PFMI implementation database
This is an online data repository of jurisdictions' implementation measures for the Principles for financial market infrastructures and associated CPMI and IOSCO assessment principle ratings. It complements the Level 2 assessment programme on the extent to which jurisdictions' implementation measures are complete and consistent with the international standards for payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories.
Note that authorities may have updated their rules, regulations and policies since the assessment. For current implementation measures, please contact the relevant authority.
AU-ASIC
- Principle ID 15.4
- Rating Broadly consistent
Implementation measure cut-off date: 16-Dec-2015
Assessment rating date: 14-May-2015
Principle
An FMI should identify, monitor, and manage its general business risk and hold sufficient liquid net assets funded by equity to cover potential general business losses so that it can continue operations and services as a going concern if those losses materialise. Further, liquid net assets should at all times be sufficient to ensure a recovery or orderly wind-down of critical operations and services.
Implementation measures
ASIC Derivative Trade Repository Rules 2013, Rule 2.4.5 and 2.4.7 ASIC’s Regulatory Guide 249: Derivative Trade Repositories, RG 249.196
AU-ASIC
- Principle ID 15.5
- Rating Broadly consistent
Implementation measure cut-off date: 16-Dec-2015
Assessment rating date: 14-May-2015
Principle
An FMI should identify, monitor, and manage its general business risk and hold sufficient liquid net assets funded by equity to cover potential general business losses so that it can continue operations and services as a going concern if those losses materialise. Further, liquid net assets should at all times be sufficient to ensure a recovery or orderly wind-down of critical operations and services.
Implementation measures
ASIC Derivative Trade Repository Rules 2013, Rule 2.4.7(2)
AU-ASIC
- Principle ID 17.0
- Rating Broadly consistent
Implementation measure cut-off date: 16-Dec-2015
Assessment rating date: 14-May-2015
Principle
An FMI should identify the plausible sources of operational risk, both internal and external, and mitigate their impact through the use of appropriate systems, policies, procedures, and controls. Systems should be designed to ensure a high degree of security and operational reliability and should have adequate, scalable capacity. Business continuity management should aim for timely recovery of operations and fulfilment of the FMI’s obligations, including in the event of a wide-scale or major disruption.
Implementation measures
ASIC Derivative Trade Repository Rules 2013, Rule 2.4.1, 2.4.3, 2.4.4, 2.4.5, 2.4.8, 2.4.9, 2.4.10, and 2.4.13 ASIC Regulatory Guide 249: Derivative Trade Repositories, RG 249.197-201 and RG 249.140-141:
Assessment comments (key conclusions and recommendations)
The implementation measures of ASIC are broadly consistent with Principle 17. The overall rating has been influenced by the absence of implementation measures for key considerations 2, 3, and 6. Recommendation: ASIC is recommended to implement measures that address the gaps or inconsistencies identified.
AU-ASIC
- Principle ID 17.1
- Rating Broadly consistent
Implementation measure cut-off date: 16-Dec-2015
Assessment rating date: 14-May-2015
Principle
An FMI should identify the plausible sources of operational risk, both internal and external, and mitigate their impact through the use of appropriate systems, policies, procedures, and controls. Systems should be designed to ensure a high degree of security and operational reliability and should have adequate, scalable capacity. Business continuity management should aim for timely recovery of operations and fulfilment of the FMI’s obligations, including in the event of a wide-scale or major disruption.
Implementation measures
ASIC’s Derivative Trade Repository Rules 2013, Rule 2.4.9(1)-(2), 2.4.4(1), and 2.4.8 ASIC’s Regulatory Guide 249: Derivative Trade Repositories, RG 249.197
AU-ASIC
- Principle ID 17.2
- Rating Broadly consistent
Implementation measure cut-off date: 16-Dec-2015
Assessment rating date: 14-May-2015
Principle
An FMI should identify the plausible sources of operational risk, both internal and external, and mitigate their impact through the use of appropriate systems, policies, procedures, and controls. Systems should be designed to ensure a high degree of security and operational reliability and should have adequate, scalable capacity. Business continuity management should aim for timely recovery of operations and fulfilment of the FMI’s obligations, including in the event of a wide-scale or major disruption.
