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-ESMA
- Principle ID 17.6
- Rating Broadly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
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
EMIR Art 79(2) RTS on TR Registration Art 21 RTS 150/2013, Art 21
Assessment comments (key conclusions and recommendations)
A significant gap is created by the absence of requirements in the referenced legislations for the TR to ensure that the critical systems will need to be resumed within two hours following the disruption.
EU-ESMA
- Principle ID 17.7
- Rating Broadly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
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
RTS on TR Registration Art 21(a) RTS 150/2013, Art 21
Assessment comments (key conclusions and recommendations)
There are no requirements in the referenced legislations for the TR to identify and monitor the risks that the TR may pose to other FMIs. This is considered a minor gap.
EU-ESMA
- Principle ID 18.0
- Rating Consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should have objective, risk-based, and publicly disclosed criteria for participation, which permit fair and open access.
EU-ESMA
- Principle ID 18.1
- Rating Consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should have objective, risk-based, and publicly disclosed criteria for participation, which permit fair and open access.
Implementation measures
EMIR Art 78(7) RTS on TR Registration Art 18
EU-ESMA
- Principle ID 18.2
- Rating Consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should have objective, risk-based, and publicly disclosed criteria for participation, which permit fair and open access.
Implementation measures
EMIR Art 78(7) RTS on TR Registration Art 18
EU-ESMA
- Principle ID 18.3
- Rating Consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should have objective, risk-based, and publicly disclosed criteria for participation, which permit fair and open access.
Implementation measures
EMIR Art 78(7) RTS on TR Registration Art 19
EU-ESMA
- Principle ID 19.0
- Rating Broadly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should identify, monitor, and manage the material risks to the FMI arising from tiered participation arrangements.
Assessment comments (key conclusions and recommendations)
Recommendation: The EU is recommended to implement measures that address the gaps or inconsistencies identified, particularly those related to KC1 and KC2. Key conclusion: There is a major gap in the context of KC 2 regarding the requirement that a TR identify material dependencies between direct and indirect participants that might affect the TR. However, in the context of the Principle as a whole, this gap has only a minor effect on consistency. The overall risk management framework used by ESMA (as alluded to in RTS Art 21) is viewed as helping address a part of this principle. However, gaps are still considered to exist, in particular with respect to KC2.
EU-ESMA
- Principle ID 19.1
- Rating Broadly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should identify, monitor, and manage the material risks to the FMI arising from tiered participation arrangements.
Implementation measures
EMIR Art 9(1), 9(4), 78 and 79 RTS 148/2013 Art 1(5) RTS 150/2013 Art 7, 19 (a), (b), (d) and 21 Table 1 to the annexes to the RTS and ITS on Reporting.
Assessment comments (key conclusions and recommendations)
While there are no specific requirements in EMIR or RTS that address this KC, the overall risk management specified in Art 21 (a) is viewed as covering some/most parts.
EU-ESMA
- Principle ID 19.2
- Rating Broadly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should identify, monitor, and manage the material risks to the FMI arising from tiered participation arrangements.
Implementation measures
EMIR Art 9(1), 9(4), 78 and 79 RTS 148/2013 Art 1(5) RTS 150/2013 Art 7, 19 (a), (b), (d) and 21 Table 1 to the annexes to the RTS and ITS on Reporting.
Assessment comments (key conclusions and recommendations)
There are no specific articles in EMIR or RTS that address the requirements of this KC.
EU-ESMA
- Principle ID 19.3
- Rating Broadly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should identify, monitor, and manage the material risks to the FMI arising from tiered participation arrangements.
Implementation measures
EMIR Art 9(1), 9(4), 78 and 79 RTS 148/2013 Art 1(5) RTS 150/2013 Art 7, 19 (a), (b), (d) and 21 Table 1 to the annexes to the RTS and ITS on Reporting.
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.