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The oversight function is anchored in both European and national law.

Oversight is one of the core activities of the Eurosystem/ESCB and, at the same time, 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.

In Slovakia, oversight is anchored in Act No 492/2009 on payment services (and amending certain laws), as amended.

In December 2019 the NBS Bank Board approved the Oversight policy of Národná banka Slovenska – Oversight of payment systems and payment instruments.

As a Eurosystem member, Národná banka Slovenska conducts oversight pursuant solely to the Eurosystem’s regulatory framework. For the Eurosystem’s oversight function, the ECB’s Governing Council has adopted the basic standards laid down in the CPSS-IOSCO Principles for financial market infrastructures (PFMIs), whose adoption by the Eurosystem is enacted in Regulation (EU) 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) (hereinafter ‘the ECB Regulation’).

The classification of all euro area payment systems is laid down in a document entitled Payment system classification – year of reference 2012. At the same time, the ECB Regulation incorporates the ECB’s Assessment methodology for payment systems.

The ECB Regulation also incorporates the ECB’s Revised oversight framework for retail payment systems, which classifies retail payment systems into different categories according to their significance. Retail payment systems must be assessed against the PFMIs assigned to their particular category.

Within the Single Euro Payment Area (SEPA) there is an interconnection of retail payment systems, i.e. the establishment of links enabling cross-border processing of payments. For payment systems to be linked, they must meet the relevant PFMIs as well as the ECB’s Oversight expectations for links between retail payment systems.

For the purposes of oversight of individual payment instruments, the Eurosystem has prepared specific oversight frameworks, with all types of payment instruments being assessed in accordance with the ECB’s Harmonised oversight approach and oversight standards for payment instruments.

On 3 December 2018 the ECB published a document entitled Cyber resilience oversight expectations for financial market infrastructures.

This provides FMIs with guidance on how to ensure their cyber resilience over a sustained period of time, and it clearly outlines overseers’ responsibilities in regard to assessing the cyber risks faced by FMIs, as well as providing them with an assessment methodology.