Eurosystem Approves Framework For Overseeing Electronic Payments

The European Central Bank approved a new oversight framework for electronic payment instruments, including payments with digital assets.

The oversight requirements are set out in the form of 23 principles (listed on pages 11-12 of the document) governing matters such as legal basis, collateral, settlement and various types of risk.

Companies are expected to adhere to the new framework by November 15, 2022, or within one year following initial notification that they will be subject to oversight under the new framework.

Primary Sources

1. ECB Press Release: Eurosystem publishes new framework for overseeing electronic payments
2. ECB Oversight Framework: Eurosystem oversight framework for electronic payment instruments, schemes and arrangements

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.