Regulatory framework, standards and requirements

The Governing Council of the ECB has approved as oversight standards the Eurosystem standards CPSS - IOSCO Principles for financial market infrastructures(2) (PFMIs).

The adoption of the above standards by the Eurosystem is defined by Regulation ECB No 795/2014 of 3 July 2014 on oversight requirements for systemically important payment systems(3), according to which the Eurosystem assesses systemically important payment systems (SIPSs), including both LVPSs and RPSs.

The ECB Regulation also includes the Revised oversight framework for retail payment systems(4). This framework classifies retail payment systems from the oversight perspective into multiple categories by their importance. Relevant PFMIs against which the retail payment systems are assessed are assigned to each category.

The classification of all systems is included in the Payment system classification(5) document (Explanatory note on payment system classification). The Regulation also includes an Assessment methodology for payment systems(6) and Explanatory note (7)

Within the Single Euro Payment Area (SEPA), payment systems are being linked so that they can provide cross-border processing for participants. For payment systems to be linked, they must meet the relevant PFMIs as well as the Oversight expectations for links between retail payment systems(8) (OELRPS). The OELRPS were developed by the Eurosystem in November 2012 and focus on ensuring the safety and efficiency of the links between individual retail payment systems.

For the purposes of oversight of individual payment instruments, the Eurosystem has prepared specific oversight frameworks, with all payment instruments being assessed in compliance with the Harmonised oversight approach and oversight standards for payment instruments(9).

Specifically:

  •      credit transfers are assessed according to the Oversight framework for credit transfer schemes(10);
  •      direct debits are assessed according to the Oversight framework for direct debit schemes(11); and
  •      card payment schemes are assessed according to the Oversight framework for card payment schemes-standards(12). 

Národná banka Slovenska, as a Eurosystem member, also applies the CPSS - IOSCO PFMIs as essential principles of its oversight activity, and conducts oversight in compliance with Eurosystem oversight frameworks.