Oversight of payment systems
The Centre for Exchange and Clearing (CEC) and TARGET2 are core for the Belgian payment infrastructure. CEC is the domestic retail payment system processing intra-Belgian domestic payments. TARGET2 is the large value payment system connecting Belgian with other European banks for processing large value payments and serves as the basic connecting infrastructure needed for the implementation of central bank monetary policy.
Objectives, scope and practical organisation of the oversight of payment systems
Legal and oversight frameworks
The legal framework relevant for the oversight payment systems in euros is composed of the following ECB regulations and decisions:
- Regulation of the European Central Bank (EU) No 795/2014 of 3 July 2014 on oversight requirements for systemically important payment systems (ECB/2014/28)
- Regulation (EU) 2017/2094 of the European Central Bank of 3 November 2017 amending Regulation (EU) No 795/2014 on oversight requirements for systemically important payment systems (ECB/2017/32)
- Decision (EU) 2017/2097 of the European Central Bank of 3 November 2017 on the methodology for calculating sanctions for infringements of the oversight requirements
- Decision (EU) 2017/2098 of the European Central Bank of 3 November 2017 on procedural aspects concerning the imposition of corrective measures for non-compliance with Regulation (EU) No 795/2014 (ECB/2017/33)
- Regulation (EU) 2017/2095 of the European Central Bank of 3 November 2017 amending Regulation (EC) No 2157/1999 on the powers of the European Central Bank to impose sanctions (ECB/2017/34)
The oversight framework for non-Systemically Important Retail Payment Systems is the following: