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 9.5
- Rating Consistent
Implementation measure cut-off date: 29-Jan-2019
Assessment rating date: 29-Jun-2017
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
Art. 50(2), Art. 62(4–5) FMIA Art. 66(2–4) FMIO Art. 25a NBO
Assessment comments (key conclusions and recommendations)
There is a minor gap as the Swiss regulations do not require from the CCP that its arrangements with any settlement banks should (i) clearly state the specific points of the payment and settlement process and (ii) explicitly address those aspects of KC 5 regarding finality and transferability.
CH-FINMA,SNB
- Principle ID 1.0
- Rating 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. 23, Art. 27(1), National Bank Ordinance (NBO) Art. 4(1), Art. 5, Art. 6, Art. 21, Art. 22, Art. 88, 89 and 92 Financial Market Infrastructure Act (FMIA) Art. 19 Financial Market Infrastructure Ordinance (FMIO) Art. 27, Art. 30a, Swiss Federal Act on Banks and Saving Banks (BA)
Assessment comments (key conclusions and recommendations)
The implementation measures for CSDs are consistent with Principle 1, although there is a minor gap or shortcoming for KC 5 that has no material impact on completeness or consistency. Switzerland is recommended to implement measures which address the gaps or identified inconsistencies related to KC5. Furthermore, wherever there are inconsistencies in language between the Swiss regulations and the PFMI, Switzerland is recommended to consider providing clarity to CSD/SSSs with respect to minimum standards.
CH-FINMA,SNB
- Principle ID 1.1
- Rating 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. 21a–34 NBO (Art. 4(1), Art. 4(3), Art. 5, Art. 6, Art. 8–21, Art. 22, Art. 23, Art. 24, Art. 61–73, Art. 88, Art. 89 and 92 FMIA Art. 4–19, Art. 20, Art. 21, Art. 52–58. Art. 73–75 FMIO Art. 24–37 and 37d–37g BA
Assessment comments (key conclusions and recommendations)
Inconsistency in language: The Swiss regulations address the need for legal basis to provide a high degree of certainty, but do not explicitly address the need for a high degree of certainty in all relevant jurisdictions. However, this inconsistency in the language between the Swiss regulations and the PFMI is assessed to be immaterial, having taken into consideration that the Swiss authorities rely on the Swiss Regulatory Notes to support their interpretation of the Swiss regulations in a manner that is consistent with the PFMI.
CH-FINMA,SNB
- Principle ID 1.2
- Rating 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. 23(1), Art. 23(2) NBO Relevant requirements in FMIA/FMIO and NBA/NBO (eg, Art. 28, Art. 29, Art. 32 NBO Art. 4, 5, 7, Art. 21 and 25 FMIA Art. 19 FMIO
CH-FINMA,SNB
- Principle ID 1.3
- Rating 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. 23(1), Art. 23(2) NBO Relevant requirements in FMIA/FMIO and NBA/NBO (eg Art. 28, Art. 29, Art. 32 NBO Art. 4, 5, 7, Art. 21 and 25 FMIA Art. 19 FMIO
CH-FINMA,SNB
- Principle ID 1.4
- Rating 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. 27(1), Art. 23(2) NBO Art. 88(1), 89(2–3), Art. 92 FMIA Art. 24–37 and 37d–37g BA
Assessment comments (key conclusions and recommendations)
Inconsistency in language: The Swiss regulations do not explicitly address the need for a high degree of certainty that actions of the FMI will not be voided, reversed or subject to stays in all relevant jurisdictions. However, this inconsistency in the language between the Swiss regulations and the PFMI is assessed to be immaterial, having taken into consideration that the Swiss authorities rely on the Swiss Regulatory Notes to support their interpretation of the Swiss regulations in a manner that is consistent with the PFMI.
CH-FINMA,SNB
- Principle ID 1.5
- Rating 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. 23(2), Art. 27(1) NBO Art. 8(3) FMIA Art. 9 FMIO
Assessment comments (key conclusions and recommendations)
There is a minor gap as the Swiss regulations do not explicitly address the need for FMIs conducting business in multiple jurisdictions to identify and manage risks arising from potential conflict of laws across jurisdictions.
CH-FINMA,SNB
- Principle ID 10.0
- Rating Consistent
Implementation measure cut-off date: 29-Jan-2019
Assessment rating date: 29-Jun-2017
Principle
An FMI should clearly state its obligations with respect to the delivery of physical instruments or commodities and should identify, monitor, and manage the risks associated with such physical deliveries.
Implementation measures
Art. 23 NBO, Art. 25c NBO Art. 973a–973c Swiss Code of Obligations (CO) Art. 7(2) Federal Act on Intermediated Securities (FISA)
Assessment comments (key conclusions and recommendations)
The implementation measures for CSDs are consistent with Principle 10, although there are some gaps or shortcomings with KC 2 that have no material impact on completeness or consistency.
CH-FINMA,SNB
- Principle ID 10.1
- Rating Consistent
Implementation measure cut-off date: 29-Jan-2019
Assessment rating date: 29-Jun-2017
Principle
An FMI should clearly state its obligations with respect to the delivery of physical instruments or commodities and should identify, monitor, and manage the risks associated with such physical deliveries.
Implementation measures
23(1) NBO
CH-FINMA,SNB
- Principle ID 10.2
- Rating Consistent
Implementation measure cut-off date: 29-Jan-2019
Assessment rating date: 29-Jun-2017
Principle
An FMI should clearly state its obligations with respect to the delivery of physical instruments or commodities and should identify, monitor, and manage the risks associated with such physical deliveries.
Implementation measures
Art. 25c(2) of the NBO Art. 973a–973c CO Art. 7(2) FISA
Assessment comments (key conclusions and recommendations)
The Swiss regulations do not explicitly state that an FMI should manage the risks and costs associated with the “storage and delivery” of physical instruments or commodities. Nevertheless, the regulations include general risk requirements that should cover all risks.
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.