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.
TR-CMB
- Principle ID 9.1
- Rating Partly consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 04-Dec-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
• CMB Policy Statement 10/328
TR-CMB
- Principle ID 9.2
- Rating Partly consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 04-Dec-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
• (new) CMB General By-law on CCI- Article 33/9 • CMB By-law on Takasbank CCP Services - Article 19 • Takasbank Debt Securities Market Directive - Articles 16-24 • Takasbank Securities Lending Market Directive- Article 11 • Takasbank Borsa İstanbul Money Market Directive - Article 16 • Takasbank Borsa Istanbul Inc. Equity Market Directive - Articles 16-25 • Takasbank Borsa Istanbul Futures and Options Market Directive - Articles 15-16 • Takasbank Borsa Istanbul Swap Market Directive - Article 17 • CMB Policy Statement No.10/328
Assessment comments (key conclusions and recommendations)
The CMB may consider undertaking an analysis on whether settlement in central bank money would be feasible, in order to ensure complete implementation of this KC. Takasbank has access to the central bank and may use it for liquidity management purposes. However, Takasbank performs settlement in its own accounts.
TR-CMB
- Principle ID 9.3
- Rating Partly consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 04-Dec-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
CMB Policy Statement 10/328
TR-CMB
- Principle ID 9.4
- Rating Consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 04-Dec-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
• (new) CMB General By-law on CCI - Article 16/C-5 • CMB By-law on Takasbank CCP Services - Article 42, Article 43 • CMB Policy Statement No.10/328
TR-CMB
- Principle ID 9.5
- Rating Partly consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 04-Dec-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
CMB Policy Statement 10/328
TR-CMB
- Principle ID 1.0
- Rating Broadly consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 30-May-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 known as CMB Policy Statement 10/328. Capital Markets Law (CML) No 6362 - Article 13 “Dematerialisation of capital market instruments” Article 17 “Corporate governance principles” Article 80 “Central securities depositories” Article 81 “Central Registry Agency” Article 103/1 “Actions Requiring Administrative Fine” Regulation on the Establishment, Operation, Conduct And Audit Principles of the Central Securities Depository (CMB MKK Regulation), Article 8 “Qualifications shareholders, managers and specialist staff must possess” Article 9 “Duties and authorities of the MKK” Article 10 “Terms of Operation” Article 11 “Operation rules and principles” Article 13 “Board of Directors” Article 14 “Duties and authorities of the Board of Directors in compliance with the capital market Legislation” Article 15 “Meeting and decision quorums” Article 16 “General manager and Vice general managers” Article 17 “MKK organization and staff” Article 20 “MKK participants” Article 21 “Membership terms” Article 22 “Acceptance to membership” Article 23 “Leaving membership” Article 24 “Temporary suspension or revocation of membership” Article 25 “Participant's responsibilities, operation principles and measures to be applied” Article 33 “Disciplinary penalties” Article 35 “Corporate governance principles” CMB Communiqué on The Procedures And Principals for The Book-Keeping of Dematerialized Capital Market Instruments (The Dematerialization Communiqué) Article 5 “Keeping records” Article 6 “Accounts” Article 17 “Recording trading transactions” CMB Communiqué on Management of Information Systems (VII-128.9) Article 5 “Establishment and Implementation of Management of Information Systems” Article 6 “Information Security Policy” Article 7 “Supervision and Responsibility of Senior Management” Article 8 “Information Systems Risk Management” Article 9 “Establishment and Management of Information Systems Controls” Article 26 “Continuity of Information Systems” CMB Communiqué on Corporate Governance (II-17.1) Annex 1 Article 3 Paragraphs 3.1.1, 3.1.2, 3.1.3, 3.1.4, 3.1.5 Article 4 Paragraphs 4.1.1, 4.2.3, 4.2.4, 4.5.1 4.5.12
Assessment comments (key conclusions and recommendations)
Given that CMB Policy Statement 10/328 is the only implementation measure for certain Principles and/or KCs and the lack of supervisory evidence that would help the AT to understand the application of CMB Policy Statement 10/328, it is recommended that the CMB ensures the implementation of CMB Policy Statement 10/328 by developing a clear and comprehensive oversight framework allowing the CMB to assess supervised FMIs against PFMIs and induce change supporting PFMI implementation.
