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 2.1
- 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
Securities Exchange Act Sections 13(n)(5); 13(n)(7)(B); 13(n)(7)(D)(iii); 13n-1(c)(3); 13n-4(b); 13n-4(c)(2); 13n-6(b) Preamble to SEC SDR Proposing Release Preamble to SEC Cross-Border Proposing Release
Assessment comments (key conclusions and recommendations)
The Exchange Act and the implementation measures of the SEC prescribe requirements with regards to the governance arrangements of a TR and the need for such arrangements to support public interest requirements, but it is not specifically proposed that TRs have objectives that place a high priority on the safety and efficiency of the TR and that explicitly support financial stability.
US-SEC
- Principle ID 2.2
- 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
Securities Exchange Act Sections 13(n)(7)(B) SEC Proposed Rule 13n-4(c)(2); 13n-7(a)(2); 13n-10(b)(9) Proposed Form SDR Exhibits, SEC SDR Proposing Release Preamble to SEC SDR Proposing Release
US-SEC
- Principle ID 2.3
- 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
Securities Exchange Act Sections 13(n)(7)(B)-(C) SEC Proposed Rule 13n-4(c)(2)-(3); 13n-11(d)(2) Proposed Form SDR Exhibits, SEC SDR Proposing Release Preamble to SEC SDR Proposing Release
Assessment comments (key conclusions and recommendations)
It is proposed that TRs be required to have well-defined governance arrangements, including regarding the roles and responsibilities for its board of directors and written policies and procedures, including with respect to conflicts of interest. However, it is not proposed that a TR be required to review its performance and that of its individual members annually.
US-SEC
- Principle ID 2.4
- 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
SEC Proposed Rule 13n-4(c)(2) Preamble to SEC SDR Proposing Release
Assessment comments (key conclusions and recommendations)
It is proposed that TRs be required to have a board with the requisite skills and expertise. However, it is not proposed that the board is required to have incentives to fulfill their multiple roles or that the board have non-executive board members.
US-SEC
- Principle ID 2.5
- 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
SEC Proposed Rule 13n-4(c)(2) Proposed Form SDR Exhibits, SEC SDR Proposing Release
US-SEC
- Principle ID 2.6
- 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
Securities Exchange Act Section 13(n)(7)(B) SEC Proposed Rule 13n-4(c)(2); 13n-6(b); 13n-4(b)(11); 13n-11(a); 13n-11(b); 13n-11(c); 13n-11(f) Preamble to SEC SDR Proposing Release Preamble to Proposed Reg SCI, available at the following link: http://www.sec.gov/rules/proposed/2013/34-69077.pdf
Assessment comments (key conclusions and recommendations)
It is not proposed that TRs be required to establish a clear, documented risk-management framework that includes the TR’s risk-tolerance policy, assigns responsibilities and accountability for risk decisions, and addresses decision making in crises and emergencies. It is not proposed that TRs be required to have governance arrangements which ensure that the risk-management and internal control functions have sufficient authority, independence, resources, and access to the board.
US-SEC
- Principle ID 2.7
- 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
Securities Exchange Act Section 13(n)(7)(B) SEC Proposed Rules 13n-4(c)(2); 13n-8; 13n-10 SEC Re-Proposed Reg SBSR, Rule 907 Proposed Form SDR Exhibits, SEC SDR Proposing Release Preamble to SDR SDR Proposing Release
Assessment comments (key conclusions and recommendations)
It is proposed that TRs be required to have governance arrangements that are transparent, and support the objectives of the Government, owners and participants. It is not specifically proposed that TRs be required to consider the interests of indirect participants and other stakeholders, but this requirement of the key considerations is broadly addressed in the other categories of interests that a TR’s governance arrangements are required to consider. It is not proposed that TRs be required to disclose major decisions to relevant stakeholders and, where there is a broad market impact, the public.
US-SEC
- Principle ID 20.0
- Rating Not consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI that establishes a link with one or more FMIs should identify, monitor, and manage link-related risks.
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
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 20. The overall rating has been influenced by the absence of measures or proposed measures implementing any relevant key consideration.
US-SEC
- Principle ID 20.1
- Rating Not consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI that establishes a link with one or more FMIs should identify, monitor, and manage link-related risks.
Implementation measures
Securities Exchange Act Sections 13(n)(5); 13(n)(6) SEC Proposed Rules 13n-6(b); 13n-9(b); 13n-11 Preamble to Proposed Reg SCI available at the following link: http://www.sec.gov/rules/proposed/2013/34-69077.pdf
Assessment comments (key conclusions and recommendations)
It is proposed that a TR establish automated systems for monitoring, screening and analyzing data reported to it and that TRs 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 before entering into a link arrangement, and on an ongoing basis once the link is established, a TR be required to identify, monitor, and manage all potential sources of risk arising from the link arrangement. It is not proposed that link arrangements be required to be designed such that a TR is able to observe the other PFMIs.
US-SEC
- Principle ID 20.2
- Rating Not consistent
Implementation measure cut-off date: 25-Feb-2015
Assessment rating date: 17-Apr-2014
Principle
An FMI that establishes a link with one or more FMIs should identify, monitor, and manage link-related risks.
Implementation measures
Securities Exchange Act Section 13(n)(7)(A) SEC Proposed Rules 13n-4(c)(1)(iii); 13n-6; 13n-9(b); 13n-11
Assessment comments (key conclusions and recommendations)
It is proposed that a TR 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 link arrangements be required to have a well-founded legal basis, in all relevant jurisdictions, that supports its design and provides adequate protection to the TRs involved in the link.
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.