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Payment systems provide channels through which funds
may be transferred among credit and other institutions to discharge
payment obligations arising in the financial markets and across
the entire economy,
and allow financial obligations to be settled securely and efficiently.
This function makes payment systems critical to the effective
functioning of financial systems worldwide. The Central Bank
of Malta has the responsibility
to oversee payment systems. This responsibility is assigned to
the Bank by virtue of article 34 of the Central Bank of Malta
Act, which empowers
the Bank to conduct payment systems oversight.
Oversight Policy Document
The Oversight
Policy Document outlines the
principles and provides the guidelines on the basis of which
the Central Bank of Malta will conduct payment systems oversight.
The purpose of this document is to give an overview of the
oversight process while outlining the techniques used to fulfil
the oversight requirements and objectives.
Oversight Standards
A number of Core Principles, Standards and
Recommendations are in place intended for use as guidelines to
encourage the design and operation of
safer and more efficient payment and securities settlement systems.
They also seek to ensure that payment and securities settlement
systems are
properly addressing the relevant risks to which they are exposed.
• Core
Principles for Systemically Important Payment Systems  (538kb)
•
Oversight
Standards for Euro Retail Payment Systems (56kb)
•
Oversight
Framework for Card Payment Schemes – Standards (901kb)
•
Recommendations
for Securities Settlement Systems (320kb)
•
Recommendations
for Central Counterparties (690kb)
• Recommendations
for Securities Settlement Systems and Central Counterparties
in the European Union (652kb)
•
Standards
for the use of EU Securities Settlement Systems in ESCB Credit
Operations (111kb)
Memorandum of Understanding
A Memorandum of Understanding, signed on 5 January 2011 between the Central Bank of Malta and the Malta Financial Services Authority extends the agreement to establish procedures to provide for the mutual exchange of information to ensure financial stability within the financial system in Malta and to cover the regulation, oversight, and the smooth running of payment and securities settlement systems in Malta.
Eurosystem Oversight Report
The Eurosystem has published the Eurosystem
Oversight Report to inform public authorities,
market infrastructure providers and
their participants, as well as the general public, on the performance
of its oversight function and its assessment of the safety and
soundness of euro area payment, clearing and settlement infrastructures.
The aim
is to raise awareness regarding relevant developments in these
infrastructures and the Eurosystem’s role in monitoring such developments
and in addressing potential risks and inefficiencies.
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