment systems, including both SIPS and non-SIPS, regardless of their classification.

• Compliance Ratings:

  • Compliant: The SIPS fully complies with all provisions of the SIPS Regulation.
  • Broadly compliant: The SIPS has minor non-compliance issues that require follow-up.
  • Partly compliant: The SIPS has non-compliance issues that could become serious if not addressed.
  • Not compliant: The SIPS has serious non-compliance issues requiring immediate action.

• Non-SIPS Compliance Ratings:

  • Observed: The FMI fully observes the principle with minor gaps.
  • Broadly observed: The FMI broadly observes the principle with identified issues.
  • Partly observed: The FMI has issues that could become serious if not addressed.
  • Not observed: The FMI has serious issues requiring immediate action.

• Process:

  • Competent authorities are responsible for regularly assessing compliance.
  • Corrective measures can be imposed for non-compliance, while sanctions are applied by the ECB under Regulation (EC) No 2157/1999.
  • The methodology ensures comparability with CPMI-IOSCO standards.

3. Core Content and Key Assessment Questions

3.1 Legal Soundness / Principle 1: Legal Basis

• Key Questions:
  • What are the material aspects of the SIPS's activities that require legal certainty?
  • What legal systems are relevant for each material aspect?
  • Is there specific legislation governing payments or electronic processing?
  • What legal framework governs the system operator?
  • How does the SIPS operator ensure the enforceability of its rules, procedures, and contracts?
  • What measures have been taken to mitigate legal risks from conflicts of laws?

3.2 Governance / Principle 2: Governance

• Key Questions:
  • What are the documented objectives of the SIPS operator and how do they support safety, efficiency, and financial stability?
  • Do business plans exist and are financial results achieved?
  • How are the governance arrangements structured and what are the lines of responsibility and accountability?
  • Are governance arrangements transparent to the public?
  • How do governance arrangements address conflicts of interest and ensure separation between operator and oversight functions?
  • How is management accountability ensured to stakeholders?
  • What mechanisms ensure the effectiveness and independence of risk management and audit functions?

3.3 Risk Management / Principle 3: Framework for Comprehensive Risk Management

• Key Questions:
  • What is the risk management framework for the SIPS?
  • How are risks identified, assessed, and mitigated?
  • What are the procedures for handling participant defaults?
  • How are liquidity and operational risks managed?

3.4 Credit Risk / Principle 4: Credit Risk

• Key Questions:
  • How is credit risk managed within the SIPS?
  • What are the default rules and procedures?
  • How is the system's ability to manage credit risk evaluated?

3.5 Collateral / Principle 5: Collateral

• Key Questions:
  • What collateral arrangements are in place?
  • How is collateral handled in the event of a participant's insolvency?
  • Are there specific legal provisions for collateral enforceability?

3.6 Liquidity Risk / Principle 7: Liquidity Risk

• Key Questions:
  • How is liquidity risk managed?
  • What mechanisms ensure the system's ability to meet liquidity requirements?
  • How are liquidity risk mitigation strategies evaluated?

3.7 Final Settlement / Principle 8: Settlement Finality

• Key Questions:
  • How is settlement finality ensured?
  • What legal provisions support the finality of transactions?
  • How is the enforceability of final settlement mechanisms assessed?

3.8 Money Settlements / Principle 9: Money Settlements

• Key Questions:
  • What are the rules and procedures for money settlements?
  • How are these settlements monitored and managed?

3.9 Payment versus Payment (PVP) / Principle 12: PVP and PFMI

• Key Questions:
  • What are the PVP arrangements and how are they managed?
  • How is the enforceability of PVP mechanisms ensured?

3.10 Access and Participation / Principle 16: Custody and Investment Risk

• Key Questions:
  • What are the access and participation criteria?
  • How are custody and investment risks managed?

3.11 Tiered Participation / Principle 19: Tiered Participation Arrangements

• Key Questions:
  • What are the tiered participation arrangements?
  • How are these arrangements structured and evaluated?

3.12 Efficiency and Effectiveness / Principle 21: Efficiency and Effectiveness

• Key Questions:
  • What measures ensure the efficiency and effectiveness of the payment system?
  • How are these evaluated?

3.13 Communication Procedures / Principle 22: Communication Procedures and Standards

• Key Questions:
  • What communication procedures and standards are in place?
  • How are these procedures documented and reviewed?

3.14 Disclosure of Rules and Market Data / Principle 23: Disclosure of Rules, Key Procedures and Market Data

• Key Questions:
  • How are the system's rules, procedures, and market data disclosed?
  • What is the process for updating and communicating this information?

4. Assessment of Links Between Retail Payment Systems

• This section includes specific questions for evaluating the links between RPSs.
• It addresses the safety, efficiency, and transparency of inter-system interactions.
• The methodology ensures that these links are assessed in line with the revised SIPS Regulation and CROE.

Key Information

• The methodology is designed to ensure that payment systems operate in a legal and regulatory framework that supports financial stability and public interest.
• It promotes transparency, accountability, and the enforceability of rules and procedures.
• It includes both SIPS-specific and general FMI questions, with a focus on proportionality for non-SIPS.
• The methodology is updated to reflect the Revised SIPS Regulation (December 2017) and includes cyber resilience considerations.