Sweden: Financial Sector Assessment Program–Technical Note on Oversight and Supervision of Financial Market Infrastructures and Selected Issues in Payment Systems
IMF Staff Country Reports, April 5, 2023
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- Sweden: Financial Sector Assessment Program–Technical Note on Oversight and Supervision of Financial Market Infrastructures and Selected Issues in Payment Systems
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Bibliographic details
- Published: April 5, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400238215.002
Digitalization and payment infrastructure
- Digitalization of payments has been rising steadily in Sweden.
- Sweden is undergoing a major overhaul of its payment infrastructure.
- Joining the Eurosystem operated platforms:
- Will bring obvious benefits for the Swedish financial sector.
- May create challenges related to governance, risk management, representation of Swedish interests, and oversight.
Outsourcing and third-party risk
- Outsourcing of critical services to private companies is widespread and is going to increase in the Swedish financial sector.
- Recommendation: The authorities are encouraged to establish and maintain a central register of critical service providers and outsourced third party arrangements.
Oversight and supervisory framework
- The review results of responsibilities suggest an effective supervision and oversight framework supported by:
- Sound legal basis.
- Sufficient resources.
- Proper domestic and foreign cooperation between the authorities.
- Recommendation: The authorities should establish cooperative oversight and supervisory arrangements with P27 participating countries.
Subject focus and keywords
- Subject areas: Financial market infrastructure; Financial markets; Financial regulation and supervision; International organization; Monetary policy; Operational risk; Payment systems; PFM information systems; Principles for Financial Market Infrastructures; Public financial management (PFM).
- Keywords: Europe; Financial market infrastructure; Operational risk; oversight activity; oversight arrangement; oversight framework; oversight power; oversight responsibility; Payment systems; PFM information systems; Principles for Financial Market Infrastructures; Riksbank's oversight function; supervision of financial market infrastructure.
Publication and document specifics
- Publication date: April 5, 2023
- Pages: 36
- Volume: 2023
- Issue: 136
- Series: Country Report No. 2023/136
- DOI: https://doi.org/10.5089/9798400238215.002
- ISBN: 9798400238215
- ISSN: 1934-7685
- Stock No: 1SWEEA2023006
International Monetary Fund. "Sweden: Financial Sector Assessment Program–Technical Note on Oversight and Supervision of Financial Market Infrastructures and Selected Issues in Payment Systems", April 5, 2023.
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