The ECB issued a report entitled “ Oversight Framework for Card Payment Schemes - Standards”, which lays down Eurosystem oversight standards with regard to card payment schemes operating in the euro area. These standards focus on ensuring the safety and efficiency of the card payment schemes.
Following the comments received on the draft text, the Eurosystem has amended its initial oversight framework for card payment schemes and has now adopted the revised oversight standards. These oversight standards form part of the Eurosystem’s oversight policy on card payment schemes and are applicable to all card payment services offered either by debit and/or credit card.
In principle, the oversight standards will be addressed to the Governance Authority of the card payment scheme, which will be responsible for ensuring compliance. The overseer may liaise with any other actor(s) in charge of certain CPS functions which are not directly under the responsibility of the Governance Authority.
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Oversight Framework for Card Payment Schemes - Standards
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© Graham Bishop
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