Eurosystem/European System of Central Banks (ESCB) - oversight policies, standards, recommendations and assessment guides

The Eurosystem/ESCB performs its oversight tasks on the basis of the standards and recommendations that develops itself or in cooperation with other Central Banks and Authorities.  It aims to set clear and straightforward standards and recommendations to ensure a harmonised and systematic oversight of payment, clearing and securities settlement systems and make it easier to compare assessments of different systems.

The Central Bank of Cyprus (CBC) adopts these standards and recommendations as shown here below:

Oversight Policy

• Eurosystem oversight policy framework, July 2011

Financial Market Infrastructures (PFMIs)

• Principles for Financial Market Infrastructures, April 2012

Securities Settlement Systems (SSSs)

• Recommendations for Securities Settlement Systems and Recommendations for Central Counterparties in the European Union (ESCB-CESR), May 2009
• Framework for the assessment of Securities Settlement Systems and Links to determine their eligibility for use in Eurosystem Credit Operations, January 2014

Card Payment Schemes (CPS)

• Oversight framework for card payment schemes - standards, January 2008

Payment Instruments

• Harmonised oversight approach and oversight standards for payment instruments, February 2009
• Oversight framework for direct debit schemes, October 2010
• Oversight framework for credit transfer schemes, October 2010

Security of Internet Payments (SecuRe Pay)

• Assessment guide for the security of internet payments, February 2014
• Recommendations for the security of internet payments, January 2013