Oversight

One of the core tasks of Národná banka Slovenska is to support the safe and smooth functioning of payment instruments and market infrastructures (see Act No 566/1992 on Národná banka Slovenska, as amended). An NBS function known as oversight contributes significantly to the performance of that task.

Oversight is one of the core activities of the Eurosystem/ESCB and also an integral part of European institutional law, governed by Article 3(1) of the ESCB Statute as well as by Article 127(2) of the Treaty on the Functioning of the European Union.

Put very simply, oversight can be described as monitoring market infrastructures on an ongoing basis, assessing them against approved standards and, where necessary, inducing change. In Slovakia, oversight is governed by Act No 492/2009 on payment services (and amending certain laws).