For the time being, BCL is in charge of the oversight of Lips-Gross, the Luxembourg component of Target, Lips-Net, the local retail payment system, including its technical agent Cetrel and the securities settlement system operated by Clearstream, including its technical agent Clearstream Services. The BCL has notified these systems to the European Commission.
It monitors the observance by the systems of the requirements laid down in its oversight policies and procedures. Those are based on international standards and recommendations. They comprise among others, issues related to corporate governance and corporate structure, the latter aiming at avoiding the emergence of oversight gaps or loopholes at the level of the system operator.