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.
SE-Riksbank,Finansinspektionen
- Principle ID 8.2
- Rating Consistent
Implementation measure cut-off date: 29-Oct-2019
Assessment rating date: 29-Oct-2019
Principle
An FMI should complete final settlement no later than the end of the value date, and preferably intraday or in real time, to reduce settlement risk. An LVPS or SSS should consider adopting RTGS or multiple-batch processing during the settlement day.
Implementation measures
FI Policy statement RIKS Policy statement
SE-Riksbank,Finansinspektionen
- Principle ID 8.3
- Rating Consistent
Implementation measure cut-off date: 29-Oct-2019
Assessment rating date: 29-Oct-2019
Principle
An FMI should clearly define the point after which unsettled payments, transfer instructions, or other obligations may not be revoked by a participant.
Implementation measures
FI Policy statement RIKS Policy statement
SE-Riksbank,Finansinspektionen
- Principle ID 9.0
- Rating Consistent
Implementation measure cut-off date: 29-Oct-2019
Assessment rating date: 29-Oct-2019
Principle
An FMI should conduct its money settlements in central bank money where practical and available. If central bank money is not used, an FMI should minimise and strictly control the credit and liquidity risk arising from the use of commercial bank money.
Implementation measures
RIKS Policy statement Securities Market Act (SFS 2007:528) FI Policy statement
SE-Riksbank,Finansinspektionen
- Principle ID 9.1
- Rating Consistent
Implementation measure cut-off date: 29-Oct-2019
Assessment rating date: 29-Oct-2019
Principle
An FMI should conduct its money settlements in central bank money, where practical and available, to avoid credit and liquidity risks.
Implementation measures
RIKS Policy statement Securities Market Act (SFS 2007:528) FI Policy statement
SE-Riksbank,Finansinspektionen
- Principle ID 9.2
- Rating Consistent
Implementation measure cut-off date: 29-Oct-2019
Assessment rating date: 29-Oct-2019
Principle
If central bank money is not used, an FMI should conduct its money settlements using a settlement asset with little or no credit or liquidity risk.
Implementation measures
RIKS Policy statement Securities Market Act (SFS 2007:528) FI Policy statement
SE-Riksbank,Finansinspektionen
- Principle ID 9.3
- Rating Consistent
Implementation measure cut-off date: 29-Oct-2019
Assessment rating date: 29-Oct-2019
Principle
If an FMI settles in commercial bank money, it should monitor, manage, and limit its credit and liquidity risks arising from the commercial settlement banks. In particular, an FMI should establish and monitor adherence to strict criteria for its settlement banks that take account of, among other things, their regulation and supervision, creditworthiness, capitalisation, access to liquidity, and operational reliability. An FMI should also monitor and manage the concentration of credit and liquidity exposures to its commercial settlement banks.
Implementation measures
RIKS Policy statement Securities Market Act (SFS 2007:528) FI Policy statement
SE-Riksbank,Finansinspektionen
- Principle ID 9.4
- Rating Consistent
Implementation measure cut-off date: 29-Oct-2019
Assessment rating date: 29-Oct-2019
Principle
If an FMI conducts money settlements on its own books, it should minimise and strictly control its credit and liquidity risks.
Implementation measures
RIKS Policy statement Securities Market Act (SFS 2007:528) FI Policy statement
SE-Riksbank,Finansinspektionen
- Principle ID 9.5
- Rating Consistent
Implementation measure cut-off date: 29-Oct-2019
Assessment rating date: 29-Oct-2019
Principle
An FMI’s legal agreements with any settlement banks should state clearly when transfers on the books of individual settlement banks are expected to occur, that transfers are to be final when effected, and that funds received should be transferable as soon as possible, at a minimum by the end of the day and ideally intraday, in order to enable the FMI and its participants to manage credit and liquidity risks.
Implementation measures
RIKS Policy statement Securities Market Act (SFS 2007:528) FI Policy statement
CH-FINMA
- Principle ID 1.0
- Rating Partly consistent
Implementation measure cut-off date: 29-Jan-2019
Assessment rating date: 29-Jun-2017
Principle
An FMI should have a well-founded, clear, transparent, and enforceable legal basis for each material aspect of its activities in all relevant jurisdictions.
Implementation measures
Art. 4–21, 74–79, 88, 92 Financial Market Infrastructure Act (FMIA) Art. 4–19, 59–65, 73–75 Financial Market Infrastructure Ordinance (FMIO) Art. 24–37 and 37d–37g of the Swiss Federal Act on Banks and Saving Banks (BA) FINMA Circular on corporate governance
Assessment comments (key conclusions and recommendations)
The implementation measures for TRs are partly consistent with Principle 1. The overall rating has been influenced in particular by a significant gap regarding KC 1 as well as minor gaps in KCs 2, 3, 4 and 5. As TRs are not considered to be systemically important, they are subject to a narrower legal and regulatory basis than systemically important FMIs. Switzerland is recommended to implement measures which address the gaps or identified inconsistencies related to KCs 1 to 5. Furthermore, wherever there are inconsistencies in language between the Swiss regulations and the PFMI, FINMA is recommended to provide clarity to TRs with respect to minimum standards.
CH-FINMA
- Principle ID 1.1
- Rating Partly consistent
Implementation measure cut-off date: 29-Jan-2019
Assessment rating date: 29-Jun-2017
Principle
An FMI should have a well-founded, clear, transparent, and enforceable legal basis for each material aspect of its activities in all relevant jurisdictions.
Implementation measures
Art. 4(1), 8–21, 74–79, 88, 92 FMIA Art. 4–19, 59–65, 73–75 FMIO Art. 24–37 and 37d–37g BA
Assessment comments (key conclusions and recommendations)
There is a significant gap created by the absence of requirements to provide for a high degree of legal certainty in each material aspect of a TR’s activities in all relevant jurisdictions.
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.