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-RBA,ASIC
- Principle ID 20.7
- Rating Consistent
Implementation measure cut-off date: 16-Dec-2015
Assessment rating date: 14-May-2015
Principle
An FMI that establishes a link with one or more FMIs should identify, monitor, and manage link-related risks.
Implementation measures
RBA Financial Stability Standards for Central Counterparties: Standard 19.4
AU-RBA,ASIC
- Principle ID 20.8
- Rating Consistent
Implementation measure cut-off date: 16-Dec-2015
Assessment rating date: 14-May-2015
Principle
An FMI that establishes a link with one or more FMIs should identify, monitor, and manage link-related risks.
Implementation measures
RBA Financial Stability Standards for Central Counterparties: Standard 19.5
AU-RBA,ASIC
- Principle ID 21.0
- Rating Broadly consistent
Implementation measure cut-off date: 16-Dec-2015
Assessment rating date: 14-May-2015
Principle
An FMI should be efficient and effective in meeting the requirements of its participants and the markets it serves.
Implementation measures
Corporations Act: Section 821A(a) ASIC - Appendix 2 of RG 211 RG 211.152-3, 211.239
Assessment comments (key conclusions and recommendations)
The RBA’s Financial Stability Standards do not have a standard that addresses Principle 21, because Principle 21 falls solely within ASIC’s regulatory remit. ASIC’s framework has two components concerning this Principle. First, in advising the responsible Minister on licensing and in assessing a licensee’s compliance with its regulatory obligations, ASIC considers whether the entity complies with the Principles relevant to its regulatory remit. In addition, one of the statutory obligations on a licensed CCP is, to the extent reasonably practicable, to do all things necessary to ensure that its services are provided in a fair and effective way (s821A(a) of the Corporations Act). In practice, ASIC considers the “efficiency” of a CCP within the concept of “effective” in applying the fair and effective services obligation. Fair and effective is, however, not the same scope as the Principle which concerns efficiency and effectiveness; and ASIC’s general policy statement on considering an entity’s compliance with the PFMI when assessing a licence application does not create a binding obligation for the CCP to comply with this Principle. However, there is evidence from Australia that ASIC has applied the Principles as part of its supervision. Accordingly this Principle is regarded as broadly consistent. Recommendation: ASIC is recommended to implement measures that address the gaps or inconsistencies identified, particularly those related to KC1 and KC2.
AU-RBA,ASIC
- Principle ID 21.1
- Rating Broadly consistent
Implementation measure cut-off date: 16-Dec-2015
Assessment rating date: 14-May-2015
Principle
An FMI should be efficient and effective in meeting the requirements of its participants and the markets it serves.
Implementation measures
Corporations Act: Section 827A(2) RG 211.239
Assessment comments (key conclusions and recommendations)
The RBA’s Financial Stability Standards do not have a standard that addresses Principle 21, because Principle 21 falls solely within ASIC’s regulatory remit. ASIC’s framework has two components concerning this Principle. First, in advising the responsible Minister on licensing and in assessing a licensee’s compliance with its regulatory obligations, ASIC considers whether the entity complies with the Principles relevant to its regulatory remit. In addition, one of the statutory obligations on a licensed CCP is, to the extent reasonably practicable, to do all things necessary to ensure that its services are provided in a fair and effective way (s821A(a) of the Corporations Act). In practice, ASIC considers the “efficiency” of a CCP within the concept of “effective” in applying the fair and effective services obligation. Fair and effective is, however, not the same scope as the Principle which concerns efficiency and effectiveness; and ASIC’s general policy statement on considering an entity’s compliance with the PFMI when assessing a licence application does not create a binding obligation for the CCP to comply with this Principle. However, there is evidence from Australia that ASIC has applied the Principles as part of its supervision. Accordingly this Principle is regarded as broadly consistent. Recommendation: ASIC is recommended to implement measures that address the gaps or inconsistencies identified, particularly those related to KC1 and KC2.
AU-RBA,ASIC
- Principle ID 21.2
- Rating Broadly consistent
Implementation measure cut-off date: 16-Dec-2015
Assessment rating date: 14-May-2015
Principle
An FMI should be efficient and effective in meeting the requirements of its participants and the markets it serves.
Implementation measures
Corporations Act: Section 821A(a) ASIC - RG 211.239
Assessment comments (key conclusions and recommendations)
The KC requires the FMI to have clear goals and objectives in a number of areas. ASIC’s general policy statement (in ASIC Regulatory Guide 211) on considering an entity’s compliance with the PFMI when assessing a licensing application does not appear to create a binding obligation for the CCP to comply with this KC.
AU-RBA,ASIC
- Principle ID 21.3
- Rating Broadly consistent
Implementation measure cut-off date: 16-Dec-2015
Assessment rating date: 14-May-2015
Principle
An FMI should be efficient and effective in meeting the requirements of its participants and the markets it serves.
Implementation measures
Corporations Act: Section 821E ASIC - RG 211.229. 211.239
AU-RBA,ASIC
- Principle ID 22.0
- Rating Broadly consistent
Implementation measure cut-off date: 16-Dec-2015
Assessment rating date: 14-May-2015
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
Corporations Act: Sections 821A(a) and 821A(d) ASIC - Appendix 2 of RG 211 RG 211.152-3, 211.239
Assessment comments (key conclusions and recommendations)
Principle 22 falls solely within ASIC’s regulatory remit. ASIC’s framework does not have a specific standard on communication procedures and standards, and, as discussed above, ASIC’s general policy statement on considering an entity’s compliance with the PFMI when assessing a licensing application does not create a binding obligation for the CCP to comply with this principle. However there is evidence from Australia that ASIC has applied the Principles as part of its supervision. Accordingly this Principle is regarded as broadly consistent. Recommendation: ASIC is recommended to implement measures that address the gaps or inconsistencies identified.
AU-RBA,ASIC
- Principle ID 22.1
- Rating Broadly consistent
Implementation measure cut-off date: 16-Dec-2015
Assessment rating date: 14-May-2015
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
Corporations Act: Section 821A(d) RG 211.239
Assessment comments (key conclusions and recommendations)
Principle 22 falls solely within ASIC’s regulatory remit. ASIC’s framework does not have a specific standard on communication procedures and standards, and, as discussed above, ASIC’s general policy statement on considering an entity’s compliance with the PFMI when assessing a licensing application does not create a binding obligation for the CCP to comply with this principle. However there is evidence from Australia that ASIC has applied the Principles as part of its supervision. Accordingly this Principle is regarded as broadly consistent.
AU-RBA,ASIC
- Principle ID 23.0
- Rating Consistent
Implementation measure cut-off date: 16-Dec-2015
Assessment rating date: 14-May-2015
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.
Implementation measures
RBA Financial Stability Standards for Central Counterparties: Standard 20
Assessment comments (key conclusions and recommendations)
Recommendation: Where there are inconsistencies in language or requirements between Corporations Act, the Corporations Regulations, or RG 211 and the PFMI, ASIC should provide clarity to CCPs with respect to minimum standards.
AU-RBA,ASIC
- Principle ID 23.1
- Rating Consistent
Implementation measure cut-off date: 16-Dec-2015
Assessment rating date: 14-May-2015
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.
Implementation measures
RBA Financial Stability Standards for Central Counterparties: Standard 20.1
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.