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 18.0
- Rating Partly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should have objective, risk-based, and publicly disclosed criteria for participation, which permit fair and open access.
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 Cross-Border Proposing Release available at this link: http://www.sec.gov/rules/proposed/2013/34-69490.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 2 and 3. Key conclusions: The proposed implementation measures of the SEC are partly consistent with Principle 18. The overall rating has been influenced by the absence of measures or proposed measures implementing key consideration 3 and gaps or shortcomings in the proposed implementation measures for key consideration 2.
US-SEC
- Principle ID 18.1
- Rating Partly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should have objective, risk-based, and publicly disclosed criteria for participation, which permit fair and open access.
Implementation measures
Securities Exchange Act Section 13(n)(7)(A) SEC Proposed Rule 13n-4 (c)
US-SEC
- Principle ID 18.2
- Rating Partly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should have objective, risk-based, and publicly disclosed criteria for participation, which permit fair and open access.
Implementation measures
SEC Proposed Rule 13n-49(c); 13n-10(b) SEC Re-Proposed Reg SBS, Rule 907 Proposed Form SDR Exhibits, SEC SDR Proposing Release Preamble to SEC SDR Proposing Release Preamble to SEC Cross-Border Proposing Release
Assessment comments (key conclusions and recommendations)
It is proposed that a TR be prevented from having participation requirements that are an unreasonable restraint on trade or anticompetitive. However, it is not proposed that the participation requirements of a TR be required to be justified in terms of the safety and efficiency of the FMI and the markets it serves, or be tailored to and commensurate with the TR’s specific risks. It is also not proposed that a TR be specifically required to have membership requirements that have the least-restrictive impact on access that circumstances permit.
US-SEC
- Principle ID 18.3
- Rating Partly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should have objective, risk-based, and publicly disclosed criteria for participation, which permit fair and open access.
Implementation measures
Securities Exchange Act Section 13(n)(6) SEC Proposed Rule 13n-4(c)(iii); 13n-10(b); 13n-11 SEC Re-Proposed Reg SBSR, Rules 906; 907(c); 907(E)
Assessment comments (key conclusions and recommendations)
It is not proposed that a TR be required to monitor compliance with its participation requirements on an ongoing basis or have clearly defined and publicly disclosed procedures for facilitating the suspension and orderly exit of a participant that breaches, or no longer meets, the participation requirements.
US-SEC
- Principle ID 19.0
- 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 the material risks to the FMI arising from tiered participation arrangements.
Implementation measures
SEC SDR Proposing Release available at this link: http://www.sec.gov/rules/proposed/2010/34-63347.pdf SEC Cross-Border Proposing Release available at this link: http://www.sec.gov/rules/proposed/2013/34-69490.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 for all relevant key considerations. Key conclusion: The proposed implementation measures of the SEC are not consistent with Principle 19. The overall rating has been influenced by the absence of measures or proposed measures implementing any relevant key consideration.
US-SEC
- Principle ID 19.1
- 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 the material risks to the FMI arising from tiered participation arrangements.
Implementation measures
SEC Re-Proposed Reg SBSR, Rules 906; 907
Assessment comments (key conclusions and recommendations)
It is proposed that TRs receive basic information about direct participants and information about the parent and affiliate entities of direct participants. However, it is not proposed that a TR be specifically required to have rules, procedures, and agreements that allow it to gather basic information about indirect participation in order to identify, monitor, and manage any material risks to the TR arising from such tiered participation arrangements.
US-SEC
- Principle ID 19.2
- 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 the material risks to the FMI arising from tiered participation arrangements.
Implementation measures
SEC Re-Proposed Reg SBSR, Rules 906; 907
Assessment comments (key conclusions and recommendations)
It is proposed that TRs receive basic information about direct participants and information about the parent and affiliate entities of direct participants. However, it is not proposed that a TR be required to identify material dependencies between direct and indirect participants that might affect the TR.
US-SEC
- Principle ID 19.3
- 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 the material risks to the FMI arising from tiered participation arrangements.
Implementation measures
SEC Re-Proposed Reg SBSR, Rules 901(e); 906; 907 Preamble to SEC SDR Proposing Release Preamble to SEC Cross-Border Proposing Release
Assessment comments (key conclusions and recommendations)
It is proposed that TRs receive basic information about direct participants and information about the parent and affiliate entities of direct participants. However, it is not proposed that a TR be required to identify indirect participants responsible for a significant proportion of transactions processed by the TR or to identify indirect participants whose transaction volumes or values are large relative to the capacity of the direct participants through which they access the TR in order to manage the risks arising from these transactions.
US-SEC
- Principle ID 19.4
- 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 the material risks to the FMI arising from tiered participation arrangements.
Implementation measures
SEC Proposed Rule 13n-6(b) SEC Re-Proposed Reg SBSR, Rules 906; 907
Assessment comments (key conclusions and recommendations)
It is proposed that TRs receive basic information about direct participants and information about the parent and affiliate entities of direct participants. However, it is not proposed that a TR be required to consider risks arising from tiered participation arrangements and take mitigating action when appropriate.
US-SEC
- Principle ID 2.0
- Rating Partly consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI should have governance arrangements that are clear and transparent, promote the safety and efficiency of the FMI, and support the stability of the broader financial system, other relevant public interest considerations, and the objectives of relevant stakeholders.
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 Cross-Border Proposing Release available at this link: http://www.sec.gov/rules/proposed/2013/34-69490.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, 3, 4, 6 and 7. Key conclusion: The proposed implementation measures of the SEC are partly consistent with Principle 2. The overall rating has been influenced by the absence of measures or proposed measures implementing key consideration 6 and gaps or shortcomings in the proposed implementation measures for key considerations 1, 3, 4 and 7.
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.