The European Central Bank (“ECB“) published a revised assessment methodology for payment systems on June 15, 2018.

The principles for financial market infrastructures (“PFMIs“) developed by the Committee on Payments and Market Infrastructures (“CPMI“) and the Technical Committee of the International Organization of Securities Commissions (“IOSCO“) were adopted in June 2013 as a basis for the conduct of Eurosystem oversight in relation to all types of financial market infrastructures (“FMIs“). For payment systems, the PFMIs are implemented through the ECB Regulation on oversight requirements for systemically important payment systems (Regulation 795/2014) (SIPS Regulation) and the revised oversight framework for retail payment systems.

The updated assessment methodology covers the requirements introduced by the Revised SIPS Regulation, which entered into force in December 2017. It also references the Eurosystem’s cyber resilience oversight expectations, which are based on the CPMI-IOSCO guidance on cyber resilience for financial market infrastructures published in June 2016.

The ECB previously updated the assessment methodology in February 2016.