Oversight refers to the oversight of market infrastructures, which is one of the responsibilities of the central bank. Market infrastructures refer to multilateral arrangements and systems that are used for clearing, settlement and recording of payments, securities, derivatives and other financial transactions. Market infrastructures consists of various payment systems and settlement systems. The objective of oversight is to ensure the reliability and efficiency of these systems for society as a whole.
The Bank of Finland oversees payment and settlement systems by regularly monitoring, analysing and assessing the operation and development of the systems as a whole. Critical service providers also fall within the scope of oversight.
The Bank of Finland conducts its oversight task in close cooperation with domestic and international authorities. In the conduct of its oversight task, the Bank adheres to the practices and principles agreed by the ESCB, which are based on international principles agreed by the Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO).
The Bank of Finland oversees payment and settlement systems by regularly monitoring, analysing and assessing the operation and development of the systems as a whole. Critical service providers also fall within the scope of oversight.
The Bank of Finland conducts its oversight task in close cooperation with domestic and international authorities. In the conduct of its oversight task, the Bank adheres to the practices and principles agreed by the ESCB, which are based on international principles agreed by the Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO).
The system-level oversight of payment and settlement systems is part of the central bank's basic duties and an element of the macroprudential supervision of financial markets. The focus of the Bank of Finland's oversight work is always specified to reflect the Bank's current strategy.