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Oversight objectives and standards

The Eurosystem oversight policy framework provides a comprehensive overview of the methods, standards and tools it applies in its oversight activities.


The Eurosystem has translated its oversight objectives of safety and efficiency into specific oversight regulations, standards, guidelines and recommendations, as appropriate for different financial market infrastructures (FMIs).


Oversight standards provide the benchmark for the Eurosystem to monitor and assess the safety and efficiency of relevant FMIs on an ongoing basis, and to induce change where shortcomings are identified.

Eurosystem oversight of FMIs is based on the internationally accepted CPSS-IOSCO Principles for financial market infrastructures (PFMIs), which were adopted by the ECB’s Governing Council in June 2013 as the standards for Eurosystem oversight of all types of FMIs in the euro area under the Eurosystem’s responsibility.

The PFMIs were translated into various legal acts in the EU, including the European Market Infrastructure Regulation (EMIR), the Central Securities Depositories Regulation (CSDR) and, for the euro area, the ECB amending Regulation on oversight requirements for systemically important payment systems (ECB/2017/32) (SIPS Regulation).

In relation to the SIPS Regulation, there are three supporting legal, namely, the ECB Regulation on the power of the European Central Bank to impose sanctions, the ECB Decision on procedural aspects concerning the imposition of corrective measures for non-compliance with Regulation (EU) No 795/2014 and the ECB Decision on the methodology for calculating sanctions for infringements of the oversight requirements for SIPS.

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