Norges Bank oversees interbank systems pursuant to the Payment Systems Act. Section 2-9, first paragraph of the Act states that "Norges Bank may require the operator to provide information that Norges Bank deems necessary to ensure that the system is organised and operated in accordance with the provisions set out in or pursuant to this Act."
Norges Bank has developed requirements for periodic and event-based reporting for licensed systems, and supervisory meetings are held with the responsible operator at least twice a year. The Payment Systems Act does not apply to Norges Bank's own settlement system, NBO. However, Norges Bank has assumed that NBO will be subject to the same supervisory criteria as licensed interbank systems. The internal oversight function is organisationally separate from the operational responsibility for NBO.
The following reporting requirements and supervisory procedures have been established:
| |
Licensed interbank systems |
Norges Bank's settlement system |
| Periodic reports |
|
|
| Participation, turnover, exposure, liquidity |
Annual |
Semi-annual |
| Interrupted operations |
Quarterly basis |
Quarterly basis |
| Risk analyses, procedures for change and error management |
Annual |
Annual |
| Testing of contingency plans |
Annual |
Semi-annual |
| Event-based reporting |
|
|
| Immediate reporting of disruptions |
Disruptions classified as "critical" |
Disruptions classified as "serious" |
| Notification requirement for significant changes |
Yes |
Yes |