Sweden: Financial Sector Assessment Program–Technical Note on Oversight and Supervision of Financial Market Infrastructures and Selected Issues in Payment Systems

International Monetary Fund

No 2023/136, IMF Staff Country Reports from International Monetary Fund

Abstract: This technical note discusses Sweden’s Oversight and Supervision of Financial Market Infrastructures and Selected Issues in Payment Systems. Digitalization of payments has been rising steadily in Sweden. In addition to the continuous digitalization of payments, Sweden is undergoing a major overhaul of its payment infrastructure. Outsourcing of critical services to private companies is widespread and is going to increase in the Swedish financial sector. The review results of responsibilities suggest an effective supervision and oversight framework supported by sound legal basis, sufficient resources, and proper domestic and foreign cooperation between the authorities. The authorities should establish cooperative oversight and supervisory arrangements with P27 participating countries. While joining the Eurosystem operated platforms will bring obvious benefits for Swedish financial sector, it may also create challenges related to governance, risk management, representation of Swedish interests and oversight. The authorities are encouraged to establish and maintain a central register of critical service providers and outsourced third party arrangements.

Keywords: Riksbank's oversight function; oversight responsibility; oversight arrangement; oversight activity; oversight framework; supervision of financial market infrastructure; oversight power; PFM information systems; Principles for Financial Market Infrastructures; Payment systems; Operational risk; Financial market infrastructure; Europe (search for similar items in EconPapers)
Pages: 36
Date: 2023-04-05
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