Regulation BCL 2011 No. 10 of 14 July 2011 amending Regulation BCL 2010 No. 6 of 8 September 2010 on the oversight of payment systems, securities settlement systems and payment instruments in Luxembourg

BANQUE CENTRALE DU LUXEMBOURG
Regulation of the Banque Centrale du Luxembourg 2011/ No. 10 of 14 July 2011 amending the Regulation of the Banque Centrale du Luxembourg 2010/ No. 6 of 8 September 2010 on the oversight of payment systems, securities settlement systems and payment instruments in Luxembourg

The Board of the Banque Centrale du Luxembourg,

Having regard to the Treaty on the Functioning of the European Union, and in particular Articles 127(2) and (5) thereof;

Having regard to Article 22 of the Statutes of the European System of Central Banks and of the European Central Bank;

Having regard to Article 108bis of the Constitution;

Having regard to the Law of 23 December 1998 (hereinafter the “Law”) on the monetary status and the Banque Centrale du Luxembourg (hereinafter the “Central Bank”), as amended, in particular Articles 2(5), 27-3 and 34(1);

Whereas, pursuant to Article 2(5) of the Law, “In view of its mission regarding the promotion of the sound operation of payment systems, the Central Bank ensures the efficiency and safety of payment systems and securities settlement systems, as well as the safety of payment instruments. The modalities of coordination and cooperation for the exercise of this mission are the subject of agreements between the Central Bank and the Commission de Surveillance du Secteur Financier, in respect of the legal competencies of the parties”;

Whereas Article 27-3 of the Law provides that “For the purposes of carrying out the mission defined in Article 2(5), the Central Bank may request information from payment systems and securities settlement systems regarding the operation of these systems as it deems necessary to assess their efficiency and safety, and it may request information from issuers of payment instruments regarding payment instruments as it deems necessary to assess their safety. The Central Bank is authorized to carry out on-site visits to collect the information referred to in paragraph 1. To this end, it coordinates with the Commission de Surveillance du Secteur Financier.”;

Whereas Article 34(1) of the Law provides that “Within the limits of its competencies and missions, the Central Bank has the power to adopt regulations. The regulations of the Central Bank are published in the Mémorial.”

Having regard to the Law of 10 November 2009 on payment services, the electronic money institution activity and the finality of settlement in payment systems and securities settlement systems.

Having regard to the Law of 20 May 2011 (on the activity of electronic money institutions).

Article 1.

Article 1, paragraph 2 of the Regulation of the Banque Centrale du Luxembourg 2010/No. 6 of 8 September 2010 on the oversight of payment systems, securities settlement systems and payment instruments in Luxembourg is replaced by the following text:

“System operator”: the entity or entities legally responsible for the operation of a system. A system operator may also act as a settlement body, central counterparty or clearing house.”

Article 2.

Article 7, paragraph 1 of the Regulation of the Banque Centrale du Luxembourg 2010/No. 6 of 8 September 2010 on the oversight of payment systems, securities settlement systems and payment instruments in Luxembourg is replaced by the following text:

“This Regulation is published on the website of the Central Bank (www.bcl.lu) and in the Mémorial. The annexes to the Regulation, as updated, are published on the website of the Central Bank (www.bcl.lu).”

Article 3.

The annexes to the Regulation of the Banque Centrale du Luxembourg 2010/No. 6 of 8 September 2010 on the oversight of payment systems, securities settlement systems and payment instruments in Luxembourg are supplemented by the following annexes:

8. Oversight framework for direct debit schemes (Oversight framework for direct debit schemes, October 2010, www.bcl.lu)

9. Oversight framework for credit transfer schemes (Oversight framework for credit transfer schemes, October 2010, www.bcl.lu)

10. Eurosystem oversight policy framework (Eurosystem oversight policy framework, July 2011, www.bcl.lu)

Article 4.

This Regulation shall enter into force on the day of its publication.

Article 5.

This Regulation is published in the Mémorial and on the website of the Banque Centrale du Luxembourg (www.bcl.lu).

BANQUE CENTRALE DU LUXEMBOURG
The Board