Implementation measures
ASIC Derivative Trade Repository Rules 2013, Rule 2.4.1(1), 2.4.1(2)(b), and 2.4.3(2)
Assessment comments (key conclusions and recommendations)
As with Principle 2 – the cited rule (2.4.1(2)(b)) combines the roles and responsibilities of the board and management. It is unclear who has which responsibility. Further, KC 2 requires the board to endorse the TR’s operational risk management framework – which is a level of specificity (a specific role/responsibility) that is not included in the rule
AU-ASIC
- Principle ID 17.3
- Rating Broadly consistent
Implementation measure cut-off date: 16-Dec-2015
Assessment rating date: 14-May-2015
Principle
An FMI should identify the plausible sources of operational risk, both internal and external, and mitigate their impact through the use of appropriate systems, policies, procedures, and controls. Systems should be designed to ensure a high degree of security and operational reliability and should have adequate, scalable capacity. Business continuity management should aim for timely recovery of operations and fulfilment of the FMI’s obligations, including in the event of a wide-scale or major disruption.
Implementation measures
ASIC Derivative Trade Repository Rules 2013, Rule 2.4.9, 2.4.1, 2.4.4, and 2.4.5
Assessment comments (key conclusions and recommendations)
The rules cited do not capture the KC’s intent, which is focused on operational reliability objectives. However, some of the rules cited are broad enough to cover operational reliability objectives.
AU-ASIC
- Principle ID 17.4
- Rating Broadly consistent
Implementation measure cut-off date: 16-Dec-2015
Assessment rating date: 14-May-2015
Principle
An FMI should identify the plausible sources of operational risk, both internal and external, and mitigate their impact through the use of appropriate systems, policies, procedures, and controls. Systems should be designed to ensure a high degree of security and operational reliability and should have adequate, scalable capacity. Business continuity management should aim for timely recovery of operations and fulfilment of the FMI’s obligations, including in the event of a wide-scale or major disruption.
Implementation measures
ASIC Derivative Trade Repository Rules 2013, Rule 2.4.9
AU-ASIC
- Principle ID 17.5
- Rating Broadly consistent
Implementation measure cut-off date: 16-Dec-2015
Assessment rating date: 14-May-2015
Principle
An FMI should identify the plausible sources of operational risk, both internal and external, and mitigate their impact through the use of appropriate systems, policies, procedures, and controls. Systems should be designed to ensure a high degree of security and operational reliability and should have adequate, scalable capacity. Business continuity management should aim for timely recovery of operations and fulfilment of the FMI’s obligations, including in the event of a wide-scale or major disruption.
Implementation measures
ASIC Derivative Trade Repository Rules 2013, Rule 2.4.8(a)-(b) ASIC Regulatory Guide 249: Derivative Trade Repositories, RG 249.198
AU-ASIC
- Principle ID 17.6
- Rating Broadly consistent
Implementation measure cut-off date: 16-Dec-2015
Assessment rating date: 14-May-2015
Principle
An FMI should identify the plausible sources of operational risk, both internal and external, and mitigate their impact through the use of appropriate systems, policies, procedures, and controls. Systems should be designed to ensure a high degree of security and operational reliability and should have adequate, scalable capacity. Business continuity management should aim for timely recovery of operations and fulfilment of the FMI’s obligations, including in the event of a wide-scale or major disruption.
Implementation measures
ASIC Derivative Trade Repository Rules 2013, Rule 2.4.10(a)-(b) ASIC Regulatory Guide 249: Derivative Trade Repositories, RG 249.199, RG 249.200, and RG 249.201
Assessment comments (key conclusions and recommendations)
The rules do not require a 2-hour RTO; only end of day resumption required. A significant gap is created by the absence of requirements for the TR to ensure that critical information technology (IT) systems can resume operations within two hours following disruptive events.