TR-CMB
- Principle ID 1.1
- Rating Broadly consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 30-May-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 known as CMB Policy Statement 10/328. CML Article 13 "Dematerialization of Capital Markets Instruments" Article 80 "Central Securities Depository" Article 81 "Merkezi Kayit Kurulusu" Article 103/1 “Actions Requiring Administrative Fine” CMB MKK Regulation Article 8 “Qualifications shareholders, managers and specialist staff must possess” Article 9 “Duties and authorities of the MKK” Article 10 “Terms of Operation” Article 11 “Operation rules and principles” Article 13 “Board of Directors” Article 14 “Duties and authorities of the Board of Directors in compliance with the capital market Legislation” Article 15 “Meeting and decision quorums” Article 16 “General manager and Vice general managers” Article 17 “MKK organization and staff” Article 20 “MKK participants” Article 21 “Membership terms” Article 22 “Acceptance to membership” Article 23 “Leaving membership” Article 24 “Temporary suspension or revocation of membership” Article 25 “Participant's responsibilities, operation principles and measures to be applied” Article 33 “Disciplinary penalties” Article 35 “Corporate governance principles” The Dematerialization Communiqué Article 5 “Keeping records” Article 6 “Accounts” Article 17 “Recording trading transactions” CMB Communiqué on Management of Information Systems (VII-128.9) Article 5 “Establishment and Implementation of Management of Information Systems” Article 6 “Information Security Policy” Article 7 “Supervision and Responsibility of Senior Management” Article 8 “Information Systems Risk Management” Article 9 “Establishment and Management of Information Systems Controls” Article 26 “Continuity of Information Systems” CMB Communiqué on Corporate Governance (II-17.1)Annex 1 Article 3 Paragraphs 3.1.1, 3.1.2, 3.1.3, 3.1.4, 3.1.5 Article 4 Paragraphs 4.1.1, 4.2.3, 4.2.4, 4.5.1 4.5.12
Assessment comments (key conclusions and recommendations)
It is recommended that the CMB ensures the implementation of CMB Policy Statement 10/328 by developing a clear and comprehensive oversight framework allowing the CMB to assess supervised FMIs against PFMIs and induce change supporting PFMI implementation.
TR-CMB
- Principle ID 1.2
- Rating Broadly consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 30-May-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 CML Article 13 "Dematerialization of Capital Markets Instruments" Article 80 "Central Securities Depository" Article 81 "Merkezi Kayit Kurulusu" CMB MKK Regulation Article 11 "Operation rules and principles" Dematerialization Communiqué Article 5 “Keeping records” Article 6 “Accounts” Article 17 “Recording trading transactions”
Assessment comments (key conclusions and recommendations)
It is recommended that the CMB ensures the implementation of CMB Policy Statement 10/328 by developing a clear and comprehensive oversight framework allowing the CMB to assess supervised FMIs against PFMIs and induce change supporting PFMI implementation.
TR-CMB
- Principle ID 1.3
- Rating Consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 30-May-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 CML Article 13 "Dematerialization of Capital Markets Instruments" Article 80 "Central Securities Depository" Article 81 "Merkezi Kayit Kurulusu" CMB MKK Regulation Article 8 “Qualifications shareholders, managers and specialist staff must possess” Article 9 “Duties and authorities of the MKK” Article 10 “Terms of Operation” Article 11 “Operation rules and principles” Article 13 “Board of Directors” Article 14 “Duties and authorities of the Board of Directors in compliance with the capital market Legislation” Article 15 “Meeting and decision quorums” Article 16 “General manager and Vice general managers” Article 17 “MKK organization and staff” Article 20 “MKK participants” Article 21 “Membership terms” Article 22 “Acceptance to membership” Article 23 “Leaving membership” Article 24 “Temporary suspension or revocation of membership” Article 25 “Participant's responsibilities, operation principles and measures to be applied” Article 33 “Disciplinary penalties” Article 35 “Corporate governance principles” Dematerialization Communiqué Article 5 “Keeping records” Article 6 “Accounts” Article 17 “Recording trading transactions” CMB Communiqué on Management of Information Systems Article 5 “Establishment and Implementation of Management of Information Systems” Article 6 “Information Security Policy” Article 7 “Supervision and Responsibility of Senior Management” Article 8 “Information Systems Risk Management” Article 9 “Establishment and Management of Information Systems Controls” Article 26 “Continuity of Information Systems” CMB Communiqué on Corporate Governance Annex 1 Article 3 Paragraphs 3.1.1, 3.1.2, 3.1.3, 3.1.4, 3.1.5 Article 4 - Paragraphs 4.1.1, 4.2.3, 4.2.4, 4.5.1, 4.5.12
TR-CMB
- Principle ID 1.4
- Rating Partly consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 30-May-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
Assessment comments (key conclusions and recommendations)
It is recommended that the CMB ensures the implementation of CMB Policy Statement 10/328 by developing a clear and comprehensive oversight framework allowing the CMB to assess supervised FMIs against PFMIs and induce change supporting PFMI implementation.
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.