The CPMI's mandate and charter were endorsed by the GEM Governors and published in September 2014.
The Committee on Payments and Market Infrastructures (CPMI) promotes the safety and efficiency of payment, clearing, settlement and related arrangements, thereby supporting financial stability and the wider economy .
The CPMI monitors and analyses developments in these arrangements, both within and across jurisdictions. It also serves as a forum for central bank cooperation in related oversight, policy and operational matters, including the provision of central bank services.
The CPMI is a global standard setter in this area. It aims to strengthen regulation, policy and practices regarding such arrangements worldwide.
The CPMI carries out its mandate through the following activities:
The CPMI does not possess any formal supranational authority. It relies on the commitment of its members to carry out its mandate.
CPMI members are central banks. The Secretariat publishes the list of members on the CPMI webpages of the BIS website.
The Global Economy Meeting (GEM) is the governing body of the CPMI. The CPMI reports to the GEM and, through the Economic Consultative Committee (ECC), seeks the GEM's endorsement for major decisions. In particular, the CPMI looks to the GEM, following proposals in that regard by the ECC, to:
The Committee is composed of representatives of its members. It is responsible for developing and implementing the CPMI work programme; establishing and promoting CPMI standards and recommendations; establishing and disbanding working groups; approving and modifying their mandates; and monitoring their progress.
The Committee meets about three times every year. CPMI members may appoint one representative and one alternate to attend Committee meetings. CPMI representatives and alternates should be senior officials of their central banks.
The Chairperson may invite non-member institutions, bodies or individuals to participate in all or parts of a Committee meeting on an ad-hoc basis.
The Committee reaches decisions by way of consensus among its members.
Working groups may be established by the Committee to perform specifically assigned tasks or functions. They will consist of relevant experts from CPMI member institutions. The groups will report regularly to the Committee on their activities and will be dissolved upon fulfilment of their task or expiry of their term.
The Committee may agree to establish working groups jointly with other standard-setting bodies or institutions to perform specifically assigned tasks or functions of joint interest.
The Committee may agree to invite non-member institutions, bodies or individuals to participate in CPMI working groups.
The Chairperson directs the work of the CPMI in accordance with its mandate.
The Chairperson's main responsibilities are to:
The Chairperson is appointed by the GEM, following a proposal by the ECC, for a term of three years that can be renewed once. If the CPMI Chairperson resigns from a central bank or from the chair before the end of his/her term, his/her function will cease and the GEM will appoint a new Chairperson. Until a new Chairperson has been appointed, the Head of Secretariat will act as caretaker of the Chairperson's responsibilities.
The Secretariat is provided by the Bank for International Settlements (BIS). The Secretariat is staffed by professional staff, some on temporary secondment from central banks.
The Secretariat's main responsibilities are to:
The Head of Secretariat directs the work of the Secretariat and reports to the Chairperson. He/she also assists the Chairperson in representing the CPMI externally.
The CPMI sets standards for arrangements within its mandate as well as for their oversight.
The CPMI sets standards under the expectation that they will be fully incorporated into local legal, regulatory and policy frameworks in accordance with each jurisdiction's rule-making process within a timeframe that may be established by the Committee. It also expects relevant arrangements to observe its standards. CPMI members should seek the greatest possible consistency of outcome of the implementation of these frameworks with the standards.
Recommendations issued by the CPMI generally describe best practices, with the goal of promoting common understanding and improving oversight or market practices.
CPMI members are expected to promote these recommendations and relevant arrangements are encouraged to observe them.
The CPMI may also publish reports, studies and surveys on issues falling within its mandate. This includes the publication of statistical data collected by the CPMI.
The CPMI cooperates with other standard setters (in particular the International Organization of Securities Commissions and the Basel Committee on Banking Supervision), other central bank bodies (such as the Committee on the Global Financial System), international financial institutions and public sector bodies on matters falling within its mandate to enhance coordination of policy development and implementation.
The CPMI is a member of the Financial Stability Board (FSB) and participates in the FSB's work to coordinate and promote the implementation of effective regulatory, supervisory and other financial sector policies.
The CPMI seeks input from relevant stakeholders on proposals for CPMI standards and recommendations. The consultation process includes a public invitation to interested parties to provide comments in writing to the Secretariat within a specified time frame. Responses to public invitations for comments are published on the CPMI webpages of the BIS website, unless otherwise requested by respondents.
Committee documents and statements of public interest are published on the CPMI webpages of the BIS.