AU-ASIC
- Principle ID 17.7
- Rating Broadly consistent
Implementation measure cut-off date: 16-Dec-2015
Assessment rating date: 14-May-2015
Principle
An FMI should identify the plausible sources of operational risk, both internal and external, and mitigate their impact through the use of appropriate systems, policies, procedures, and controls. Systems should be designed to ensure a high degree of security and operational reliability and should have adequate, scalable capacity. Business continuity management should aim for timely recovery of operations and fulfilment of the FMI’s obligations, including in the event of a wide-scale or major disruption.
Implementation measures
ASIC Derivative Trade Repository Rules 2013, Rule 2.4.4(1)-(2), 2.4.13(a)-(d), 2.3.4(4), and 2.3.4(6) ASIC Regulatory Guide 249: Derivative Trade Repositories, RG 249.140 and RG 249.141
Description of filters
Jurisdiction
This filter limits the search results to selected jurisdictions. The available jurisdictions represent assessments that have been completed to date. The table below provides also a pdf of key conclusions and recommendations for all Principles of a given jurisdiction.
| Jurisdiction and relevant authorities | Assessments and comments |
|---|---|
Australia RBA: Reserve Bank of Australia | |
Brazil BCB: Central Bank of Brazil | |
Canada | |
European Union ESMA: European Securities and Markets Authority | |
Hong Kong SAR HKMA: Hong Kong Monetary Authority | |
Japan | |
Singapore | |
Switzerland FINMA: Swiss Financial Market Supervisory Authority | |
Turkey CMB: Capital Markets Board of Türkiye | |
United Kingdom | |
United States CFTC: Commodity Futures Trading Commission |
FMI type
This filter limits the search results to the selected FMI types. FMIs may be subject to different regulatory, supervisory and oversight regimes depending on their organisation, function and design.
PS: Payment system
A set of instruments, procedures and rules for the transfer of funds between or among participants; the system includes the participants and the entity operating the arrangement.
CSD/SSS: Central securities depository / Securities settlement system
CSDs are entities that provide securities accounts, central safekeeping services and asset services, which may include the administration of corporate actions and redemptions, and play an important role in helping to ensure the integrity of securities issues (that securities are not accidentally or fraudulently created or destroyed or their details changed). The precise activities of a CSD vary based on jurisdiction and market practices.
SSS are entities that enable securities to be transferred and settled by book entry according to a set of predetermined multilateral rules. Such systems allow transfers of securities either free of payment or against payment. Typically, a CSD also operates an SSS.
CCP: Central counterparty
An entity that interposes itself between counterparties to contracts traded in one or more financial markets, becoming the buyer to every seller and the seller to every buyer and thereby ensuring the performance of open contracts.
TR: Trade repository
An entity that maintains a centralised electronic record (database) of transaction data.
Principle or key consideration ID
This filter limits the search results to selected principles and key considerations. Each principle includes a headline standard and a list of key considerations that further explain the headline standard. The principles are listed below. A detailed list of key considerations is available in the CPMI-IOSCO Principles for financial market infrastructures.
Principle rating
This filter limits the search results to selected principle rating(s) used in the L2 assessments. The ratings reflect conditions at the time of the assessment, and are built on key conclusions that reflect CPMI and IOSCO's collective expert judgment regarding the impact of identified gaps and/or shortcomings. Ratings are determined for each principle after the jurisdiction's legislative and regulatory framework, including policy statements, as relevant, was compared against the corresponding content of the PFMI.
The jurisdiction’s regulatory framework is consistent with the Principle. The assessment has identified no gaps or shortcomings, or only a few gaps and/or shortcomings that have no material impact on completeness and/or consistency.
The jurisdiction’s regulatory framework is broadly consistent with the Principle. The assessment has identified gaps and/or shortcomings that have a minor impact on completeness and/or consistency.
The jurisdiction’s regulatory framework is partly consistent with the Principle. The assessment has identified gaps and/or shortcomings that have a significant impact on completeness and/or consistency.
The jurisdiction’s regulatory framework is not consistent with the Principle. The assessment has identified gaps and/or shortcomings that have a major impact on completeness and/or consistency.
This status corresponds to the case where no relevant FMI exists that is within the scope of the Principles. A rating of “NA” will be indicated only if no relevant regulatory measures are being taken and no such FMI is expected to develop within the jurisdiction.