Oversight Framework for Card Payment Schemes - Standards
On 4 January 2008 the Governing Council of the European Central Bank (ECB) approved the 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.
In May 2007 the ECB launched a public consultation based on the report entitled “ Draft Oversight Framework for Card Payment Schemes - Requirements”. The aim of the public consultation was to invite all interested parties to comment on the draft requirements presented in the report by 3 August 2007.
All comments received, except those that respondents requested to be treated as confidential, and a summary of the major non-confidential comments received together with the Eurosystem’s response to these comments are available on the ECB’s website. Following the comments received, 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 (being, four-party or three-party 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.
The report, summary and non-confidential comments can be accessed on the ECB’s website.