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.
JP-BOJ,FSA
- Principle ID 20.1
- Rating Consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI that establishes a link with one or more FMIs should identify, monitor, and manage link-related risks.
Implementation measures
FSA - Policy statement on supervision of FMIs Supervisory Guidelines section VI-2-2 on Comprehensive Risk Management Framework BOJ - Policy on Oversight of Financial Market Infrastructures
Assessment comments (key conclusions and recommendations)
The Supervisory Guidelines do not specifically address risks arising from link arrangements.
JP-BOJ,FSA
- Principle ID 20.2
- Rating Consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI that establishes a link with one or more FMIs should identify, monitor, and manage link-related risks.
Implementation measures
FSA - Policy statement on supervision of FMIs Supervisory Guidelines section VI-2-2 on Comprehensive Risk Management Framework BOJ - Policy on Oversight of Financial Market Infrastructures
Assessment comments (key conclusions and recommendations)
The Supervisory Guidelines do not specifically address risks arising from link arrangements.
JP-BOJ,FSA
- Principle ID 20.9
- Rating Consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI that establishes a link with one or more FMIs should identify, monitor, and manage link-related risks.
Implementation measures
FSA - Policy statement on supervision of FMIs Supervisory Guidelines section VI-2-2 on Comprehensive Risk Management Framework BOJ - Policy on Oversight of Financial Market Infrastructures
Assessment comments (key conclusions and recommendations)
The Supervisory Guidelines do not specifically address risks arising from link arrangements.
JP-BOJ,FSA
- Principle ID 21.0
- Rating Consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should be efficient and effective in meeting the requirements of its participants and the markets it serves.
Assessment comments (key conclusions and recommendations)
While the Supervisory Guidelines do not address this principle, the various statements and guidance put out by both Japanese authorities, taken together, convey the authorities’ intent to fully implement the PFMIs in a consistent manner. Recommendation: Where there are inconsistencies in language or requirements between the Supervisory Guidelines and the PFMIs, the FSA should provide clarity to TRs with respect to minimum standards.
JP-BOJ,FSA
- Principle ID 21.1
- Rating Consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should be efficient and effective in meeting the requirements of its participants and the markets it serves.
Implementation measures
FSA - Policy statement on supervision of FMIs Supervisory Guidelines section VI-1-1 on Governance System Supervisory Guidelines section VI-3-5-2(2)(ii) BOJ - Policy on Oversight of Financial Market Infrastructures
JP-BOJ,FSA
- Principle ID 21.2
- Rating Consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should be efficient and effective in meeting the requirements of its participants and the markets it serves.
Implementation measures
FSA - Policy statement on supervision of FMIs Supervisory Guidelines section VI-1-1 on Governance System Supervisory Guidelines section VI-3-3(2)(ii) on Operational Risk Management BOJ - Policy on Oversight of Financial Market Infrastructures
Assessment comments (key conclusions and recommendations)
The Supervisory Guidelines do not specifically have requirements that a TR have clearly defined goals and objectives that are measurable and achievable. However, the Guidelines do prescribe certain levels of service.
JP-BOJ,FSA
- Principle ID 21.3
- Rating Consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should be efficient and effective in meeting the requirements of its participants and the markets it serves.
Implementation measures
FSA - Policy statement on supervision of FMIs Supervisory Guidelines section VI-1-1 on Governance System BOJ - Policy on Oversight of Financial Market Infrastructures
JP-BOJ,FSA
- Principle ID 22.0
- Rating Consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should use, or at a minimum accommodate, relevant internationally accepted communication procedures and standards in order to facilitate efficient payment, clearing, settlement, and recording.
Assessment comments (key conclusions and recommendations)
While the Supervisory Guidelines do not address this principle, the various statements and guidance put out by both Japanese authorities, taken together, convey the authorities’ intent to fully implement the PFMIs in a consistent manner. Recommendation: The FSA should provide clarity to TRs with respect to minimum standards for Principle 22 on Communication Procedures and Standards.
JP-BOJ,FSA
- Principle ID 22.1
- Rating Consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should use, or at a minimum accommodate, relevant internationally accepted communication procedures and standards in order to facilitate efficient payment, clearing, settlement, and recording.
Implementation measures
FSA - Policy statement on supervision of FMIs BOJ - Policy on Oversight of Financial Market Infrastructures Supervisory Guidelines section II-1-1 on General Supervisory Processes
Assessment comments (key conclusions and recommendations)
The Supervisory Guidelines do not explicitly require a TR to use or accommodate internationally accepted communication procedures and standards. However, the adoption of internationally accepted communication procedures and standards is already market practice.
JP-BOJ,FSA
- Principle ID 23.0
- Rating Consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should have clear and comprehensive rules and procedures and should provide sufficient information to enable participants to have an accurate understanding of the risks, fees, and other material costs they incur by participating in the FMI. All relevant rules and key procedures should be publicly disclosed.
Assessment comments (key conclusions and recommendations)
While the Supervisory Guidelines do not fully address this principle, the various statements and guidance put out by both Japanese authorities, taken together, convey the authorities’ intent to fully implement the PFMIs in a consistent manner. Recommendation: Where there are inconsistencies in language or requirements between the Supervisory Guidelines and the PFMIs, the FSA should provide clarity to TRs with respect to minimum standards.
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.