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 9.2
- 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. 25(2) NBO
Assessment comments (key conclusions and recommendations)
The approach taken by the SNB for the central bank-owned RTGS is consistent with paragraph 1.23 of the PFMI, as elaborated in the CPMI-IOSCO guidance note Application of the Principles for financial market infrastructures to central bank FMIs.
CH-FINMA,SNB
- Principle ID 9.3
- 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. 25(2) NBO
Assessment comments (key conclusions and recommendations)
The approach taken by the SNB for the central bank-owned RTGS is consistent with paragraph 1.23 of the PFMI, as elaborated in the CPMI-IOSCO guidance note Application of the Principles for financial market infrastructures to central bank FMIs.
CH-FINMA,SNB
- Principle ID 9.4
- 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. 25(2) NBO
Assessment comments (key conclusions and recommendations)
The approach taken by the SNB for the central bank-owned RTGS is consistent with paragraph 1.23 of the PFMI, as elaborated in the CPMI-IOSCO guidance note Application of the Principles for financial market infrastructures to central bank FMIs.
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. 23(1) NBO Art. 25(2) NBO Art. 25a NBO
Assessment comments (key conclusions and recommendations)
The approach taken by the SNB for the central bank-owned RTGS is consistent with paragraph 1.23 of the PFMI, as elaborated in the CPMI-IOSCO guidance note Application of the Principles for financial market infrastructures to central bank FMIs.
TR-CMB
- Principle ID 1.0
- Rating Consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 04-Dec-2019
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
• CMB Decision No. 10/328 (23 March 2016) (also referred to as “CMB Policy Statement No.10/328”) • Capital Markets Law No. 6362 • (New) General Regulation on the Establishment and Operating Principles of Central Clearing Institutions (CMB General By-law on CCI) • CMB By-law on Central Counterparty Regulation of Istanbul Clearing, Settlement and Custody Bank Inc. (CMB By-law on Takasbank CCP services) • CBM By-law on Istanbul Clearing, Settlement and Custody Bank Inc. Central Clearing and Settlement Regulation (CMB By-law on Takasbank Clearing Services) • Market Directives (Takasbank) (as approved by CMB) • Turkish Civil Code No. 4721 • Turkish Code of Obligations No. 6098 • Turkish Commercial Code No.6102 • Execution and Bankruptcy Law No. 2004 • Takasbank Articles of Association. (Approved by CMB) • Banking Law No. 5411 • Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions No. 6493 • CMB Communiqué on Information Systems Management (VII-128.9) • CMB Communiqué on Independent Audit of Information Systems (III-62.2)
Assessment comments (key conclusions and recommendations)
The gaps or shortcomings identified have no material impact on completeness or consistency.
TR-CMB
- Principle ID 1.1
- Rating Consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 04-Dec-2019
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
CMB Policy Statement No.10/328 • Capital Markets Law No. 6362-Article 77- 78- 79, 103/1. • CMB General By-law on the Establishment and Operating Principles of Central Clearing Institutions (CMB General By-law on CCI) (Whole Regulation)- • CMB By-law on Istanbul Clearing, Settlement and Custody Bank Inc. Central Clearing and Settlement Regulation (CMB By-law on Takasbank Clearing Services) (Whole Regulation) • CMB By-law on Central Counterparty Regulation of Istanbul Clearing, Settlement and Custody Bank Inc. (CMB By-law on Takasbank CCP services) (Whole Regulation)
TR-CMB
- Principle ID 1.2
- Rating Broadly consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 04-Dec-2019
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
CML No. 6362. Art 17 Par 1 and 2, Article 36 Par 2, Article 73 Paragraph (Par) 2, Article 77, Article 78, Article 79 Par 1. - CMB Policy Statement No.10/328. - Takasbank Articles of Association. (Approved by CMB) - Banking Law No. 5411. - Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions No. 6493. - CMB General By-Law on CCI. - CMB By-Law on Takasbank CCP Services. Article 5/10 - CMB By-Law on Takasbank Clearing Services.
Assessment comments (key conclusions and recommendations)
The CMB may consider making explicit in the law that rules should be clear and understandable.
TR-CMB
- Principle ID 1.3
- Rating Broadly consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 04-Dec-2019
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
CML No. 6362. - CMB Policy Statement No.10/328 - Takasbank Articles of Association. - Banking Law No. 5411. - Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions No. 6493. - CMB General By-Law on CCI. - CMB By-Law on Takasbank CCP Services. - CMB By-Law on Takasbank Clearing Services.
Assessment comments (key conclusions and recommendations)
The CMB may consider making explicit and publicly disclosing the interplay between the different pieces of regulation. The interplay between the different pieces of regulation (CML, Bylaws and other documents) as well as their approval procedures could be publicly disclosed for all stakeholders to understand them clearly.
TR-CMB
- Principle ID 1.4
- Rating Consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 04-Dec-2019
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
• Capital Markets Law No. 6362-Article 79/1 CMB Policy Statement No.10/328 • CMB General By-Law on CCI, Article 21/1-2 • CMB By-Law on Takasbank CCP Services, Articles 7-16
TR-CMB
- Principle ID 1.5
- Rating Not applicable
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 04-Dec-2019
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
Not Applicable
Assessment comments (key conclusions and recommendations)
Takasbank is not providing services in multiple jurisdictions, only in Turkey.
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.