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.
CH-FINMA,SNB
- Principle ID 2.1
- Rating Broadly consistent
Implementation measure cut-off date: 29-Jan-2019
Assessment rating date: 29-Jun-2017
Principle
An FMI should have governance arrangements that are clear and transparent, promote the safety and efficiency of the FMI, and support the stability of the broader financial system, other relevant public interest considerations, and the objectives of relevant stakeholders.
Implementation measures
Art. 1(2), (Art. 8(1), Art. 23(1) FMIA Art. 4(2) FMIO
Assessment comments (key conclusions and recommendations)
There is a minor gap as the Swiss regulations do not explicitly address the need for FMIs to have objectives that explicitly support financial stability and other relevant public interest considerations.
CH-FINMA,SNB
- Principle ID 2.2
- Rating Broadly consistent
Implementation measure cut-off date: 29-Jan-2019
Assessment rating date: 29-Jun-2017
Principle
An FMI should have governance arrangements that are clear and transparent, promote the safety and efficiency of the FMI, and support the stability of the broader financial system, other relevant public interest considerations, and the objectives of relevant stakeholders.
Implementation measures
Art. 8(2), Art. 19, Art. 21(1) FMIA Art. 4(1), Art. 4(2), Art. 5(1), Art. 5(2), Art. 6–10, Art. 13, Art. 48, 49, 56, 57 and 69; Art. 71 FMIO Art. 36(1), Art. 36(2) NBO In addition to these rules, general rules of the company law apply to FMIs (e.g. Art. 620 et seq. CO or Art. 716b of the CO). FINMA requires FMIs to comply with substantial parts of the FINMA Circular on Corporate Governance.
CH-FINMA,SNB
- Principle ID 2.3
- Rating Broadly consistent
Implementation measure cut-off date: 29-Jan-2019
Assessment rating date: 29-Jun-2017
Principle
An FMI should have governance arrangements that are clear and transparent, promote the safety and efficiency of the FMI, and support the stability of the broader financial system, other relevant public interest considerations, and the objectives of relevant stakeholders.
Implementation measures
Art. 8(2) FMIA Art. 8(1), Art. 8(2) Art. 8(3) Art. 8(4) FMIO Art. 20 FMIA FINMA Circular on Governance
Assessment comments (key conclusions and recommendations)
There is a minor gap due to the fact that while there is a requirement for FMIs to assess the board’s overall performance, the requirement to ask the board to regularly review the performance of its individual board members is not explicitly addressed by the Swiss regulations.
CH-FINMA,SNB
- Principle ID 2.4
- Rating Broadly consistent
Implementation measure cut-off date: 29-Jan-2019
Assessment rating date: 29-Jun-2017
Principle
An FMI should have governance arrangements that are clear and transparent, promote the safety and efficiency of the FMI, and support the stability of the broader financial system, other relevant public interest considerations, and the objectives of relevant stakeholders.
Implementation measures
Art. 8(1), Art. 8(2), Art. 8(4), Art. 10(1) FMIO Art. 9(1–3) FMIA See also response to KC 3
CH-FINMA,SNB
- Principle ID 2.5
- Rating Broadly consistent
Implementation measure cut-off date: 29-Jan-2019
Assessment rating date: 29-Jun-2017
Principle
An FMI should have governance arrangements that are clear and transparent, promote the safety and efficiency of the FMI, and support the stability of the broader financial system, other relevant public interest considerations, and the objectives of relevant stakeholders.
Implementation measures
Art. 8(1), Art. 8(2), Art. 8(3), Art. 10(1) FMIO Art. 8(2–3), Art. 9(1–3) FMIA
CH-FINMA,SNB
- Principle ID 2.6
- Rating Broadly consistent
Implementation measure cut-off date: 29-Jan-2019
Assessment rating date: 29-Jun-2017
Principle
An FMI should have governance arrangements that are clear and transparent, promote the safety and efficiency of the FMI, and support the stability of the broader financial system, other relevant public interest considerations, and the objectives of relevant stakeholders.
Implementation measures
Art. 8(3) FMIA Art. 8(3), Art. 9(4–6), Art. 45(1) FMIO FINMA Circular on auditing
Assessment comments (key conclusions and recommendations)
There is a minor gap as the Swiss regulations do not explicitly address the need for the risk management function to have sufficient authority, independence, resources, and access to the board.
CH-FINMA,SNB
- Principle ID 2.7
- Rating Broadly consistent
Implementation measure cut-off date: 29-Jan-2019
Assessment rating date: 29-Jun-2017
Principle
An FMI should have governance arrangements that are clear and transparent, promote the safety and efficiency of the FMI, and support the stability of the broader financial system, other relevant public interest considerations, and the objectives of relevant stakeholders.
Implementation measures
Art. 8(5), Art. 18, Art. 19, Art. 45(1) FMIO, See also responses under Principles 18 and 23 for full disclosure requirements
CH-FINMA,SNB
- Principle ID 20.0
- Rating Consistent
Implementation measure cut-off date: 29-Jan-2019
Assessment rating date: 29-Jun-2017
Principle
An FMI that establishes a link with one or more FMIs should identify, monitor, and manage link-related risks.
Implementation measures
Art. 56, Art. 57 FMIA Art. 23, Art. 34 NBO
CH-FINMA,SNB
- Principle ID 20.1
- Rating Consistent
Implementation measure cut-off date: 29-Jan-2019
Assessment rating date: 29-Jun-2017
Principle
An FMI that establishes a link with one or more FMIs should identify, monitor, and manage link-related risks.
Implementation measures
Art. 28a, Art. 34(1), Art. 34(3) NBO Art. 11, Art. 56(2), Art. 57(1–2) FMIA Art. 11 and 12 FMIO
CH-FINMA,SNB
- Principle ID 20.2
- Rating Consistent
Implementation measure cut-off date: 29-Jan-2019
Assessment rating date: 29-Jun-2017
Principle
An FMI that establishes a link with one or more FMIs should identify, monitor, and manage link-related risks.
Implementation measures
Art. 23(1–2) NBO Art. 57(1–2) FMIA
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.