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-SEC
- Principle ID 15.4
- Rating Not consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should identify, monitor, and manage its general business risk and hold sufficient liquid net assets funded by equity to cover potential general business losses so that it can continue operations and services as a going concern if those losses materialise. Further, liquid net assets should at all times be sufficient to ensure a recovery or orderly wind-down of critical operations and services.
Implementation measures
SEC Proposed Rule 13n-11(f)
Assessment comments (key conclusions and recommendations)
It is not proposed that the assets held by a TR to cover general business risk are of high quality and sufficiently liquid in order to allow the TR to meet its current and projected operating expenses under a range of scenarios, including in adverse market conditions.
US-SEC
- Principle ID 15.5
- Rating Not consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should identify, monitor, and manage its general business risk and hold sufficient liquid net assets funded by equity to cover potential general business losses so that it can continue operations and services as a going concern if those losses materialise. Further, liquid net assets should at all times be sufficient to ensure a recovery or orderly wind-down of critical operations and services.
Implementation measures
Securities Exchange Act Section 13(n)(7)(B) SEC Proposed Rule 13n-4(c)(2)
Assessment comments (key conclusions and recommendations)
It is not proposed that a TR be required to maintain a viable plan for raising additional equity should its equity fall close to or below the amount needed.
US-SEC
- Principle ID 17.0
- Rating Partly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
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
The Securities Exchange Act available at this link: http://www.sec.gov/about/laws/sea34.pdf SEC SDR Proposing Release available at this link: http://www.sec.gov/rules/proposed/2010/34-63347.pdf SEC Re-Proposed Reg SBSR available at this link: http://www.sec.gov/rules/proposed/2013/34-69490.pdf
Assessment comments (key conclusions and recommendations)
Recommendation: The SEC is recommended to implement measures which address the gaps or inconsistencies identified, specifically those related to key considerations 1, 2, 3, 6 and 7. Key conclusoin: The proposed implementation measures of the SEC are partly consistent with Principle 17. The overall rating has been influenced by the absence of measures or proposed measures implementing key considerations 2 and 6, and gaps or shortcomings in the proposed implementation measures for key considerations 1, 3 and 7.
US-SEC
- Principle ID 17.1
- Rating Partly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
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
Securities Exchange Act Sections 13(n)(5)(E); 13(n)(6) SEC Proposed Rule 13n-4(b); 13n-5(b)(1)(i); 13n-5(b)(1)(iii); 13n-5(b)(2); 13n-5(b)(3); 13n-5(b)(5); 13n-6(b) SEC Re-Proposed Reg SBSR, Rules 905(b); 907(e) SEC SDR Proposing Release Preamble to Proposed Reg SCI, available at the following link: http://www.sec.gov/rules/proposed/2013/34-69077.pdf Preamble to SEC SDR Proposing Release
Assessment comments (key conclusions and recommendations)
It is proposed that a TR be required to establish, maintain, and enforce written policies and procedures reasonably designed to ensure that its systems provide adequate levels of capacity, resiliency, and security. Although the operational risk-management framework is not explicitly mentioned, it is proposed that a TR be required to establish a robust framework with appropriate systems, policies, procedures, and controls to identify, monitor, and manage operational risks.
US-SEC
- Principle ID 17.2
- Rating Partly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
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
SEC Proposed Rule 13n-4(c)(2)(iv)
Assessment comments (key conclusions and recommendations)
It is not proposed that a TR’s board be required to clearly define the roles and responsibilities for addressing operational risk and endorse the TR’s operational risk-management framework. It is also not proposed that a TR’s systems, operational policies, procedures, and controls should be reviewed, audited, and tested periodically and after significant changes.
US-SEC
- Principle ID 17.3
- Rating Partly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
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
Securities Exchange Act Section 13(n)(5)(E) SEC Proposed Rule 13n-6(b) SEC Re-Proposed Reg SBSR, Rule 904; 907(e) Proposed Form SDR Exhibits, SEC SDR Proposing Release Preamble to Proposed Reg SCI, available at the following link: http://www.sec.gov/rules/proposed/2013/34-69077.pdf Preamble to SEC SDR Proposing Release
Assessment comments (key conclusions and recommendations)
It is proposed that a TR have systems in place to continuously receive and disseminate information regarding security-based swaps. However, it is not specifically proposed that a TR be required to have clearly defined operational reliability objectives and should have policies in place that are designed to achieve those objectives.
US-SEC
- Principle ID 17.4
- Rating Partly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
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
SEC Proposed Rule 13n-6(b) Proposed Form SDR Exhibits, SEC SDR Proposing Release
US-SEC
- Principle ID 17.5
- Rating Partly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
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
Securities Exchange Act Section 13(n)(2) SEC Proposed Rule 13n-4(b); 13n-6(a)(1); 13n-6(b); 13n-7(c); 13n-9 Proposed Form SDR Exhibits, SEC SDR Proposing Release Preamble to SEC SDR Proposing Release
US-SEC
- Principle ID 17.6
- Rating Partly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
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
SEC Proposed Rule 13n-6(b) Proposed Form SDR Exhibits, SEC SDR Proposing Release
Assessment comments (key conclusions and recommendations)
It is proposed that a TR be required to establish, maintain, and enforce written policies and procedures reasonably designed to ensure that its systems provide adequate levels of capacity, resiliency, and security. However, it is not proposed that a TR be required to have a business continuity plan that addresses events posing a significant risk of disrupting operations, including events that could cause a wide-scale or major disruption. It is not proposed that a TR incorporate the use of a secondary site or be designed to ensure that critical information technology systems can resume operations within two hours following disruptive events. It is not proposed that a TR be designed to complete recording by the end of the day of the disruption, even in case of extreme circumstances, or that the TR regularly test these arrangements.
US-SEC
- Principle ID 17.7
- Rating Partly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
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
Securities Exchange Act Section 13(n)(5) SEC Proposed Rules 13n-6(b); 13n-9(b) SEC Re-Proposed Reg SBSR, Rule 902; 906 Preamble to SEC SDR Proposing Release
Assessment comments (key conclusions and recommendations)
It is not proposed that a TR be required to identify, monitor, and manage the risks that key participants, other FMIs, and service and utility providers might pose to its operations. In addition, it is not proposed that a TR identify, monitor, and manage the risks its operations might pose to other FMIs.
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.