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.
US-CFTC
- Principle ID 23.5
- Rating Broadly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should have clear and comprehensive rules and procedures and should provide sufficient information to enable participants to have an accurate understanding of the risks, fees, and other material costs they incur by participating in the FMI. All relevant rules and key procedures should be publicly disclosed.
Implementation measures
CFTC regulations 17 C.F.R. 49.15
Assessment comments (key conclusions and recommendations)
The CFTC has not implemented measures which require that TRs complete regularly and disclose publicly responses to the CPSS-IOSCO Disclosure framework for financial market infrastructures.
US-CFTC
- Principle ID 24.0
- Rating Consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
A TR should provide timely and accurate data to relevant authorities and the public in line with their respective needs.
Assessment comments (key conclusions and recommendations)
The implementation measures of the CFTC are consistent with Principle 24.
US-CFTC
- Principle ID 24.1
- Rating Consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
A TR should provide timely and accurate data to relevant authorities and the public in line with their respective needs.
Implementation measures
CEA Section 2(a)(13)(A)-(D), 21(c) CFTC regulations 17 C.F.R.: 43.3(b)(2); 43.4(b); 45.2(f), (h); 49.12; 49.15; 49.17(c)(1)-(2); 49.9
US-CFTC
- Principle ID 24.2
- Rating Consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
A TR should provide timely and accurate data to relevant authorities and the public in line with their respective needs.
Implementation measures
CEA Section 21(c)(4), 21(d) CFTC regulations 17 C.F.R.: 45.2(f), (h); 49.12; 49.17(b)(1)-(2), (c)(1)-(2), (d); 49.9; 49.18(b)
US-CFTC
- Principle ID 24.3
- Rating Consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
A TR should provide timely and accurate data to relevant authorities and the public in line with their respective needs.
Implementation measures
CEA Section 21(c)(1)-4(a) CFTC regulations 17 C.F.R.: 45.2(f), 45.2(h), 45.13(a), 49.9, 49.10(a)(1), (c), (d); 49.11(a)-(b); 49.12(a)-(d); 49.13; 49.17(b)(1)-(2), (c)(1)-(2), (d); 49.18
US-CFTC
- Principle ID 3.0
- Rating Partly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should have a sound risk-management framework for comprehensively managing legal, credit, liquidity, operational, and other risks.
Implementation measures
17 C.F.R. 49 is available at the following link: http://www.ecfr.gov/cgi-bin/retrieveECFR?gp=&SID=6b869c925c838bbfb47ee4a8adb078cd&n=17y2.0.1.1.8&r=PART&ty=HTML 76 Fed. Reg. 54538 (Sept. 1, 2011) is available at the following link: http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2011-20817a.pdf
Assessment comments (key conclusions and recommendations)
The implementation measures of the CFTC are partly consistent with Principle 3. The overall rating has been influenced by the absence of measures implementing key consideration 4 and gaps or shortcomings in the implementation measures for key consideration 3. Recommendation: The CFTC is recommended to implement measures which address the gaps or inconsistencies identified, specifically those related to key considerations 3 and 4.
US-CFTC
- Principle ID 3.1
- Rating Partly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should have a sound risk-management framework for comprehensively managing legal, credit, liquidity, operational, and other risks.
Implementation measures
CEA Section 21(e)(1)- (2) CFTC regulations 17 C.F.R.: 49.16(a); 49.22(b) (d), (e); 49.24(a)-(d), (h)-(j); 49.25(a), (c), (d), (f)
US-CFTC
- Principle ID 3.2
- Rating Partly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should have a sound risk-management framework for comprehensively managing legal, credit, liquidity, operational, and other risks.
Implementation measures
CFTC regulations 17 C.F.R.: 49.10(a)(1), (c), (d); 49.24(a)(1)
US-CFTC
- Principle ID 3.3
- Rating Partly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should have a sound risk-management framework for comprehensively managing legal, credit, liquidity, operational, and other risks.
Implementation measures
CFTC regulations 17 C.F.R.: 49.24(a)-(c), (j); 49.25(d)
Assessment comments (key conclusions and recommendations)
A TR is required to regularly review the risks that it bears from other entities and develop appropriate risk-management tools to address these risks. In particular, TRs are required to establish and maintain a program of risk analysis and oversight to identify and minimize sources of operational risk and appropriate controls and procedures to manage such risk. Such arrangements are only required in respect of operational risk, however this is the primary source of risk for a TR. TRs are also required to establish and maintain emergency procedures, back-up facilities and a business continuity-disaster recovery plan. However, a TR is not specifically required to regularly review the risks that it poses to other entities as a result of interdependencies and develop appropriate risk-management tools to address these risks.
US-CFTC
- Principle ID 3.4
- Rating Partly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should have a sound risk-management framework for comprehensively managing legal, credit, liquidity, operational, and other risks.
Implementation measures
CFTC regulations 17 C.F.R. 49.24(a)-(c), (j); 49.25(a)(1)(3), (c), (d)
Assessment comments (key conclusions and recommendations)
TRs are required to establish and maintain a program of risk analysis and oversight as well as emergency procedures, back-up facilities and a business continuity-disaster recovery plan, and to conduct regular, periodic and objective testing and review of their automated systems and disaster recovery plan. However, a TR is not specifically required to identify scenarios that may potentially prevent it from being able to provide its critical operations and services as a going concern or assess the effectiveness of a full range of options for recovery or orderly wind-down. A TR is not required to prepare appropriate plans for its recovery or orderly wind-down based on the results of that assessment or provide relevant authorities with the information needed for purposes of resolution planning.
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.