On the 7th June, the ECB published for public consultation a draft of its regulation on oversight requirements for systemically important payment systems. This draft regulation aims to implement in the euro area the "Principles for Financial Market Infrastructures" which was introduced in April 2012 by the Committee on Payment and Settlement Systems (CPSS) of the Bank for International Settlements and the Technical Committee of the International Organisation of Securities Commissions (IOSCO). The CPSS-IOSCO principles, which harmonise and strengthen existing international oversized standards, stipulate that in view of their potential to trigger systemic risks, payment systems of systemic important institutions should be subject to effective oversight against clearly defined and publicly disclosed criteria. This draft regulation which implements these principles in a legally binding way, covers both large value and retail payment systems of systemic importance. It confirms the criteria for qualifying a payment system as systemically important. The requirements are about ensuring efficient management of legal, credit, liquidity, operational, general business, custody, investment and other risks as well as sound governance arrangements. The draft regulation provides a transition period of one year, allowing for the operators to familiarise themselves with and implement their requirements. Feedback is invited by 9th August, 2013.