The Oversight Committee serves as a mechanism for participating central banks to carry out their individual responsibilities for the safety and efficiency of payment and settlement systems, and the stability of the financial system.

The committee operates in accordance with the Protocol for the Cooperative Oversight Arrangement of CLS, which is designed to enhance efficiency by minimizing duplicative efforts; foster consistent and transparent communications; enhance transparency; and support fully informed central bank assessments and decision-making.

There are currently 23 members on the Oversight Committee (representing the 18 CLSSettlement-eligible currencies plus five additional Eurosystem central banks).