Regulatory framework, standards and requirements
A number of Core Principles, Standars and Recommendations are in place for use as guidelines to encourage the design and operation of safer and more efficient payment and securities settlement systems.
The general guidlenes for the design and operation of payment systems within ESCB are the Core Principles for Systemically Important Payment Systems. Their aim is to emphasise the basic principles of security, reliability and efficiency that schould be contribute to transparency and consistency of payment systems.
The ESCB has also formulated policy relating to retail payment systems based on the Core Principles, namely in document: Oversight standards for euro retail payment systems. This document explains the methodology that the Eurosystem uses to identify different categories of retail payment system and clarifies which oversight standards apply to each category.
On the basis of the Oversight Framework for Card Payment Schemes - Standards, the Eurosystem developed a Harmonised oversight approach and oversight standards for payment instruments. These standards create the common ground for all payment instrument frameworks and they will be used also as a basis for the development of oversight frameworks for SEPA direct debits and SEPA credit transfers, as well as for new payment instruments that are used SEPA-wide.
In relation to securities settlement systems the ESCB is, in co-operation with the Committee of Securities Regulators (CESR), developed standards and assessment methodology based on the CPSS-IOSCO Recommendations for securities settlement systems.
Finally on 23 June 2009 the final ESCB-CESR recommendations were published, together with a feedback document to the two public consultations held in this respect.
STANDARDS AND PRINCIPLES GIVING THE FUNDAMENTAL REFERENCE DOCUMENTS FOR THE EXERCISE OF THE OVERSIGHT FUNCTION:
Eurosystem Oversight Policy Framework
Core Principles for Systemically Important Payment Systems
Oversight Standards for Euro Retail Payment Systems
Harmonised oversight approach and oversight standards for payment instruments
Oversight Framework for Card Payment Schemes - Standards
Oversight Framework for Credit Transfers Schemes
Oversight Framework for Direct Debit Schemes
Recommendations for Securities Settlement Systems
Recommendations for Central Counterparties
Standards for the use of EU Securities Settlement Systems in ESCB Credit Operations
ESCB -CESR recommendations for SSSs and CCPs in the European Union