The NBU oversees payment systems covering as follows:
- payment systems monitoring
- assessing payment systems for their compliance with Ukrainian law and international oversight standards
- inducing change (as needed, issuing instructions and recommendations on improving operations and imposing corrective measures, if violations are found).
Currently in Ukraine, the following entities are subject to oversight:
- payment system operators
- participants in payment systems
- payment service providers (clearing and processing institutions, and other entities authorized to provide services or perform operational and other technical functions within payment systems).
Other Financial Market Infrastructures
The NBU has drawn up the Assessment Methodology for Financial Market Infrastructures based on international oversight standards: Principles for financial market infrastructures, CPMI – IOSCO, 2012, and assessment methodology guidelines: Disclosure framework and Assessment methodology, CPSS-IOSCO, 2012. The document was drafted for the preliminary assessment of the National Depository of Ukraine that is legally assigned to perform functions of the central securities depository and the securities settlements system.
The International Monetary Fund recommended the NBU to expand the oversight function to cover the central securities depository and the central counterparty in order to foster development of capital markets in Ukraine, reduce systemic risks, implement international standards and the best world practices for oversight of financial market infrastructures.
The Methodology will be applicable to the following financial market infrastructures:
- the central securities depository
- the securities settlement system
- the central counterparty.
The Methodology defines the procedure and application specifics of international oversight standards and prescribes guidelines for assessment of the aforesaid infrastructures.