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.
EU-EC,ESMA,ECB,EBA
- Principle ID 16.2
- Rating Broadly consistent
Implementation measure cut-off date: 29-Oct-2019
Assessment rating date: 29-Oct-2019
Principle
An FMI should have prompt access to its assets and the assets provided by participants, when required.
Implementation measures
Regulation No 909/2014/EU (CSDR) Commission Delegated Regulation (EU) 2017/390 Commission Delegated Regulation (EU) 2017/392 Eurosystem Oversight Policy Framework T2S Oversight Framework Directive No 2013/336/EU (CRD) Regulation No 575/2013 (CRR) Note - rated as "consistent" for CSDs/SSSs that provide banking-type ancillary services
Assessment comments (key conclusions and recommendations)
There is a minor potential gap with respect to the requirement for prompt access to the assets provided by participants where participants provide collateral as a security interest or non-cash assets are placed in a guarantee fund and those assets are not held in the CSD/SSS operated by the CSD.
EU-EC,ESMA,ECB,EBA
- Principle ID 16.3
- Rating Consistent
Implementation measure cut-off date: 29-Oct-2019
Assessment rating date: 29-Oct-2019
Principle
An FMI should evaluate and understand its exposures to its custodian banks, taking into account the full scope of its relationships with each.
Implementation measures
Regulation No 909/2014/EU (CSDR) Commission Delegated Regulation (EU) 2017/390 Commission Delegated Regulation (EU) 2017/392 Eurosystem Oversight Policy Framework T2S Oversight Framework
EU-EC,ESMA,ECB,EBA
- Principle ID 16.4
- Rating Broadly consistent
Implementation measure cut-off date: 29-Oct-2019
Assessment rating date: 29-Oct-2019
Principle
An FMI’s investment strategy should be consistent with its overall risk-management strategy and fully disclosed to its participants, and investments should be secured by, or be claims on, high-quality obligors. These investments should allow for quick liquidation with little, if any, adverse price effect.
Implementation measures
Regulation No 909/2014/EU (CSDR) Commission Delegated Regulation (EU) 2017/390 Commission Delegated Regulation (EU) 2017/392 ESMA Guidelines on CSD participants default rules and procedures Eurosystem Oversight Policy Framework T2S Oversight Framework
Assessment comments (key conclusions and recommendations)
The implementation measures lack a specific requirement regarding full disclosure of a CSD/SSS’s investment strategy.
EU-EC,ESMA,ECB,EBA
- Principle ID 17.0
- Rating Consistent
Implementation measure cut-off date: 29-Oct-2019
Assessment rating date: 29-Oct-2019
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
Regulation No 909/2014/EU (CSDR) Eurosystem Oversight Policy Framework T2S Oversight Framework
EU-EC,ESMA,ECB,EBA
- Principle ID 17.1
- Rating Consistent
Implementation measure cut-off date: 29-Oct-2019
Assessment rating date: 29-Oct-2019
Principle
An FMI should establish a robust operational risk-management framework with appropriate systems, policies, procedures, and controls to identify, monitor, and manage operational risks.
Implementation measures
Regulation No 909/2014/EU (CSDR) Commission Delegated Regulation (EU) 2017/392 Eurosystem Oversight Policy Framework T2S Oversight Framework
EU-EC,ESMA,ECB,EBA
- Principle ID 17.2
- Rating Consistent
Implementation measure cut-off date: 29-Oct-2019
Assessment rating date: 29-Oct-2019
Principle
An FMI’s board of directors should clearly define the roles and responsibilities for addressing operational risk and should endorse the FMI’s operational risk-management framework. Systems, operational policies, procedures, and controls should be reviewed, audited, and tested periodically and after significant changes.
Implementation measures
Commission Delegated Regulation (EU) 2017/392 Eurosystem Oversight Policy Framework T2S Oversight Framework
EU-EC,ESMA,ECB,EBA
- Principle ID 17.3
- Rating Consistent
Implementation measure cut-off date: 29-Oct-2019
Assessment rating date: 29-Oct-2019
Principle
An FMI should have clearly defined operational reliability objectives and should have policies in place that are designed to achieve those objectives.
Implementation measures
Regulation No 909/2014/EU (CSDR) Commission Delegated Regulation (EU) 2017/392 Eurosystem Oversight Policy Framework T2S Oversight Framework
EU-EC,ESMA,ECB,EBA
- Principle ID 17.4
- Rating Consistent
Implementation measure cut-off date: 29-Oct-2019
Assessment rating date: 29-Oct-2019
Principle
An FMI should ensure that it has scalable capacity adequate to handle increasing stress volumes and to achieve its service-level objectives.
Implementation measures
Regulation No 909/2014/EU (CSDR) Commission Delegated Regulation (EU) 2017/392 Eurosystem Oversight Policy Framework T2S Oversight Framework
EU-EC,ESMA,ECB,EBA
- Principle ID 17.5
- Rating Consistent
Implementation measure cut-off date: 29-Oct-2019
Assessment rating date: 29-Oct-2019
Principle
An FMI should have comprehensive physical and information security policies that address all potential vulnerabilities and threats.
Implementation measures
Regulation No 909/2014/EU (CSDR) Commission Delegated Regulation (EU) 2017/392 Eurosystem Oversight Policy Framework T2S Oversight Framework
EU-EC,ESMA,ECB,EBA
- Principle ID 17.6
- Rating Consistent
Implementation measure cut-off date: 29-Oct-2019
Assessment rating date: 29-Oct-2019
Principle
An FMI should have a business continuity plan that addresses events posing a significant risk of disrupting operations, including events that could cause a wide-scale or major disruption. The plan should incorporate the use of a secondary site and should be designed to ensure that critical information technology (IT) systems can resume operations within two hours following disruptive events. The plan should be designed to enable the FMI to complete settlement by the end of the day of the disruption, even in case of extreme circumstances. The FMI should regularly test these arrangements.
Implementation measures
Regulation No 909/2014/EU (CSDR) Commission Delegated Regulation (EU) 2017/392 Eurosystem Oversight Policy Framework T2S Oversight Framework
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.