CELEX: 32020D0026(01)
Language: en
Date: 2020-05-04 00:00:00
Title: Decision of the ECB of 4 May 2020 on the identification of MasterCard Clearing Management System as a systemically important payment system pursuant to Regulation (EU) No 795/2014 on oversight requirements for systemically important payment systems (ECB/2020/26)

EN                                                                                             ECB-PUBLIC
                               DECISION OF THE EUROPEAN CENTRAL BANK
                                                 of 4 May 2020
    on the identification of MASTERCARD CLEARING MANAGEMENT SYSTEM as a systemically
  important payment system pursuant to Regulation (EU) No 795/2014 on oversight requirements
                                 for systemically important payment systems
                                                 (ECB/2020/26)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 127(2)
thereof,
Having regard to the Statute of the European System of Central Banks and of the European Central
Bank, and in particular Article 3.1, Article 22 and Article 34.1 thereof,
Having regard to Regulation (EU) No 795/2014 of the European Central Bank of 3 July 2014 on oversight
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requirements for systemically important payment systems (ECB/2014/28) , and in particular Articles 1(2)
and 1(3) thereof,
Whereas:
(1)    The fourth indent of Article 127(2) of the Treaty and the fourth indent of Article 3.1 of the Statute of
       the European System of Central Banks and of the European Central Bank (hereinafter the ‘Statute
       of the ESCB’) empower the Eurosystem to promote the smooth operation of payment systems.
(2)    The Eurosystem promotes the smooth operation of payment systems, inter alia, by conducting
       oversight.
(3)    The European Central Bank (ECB) has implemented the principles for financial market
       infrastructures issued by the Committee on Payment and Settlement Systems (CPSS) of the Bank
       for International Settlements (BIS) and the Technical Committee of the International Organization
       of Securities Commission (IOSCO) (hereinafter the ‘CPSS-IOSCO principles’), which harmonise
       and strengthen existing international oversight standards for, inter alia, systemically important
       payment systems, by means of Regulation (EU) No 795/2014.
1      OJ L 217, 23.7.2014, p. 16.
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(4)  In order to carry out the identification exercise per payment system pursuant to Article 1(2) of
     Regulation (EU) No 795/2014, the Governing Council is verifying that the criterion mentioned in
     Article 1(3)(a) of Regulation (EU) No 795/2014 is fulfilled, and that two out of four of the criteria
     mentioned in Article 1(3)(b) of Regulation (EU) No 795/2014 are fulfilled, as described in the annex
     to this Decision. For the verification exercise on which this Decision is based, public data for the
     calendar year 2017 has been used, combined with responses to ECB surveys.
(5)  The ECB and the national central banks may coordinate their actions as appropriate when carrying
     out the tasks entrusted to the European System of Central Banks.
(6)  As competent authorities, the ECB and the Nationale Bank van België/Banque Nationale de
     Belgique should coordinate their interactions with, and any requests addressed to, Mastercard
     Europe SA, and a request from either of them should be addressed by the system operator as if it
     originated from both. Such coordination should take place on the basis of procedural rules
     established by the Governing Council,
HAS ADOPTED THIS DECISION:
                                                 Article 1
                                               Definitions
Terms used in this Decision have the same meaning as those in Regulation (EU) No 795/2014.
                                                 Article 2
                               Identification of SIPS and SIPS operator
1.   MASTERCARD CLEARING MANAGEMENT SYSTEM shall be identified as a systemically
     important payment system for the purposes of Regulation (EU) No 795/2014.
2.   In its capacity as operator of MASTERCARD CLEARING MANAGEMENT SYSTEM, Mastercard
     Europe SA shall ensure that this systemically important payment system complies with the
     requirements set out in Articles 3 to 21 of Regulation (EU) No 795/2014.
                                                 Article 3
                                         Competent authorities
1.   The European Central Bank (ECB) and the Nationale Bank van België/Banque Nationale de
     Belgique (NBB) shall be the competent authorities for the oversight of MASTERCARD CLEARING
     MANAGEMENT SYSTEM.
2.   The ECB and the NBB shall coordinate their interactions with, and any requests addressed to,
     Mastercard Europe SA, on the basis of procedural rules established by the Governing Council.
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3.     In its capacity as operator of MASTERCARD CLEARING MANAGEMENT SYSTEM, Mastercard
       Europe SA shall address a request from either the ECB or the NBB as if it originated from both of
       them.
                                                   Article 4
                                                Taking effect
This Decision shall take effect on the day of its notification to the addressee.
                                                   Article 5
                                                  Addressee
This Decision is addressed to MASTERCARD EUROPE SA (Société Anonyme) Chaussée de Tervuren
198A - 1410 Waterloo, Belgium, in its capacity as SIPS operator of MASTERCARD CLEARING
MANAGEMENT SYSTEM.
Done at Frankfurt am Main, 4 May 2020.
[signed]
The President of the ECB
Christine LAGARDE
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                                                                                                                    Annex
MASTER CARD EUROPE measured against the criteria set out in Article 1(3) of Regulation (EU) No
795/2014
                           Criterion                                 MASTERCARD CLEARING MANAGMENT
                                                                                       SYSTEM
(a)      eligible to be notified as a system pursuant          Mastercard Europe SA is established in the
         to Directive 98/26/EC of the European                 Kingdom of Belgium
                                             1
         Parliament and of the Council by a Member             Criterion fulfilled
         State whose currency is the euro or operator
         is established in the euro area
(b)(i)    total    daily    average     value    of    euro-
         denominated            payments         processed
         exceeding EUR 10 billion
(b)(ii) market share at least one of the following:            Market share: 52% of euro-denominated cross-
-        15 % of total volume of euro-denominated              border payments
         payments; or                                          Criterion fulfilled
-        5 % of total volume of euro-denominated
         cross-border payments; or
-        75 % of total volume of euro-denominated
         payments at the level of a Member State
         whose currency is the euro
(b)(iii)    cross-border      activity   (i.e.  participants   MASTERCARD             CLEARING        MANAGEMENT
         established in a country other than that of           SYSTEM has          participants   from: 54 different
         the SIPS operator and/or cross border links           countries
         with other payment systems) involving five or         The       cross-border   activity  of   MASTERCARD
         more countries and generating a minimum of            CLEARING MANAGEMENT SYSTEM generates
         33 %      of   the    total   volume     of   euro-   99% of the total euro-denominated payments
         denominated payments processed                        processed by it
                                                               Criterion fulfilled
(b)(iv) use for the settlement of other FMIs
1        Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment
         and securities settlement systems (OJ L 166, 11.6.1998, p. 45).
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