2016年-ECB欧洲央行_Revised_oversight_framework_for_retail_payment_systems_13页_345kb

Summary of the Revised Oversight Framework for Retail Payment Systems

Core Content

The Eurosystem has revised its oversight framework for retail payment systems (RPSs) to align with the new CPSS-IOSCO Principles for Financial Market Infrastructures (PFMs) and to address the increasing integration of RPSs in the Single Euro Payments Area (SEPA). The revision aims to ensure the safety, efficiency, and resilience of payment systems, which are essential for financial stability, monetary policy implementation, and public confidence in the euro.

Main Objectives

• Ensure the smooth operation of payment systems.
• Promote financial stability and public confidence.
• Implement a risk-based oversight approach.
• Coordinate oversight activities across the Eurosystem to address cross-border and systemic risks.

Key Information

1. Classification of Retail Payment Systems

• Retail Payment Systems (RPSs) are defined as payment systems that typically handle large-volume, low-value transactions.

• Systemically Important Retail Payment Systems (SIRPS) are those that have the potential to trigger systemic risks, based on the following criteria:

  • Financial impact (e.g., total daily average value of payments processed)
  • Market penetration (e.g., market share in domestic and cross-border payments)
  • Cross-border dimension (e.g., involvement of multiple countries)
  • Settlement of other financial market infrastructures (FMIs)

• European Systemically Important Retail Payment Systems (ESIRPS): RPSs that meet the cross-border dimension criteria.

• National Systemically Important Retail Payment Systems (NSIRPS): RPSs that do not meet the cross-border dimension criteria.

• Prominently Important Retail Payment Systems (PIRPS): Non-SIRPS with a market share of 25% or higher.

• Other Retail Payment Systems (ORPS): Non-SIRPS with a market share below 25%.

2. Oversight Requirements for Different RPS Categories

• SIRPS must comply with both the SIPS Regulation and the Oversight expectations for links between RPSs (OELRPSs).
• PIRPS and ORPS must comply with a subset of the PFMIs and OELRPSs, based on their risk profiles and market importance.

Table 1: Principles Applied to RPS Categories

Key Considerations for PIRPS and ORPS

• Common principles (same level of strictness): Principle 1, 2, 3, 8, 17, 21, 23.
• Differentiated principles (slight differences): Principle 2, 13, 18.
• Additional principles for PIRPS: Principle 9, 15, 22.
• Excluded principles for PIRPS and ORPS: Principle 4, 5, 7, 16, 19.

3. Oversight Expectations for Links Between RPSs

• OELRPSs are subject to oversight expectations, which are based on the PFMs.
• SIRPS must comply with all eight oversight expectations.
• PIRPS must comply with all eight oversight expectations.
• ORPS must comply with seven oversight expectations, with slight differentiation in key considerations (e.g., access criteria).

Table 2: Oversight Expectations for Links

4. Organisation of Oversight Activities

• The lead overseer is typically the central bank most closely associated with the system (e.g., where the system is legally incorporated).
• For ESIRPS, oversight is coordinated by the Eurosystem as a whole, as these systems have a significant cross-border impact.
• Coordination among central banks is essential for systems with multi-jurisdictional relevance to ensure consistent and comprehensive oversight.

Conclusion

The revised oversight framework reflects the evolving landscape of retail payment systems in the euro area, emphasizing a risk-based and coordinated approach. It differentiates between SIRPS, PIRPS, and ORPS, tailoring oversight requirements to their respective systemic importance and market roles. The framework ensures that all critical aspects of payment system safety and efficiency are addressed, with a focus on legal certainty, governance, risk management, and liquidity planning.