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 24.1
- Rating Consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 30-May-2019
Principle
A TR should provide timely and accurate data to relevant authorities and the public in line with their respective needs.
Implementation measures
CMB Board Decision (Policy Statement) no.10/328 CMB TR Regulation - Articles 6, 17 & 18 & 19
TR-CMB
- Principle ID 24.2
- Rating Consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 30-May-2019
Principle
A TR should provide timely and accurate data to relevant authorities and the public in line with their respective needs.
Implementation measures
CMB Board Decision (Policy Statement) no.10/328 CMB TR Regulation - Article 17 (3)
TR-CMB
- Principle ID 24.3
- Rating Consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 30-May-2019
Principle
A TR should provide timely and accurate data to relevant authorities and the public in line with their respective needs.
Implementation measures
CMB Board Decision (Policy Statement) no.10/328 CMB TR Regulation - Articles 5 (3-a,b,c) and 6 (1-c) CMB TR Communique, Provisional Clause 1 (TR Communique)
TR-CMB
- Principle ID 3.0
- Rating Partly consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 30-May-2019
Principle
An FMI should have a sound risk-management framework for comprehensively managing legal, credit, liquidity, operational, and other risks.
Implementation measures
CMB Board Decision (Policy Statement) no.10/328 CMB TR Regulation CMB TR Communiqué 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 implementation measures only provide for having risk management systems established by TRs, but do not seem to cover the review of material risks and the development of appropriate risk management tool by the TRs for risks which they pose to other entities and also which arise due to interdependencies. The implementation measures do not provide for the preparation of a recovery plan or wind-down plan by TRs indicating the potential scenarios preventing them continuing as a going concern and the options available for their recovery. The CMB may consider implementing measures to address gaps pertaining to review of material risks born by TRs, for risks which they pose to other entities as a result of interdependencies and develop appropriate risk management tools to address these risks. The CMB may also consider requiring TRs to identify scenarios that may potentially prevent them from being able to provide their critical operations and services as a going concern, and accordingly prepare a recovery and resolution plan.
TR-CMB
- Principle ID 3.1
- Rating Consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 30-May-2019
Principle
An FMI should have a sound risk-management framework for comprehensively managing legal, credit, liquidity, operational, and other risks.
Implementation measures
CMB Board Decision (Policy Statement) no.10/328 . CMB TR Regulation Article No:5 (3-b)"Operation Terms of establishment and operation of TRs" CMB Communiqué on Information Systems Management (VII-128.9) Article No:8 "Information Systems Risk Management" Article No:9 "Establishment and Management of Information Systems Controls" CMB Communiqué on Independent Audit of Information Systems (III-62.2) - Article No:30 (1) "Obligations and Exemptions"
TR-CMB
- Principle ID 3.2
- Rating Partly consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 30-May-2019
Principle
An FMI should have a sound risk-management framework for comprehensively managing legal, credit, liquidity, operational, and other risks.
Implementation measures
CMB Board Decision (Policy Statement) no.10/328. CMB TR Regulation Article No: 13 (1), Article No:15 CMB TR Communiqué, Article No:9
Assessment comments (key conclusions and recommendations)
Although CMB Policy Statement No 10/328 provides a general requirement for FMIs under the CMB’s supervision to pay due care and diligence in complying with the PFMI, the CMB may consider implementing measures to address gaps pertaining to providing incentives by TRs to its participants and their customers to manage and contain the risks they pose to the TR.
TR-CMB
- Principle ID 3.3
- Rating Partly consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 30-May-2019
Principle
An FMI should have a sound risk-management framework for comprehensively managing legal, credit, liquidity, operational, and other risks.
Implementation measures
CMB Board Decision (Policy Statement) no.10/328 . CMB TR Regulation - ARTICLE 5 (3) (b)
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, the CMB may consider implementing measures to address gaps pertaining to review of material risks born by TRs, which it poses to other entities as a result of interdependencies and develop appropriate risk management tools to address these risks.
TR-CMB
- Principle ID 3.4
- Rating Partly consistent
Implementation measure cut-off date: 15-May-2022
Assessment rating date: 30-May-2019
Principle
An FMI should have a sound risk-management framework for comprehensively managing legal, credit, liquidity, operational, and other risks.
Implementation measures
CMB Board Decision (Policy Statement) no.10/328.
Assessment comments (key conclusions and recommendations)
The implementation measures do not cover the formulation of a recovery plan and/or wind-down plan or a resolution plan by TRs. 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 gaps pertaining to mandating TRs to identify scenarios that may potentially prevent it from being able to provide its critical operations and services as a going concern and accordingly prepare a recovery and resolution plan.
TR-TCMB
- Principle ID 1.0
- 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
Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions No 6493 -Oversight Framework for Payment and Securities Settlement Systems -Objectives and Policies of the CBRT Regarding Payment Systems -Regulation On Operations Of Payment and Securities Settlement Systems
Assessment comments (key conclusions and recommendations)
The Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions (Law No 6493) and secondary regulations, such as Regulation on Oversight of Payment and Securities Settlement Systems, Regulation on Operations of Payment and Securities Settlement systems, the Communiqué on Information Systems used in Payment and Securities Settlement Systems and the Oversight framework for payment and securities settlement systems provide a clear legal basis for oversight, regulation and supervision of payment systems by CBRT. The payment systems law provides for various powers of the CBRT to regulate and supervise such institutions, including, among others, the granting of operating licences to the system operator, termination of operating licences, oversight powers of CBRT over such systems, netting of transfer orders, collateral management, powers to make secondary legislation, the imposition of penalties for violations of directions and regulations etc. The two Regulations broadly cover all the important activities of the payment system operators.
TR-TCMB
- Principle ID 1.1
- 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
Oversight Framework for Payment and Securities Settlement Systems -Objectives and Policies of the CBRT Regarding Payment Systems -Regulation On Operations Of Payment and Securities Settlement Systems
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.