ECB issues Eurosystem oversight report: In its third Eurosystem Oversight Report ECB reviews the oversight activities that the Eurosystem performed in the period from 2011 to mid-2014. The report outlines the changes to the regulatory framework that have taken place during this period and focuses on the oversight activities conducted in light of the changes. In particular it focuses on the European Markets Infrastructure Regulation (EMIR) and Central Securities Depository Regulation (CSDR), and associated recommendations and standards. A gap analysis of TARGET2 against the PFMIs revealed it meets 12 of the 17 applicable standards in full. The report also notes concerns over trade repositories and explains work on these and other critical service providers. 

The report identifies the following priorities for the future:

  • continuing to conduct oversight assessments of the four systemically important payment systems of the euro area against the Systemically Important Payment Systems Regulation;
  • assessing the design and operation of T2S, the securities settlement platform operated by the Eurosystem that is set to go live in June 2015; and
  • continuing to conduct regular analysis of correspondent banking activities.

Also under review are the guides for cards, direct debits and credit transfers, and once this review is complete, the Eurosystem will assess Single Euro Payments Area (SEPA) direct debit schemes. (Source: Eurosystem Oversight Report 2014)