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 17.2
- Rating Broadly consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 30-May-2019
Principle
An FMI should identify the plausible sources of operational risk, both internal and external, and mitigate their impact through the use of appropriate systems, policies, procedures, and controls. Systems should be designed to ensure a high degree of security and operational reliability and should have adequate, scalable capacity. Business continuity management should aim for timely recovery of operations and fulfilment of the FMI’s obligations, including in the event of a wide-scale or major disruption.
Implementation measures
CMB Board Decision (Policy Statement) no.10/328 CMB TR regulation - article 5 (3) (b) CMB communique on corporate governance - principle Nos. 4.2.3, 4.2.4, 4.5.1 AND 4.5.12 OF annex 1 of communique
Assessment comments (key conclusions and recommendations)
The implementation measures do not specifically provide for putting in place a robust operational risk management framework by the TRs, which clearly defines the roles and responsibilities for addressing operational risk. Although CMB Policy Statement No 10/328 provides a general requirement for FMIs under CMB’s supervision to pay due care and diligence in complying with the PFMI, the CMB may consider implementing measures to address the above gaps.
TR-CMB
- Principle ID 17.3
- Rating Consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 30-May-2019
Principle
An FMI should identify the plausible sources of operational risk, both internal and external, and mitigate their impact through the use of appropriate systems, policies, procedures, and controls. Systems should be designed to ensure a high degree of security and operational reliability and should have adequate, scalable capacity. Business continuity management should aim for timely recovery of operations and fulfilment of the FMI’s obligations, including in the event of a wide-scale or major disruption.
Implementation measures
CMB Board Decision (Policy Statement) no.10/328 CMB TR Regulation ARTICLE 5 (3) (c) "Operation Terms Of Establishment And Operation Of TRs Article No:7 "Operation rules and principles"
TR-CMB
- Principle ID 17.4
- Rating Consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 30-May-2019
Principle
An FMI should identify the plausible sources of operational risk, both internal and external, and mitigate their impact through the use of appropriate systems, policies, procedures, and controls. Systems should be designed to ensure a high degree of security and operational reliability and should have adequate, scalable capacity. Business continuity management should aim for timely recovery of operations and fulfilment of the FMI’s obligations, including in the event of a wide-scale or major disruption.
Implementation measures
CMB Board Decision (Policy Statement) no.10/328 CMB TR Regulations - Article 5 (3) (c) "Operation Terms Of Establishment And Operation Of TRs"
TR-CMB
- Principle ID 17.5
- Rating Consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 30-May-2019
Principle
An FMI should identify the plausible sources of operational risk, both internal and external, and mitigate their impact through the use of appropriate systems, policies, procedures, and controls. Systems should be designed to ensure a high degree of security and operational reliability and should have adequate, scalable capacity. Business continuity management should aim for timely recovery of operations and fulfilment of the FMI’s obligations, including in the event of a wide-scale or major disruption.
Implementation measures
CMB Board Decision (Policy Statement) no.10/328 CMB TR Regulation Article No:7 (1) (a, f)"Operation rules and principles" CML - ARTICLE 128 CMB Communiqué on Information Systems Management (VII-128.9) - ARTICLE 1 AND 6
TR-CMB
- Principle ID 17.6
- Rating Consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 30-May-2019
Principle
An FMI should identify the plausible sources of operational risk, both internal and external, and mitigate their impact through the use of appropriate systems, policies, procedures, and controls. Systems should be designed to ensure a high degree of security and operational reliability and should have adequate, scalable capacity. Business continuity management should aim for timely recovery of operations and fulfilment of the FMI’s obligations, including in the event of a wide-scale or major disruption.
Implementation measures
CMB Board Decision (Policy Statement) no.10/328 CMB Communiqué on Information Systems Management (VII-128.9) Article No:7 (6), Article No:26
Assessment comments (key conclusions and recommendations)
Although CMB Policy Statement No 10/328 provides a general requirement for FMIs under CMB’s supervision to pay due care and diligence in complying with the PFMI, CMB is recommended to implement measures to address the gaps pertaining to putting in place a secondary site by the TR, which should be designed for the resumption of operations of critical IT systems within two hours of a disruptive event. There should be a mechanism for testing such arrangements.
TR-CMB
- Principle ID 17.7
- Rating Partly consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 30-May-2019
Principle
An FMI should identify the plausible sources of operational risk, both internal and external, and mitigate their impact through the use of appropriate systems, policies, procedures, and controls. Systems should be designed to ensure a high degree of security and operational reliability and should have adequate, scalable capacity. Business continuity management should aim for timely recovery of operations and fulfilment of the FMI’s obligations, including in the event of a wide-scale or major disruption.
Implementation measures
CMB Board Decision (Policy Statement) no.10/328
Assessment comments (key conclusions and recommendations)
The implementation measures do not provide for a high degree of certainty for ensuring management of risks posed by the participants of TRs and other FMIs on its operations, as well as relating to those which are posed by the TR to other FMIs. Although CMB Policy Statement No 10/328 provides a general requirement for FMIs under CMB’s supervision to pay due care and diligence in complying with the PFMI, the CMB may consider implementing measures to address the above gaps.
TR-CMB
- Principle ID 18.0
- Rating Consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 30-May-2019
Principle
An FMI should have objective, risk-based, and publicly disclosed criteria for participation, which permit fair and open access.
Implementation measures
CMB Board Decision (Policy Statement) no.10/328 CMB TR Regulation CMB TR Communiqué
TR-CMB
- Principle ID 18.1
- Rating Consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 30-May-2019
Principle
An FMI should have objective, risk-based, and publicly disclosed criteria for participation, which permit fair and open access.
Implementation measures
CMB Board Decision (Policy Statement) no.10/328 CMB TR Regulation Article No: 7 (1) (g), Articles No:11-15
TR-CMB
- Principle ID 18.2
- Rating Consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 30-May-2019
Principle
An FMI should have objective, risk-based, and publicly disclosed criteria for participation, which permit fair and open access.
Implementation measures
CMB Board Decision (Policy Statement) no.10/328 CMB TR Regulation - Articles 11-15 CMB TR Communiqué Article 6 (1-2)
TR-CMB
- Principle ID 18.3
- Rating Consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 30-May-2019
Principle
An FMI should have objective, risk-based, and publicly disclosed criteria for participation, which permit fair and open access.
Implementation measures
CMB Board Decision (Policy Statement) no.10/328 CMB TR Regulation Article No:7 (1-b)"Operating rules and principles", Article No: 14 "Temporary suspension or cancellation of membership" Article No:15 "Member responsibilities and operating principles" CML Article No: 81 "Central Registry Agency"
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.