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.
BR-BCB,CVM
- Principle ID 23.2
- Rating Consistent
Implementation measure cut-off date: 30-May-2020
Assessment rating date: 30-May-2018
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
Resolution CMN 2,882, Article 1, Article 5, Subparagraphs II and III, and Article 6, Subparagraphs II and III Law No. 12,810, Article 28. BCB Policy Statement 25,097 CVM Instruction No. 461, Article 110, Paragraphs 4 and 5 Law No. 13,506, Article 1, and Article 3
BR-BCB,CVM
- Principle ID 23.3
- Rating Consistent
Implementation measure cut-off date: 30-May-2020
Assessment rating date: 30-May-2018
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
As above, and in addition: Circular BCB 3057, Annex Article 15; Annex Article 16 Resolution CMN 2,882, Article 3;
Assessment comments (key conclusions and recommendations)
The pre-existing regulations require TRs to provide participants with “access to clear and objective information which allows them to identify the risks incurred”, but they do not explicitly require TRs to provide all necessary and appropriate training to facilitate participants’ understanding of the FMI’s rules and procedures and the risks they face from participating in the FMI. This gap is covered by the BCB’s policy statements 25,097 and 30,516, supported through the relevant supervisory evidence that provided context on how FMIs are required to observe the PFMI Principle and KCs.
BR-BCB,CVM
- Principle ID 23.4
- Rating Consistent
Implementation measure cut-off date: 30-May-2020
Assessment rating date: 30-May-2018
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
As above, and in addition: CVM Instruction No. 461 (amended by CVM Instruction No. 544 of December 2013) Article 28; Article 55;
Assessment comments (key conclusions and recommendations)
The pre-existing regulations require the CEO of TRs to establish the fees, commissions and any other costs to be charged for the TR’s services, but this requirement does not include the disclosure of its policies on available discounts. This gap is covered by the BCB’s policy statements 25,097 and 30,516, supported through the relevant supervisory evidence that provided context on how FMIs are required to observe the PFMI Principle and KCs.
BR-BCB,CVM
- Principle ID 23.5
- Rating Consistent
Implementation measure cut-off date: 30-May-2020
Assessment rating date: 30-May-2018
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
As above, and in addition: CVM Instruction No. 461 (amended by CVM Instruction No. 544 of December 2013) Article 28; Article 55
Assessment comments (key conclusions and recommendations)
The pre-existing regulation do not clearly require TRs to complete regularly and disclose publicly responses to the CPSS-IOSCO Disclosure framework for financial market infrastructures. This gap is covered by the BCB’s policy statements 25,097 and 30,516, supported through the relevant supervisory evidence that provided context on how FMIs are required to observe the PFMI Principle and KCs.
BR-BCB,CVM
- Principle ID 24.0
- Rating Consistent
Implementation measure cut-off date: 30-May-2020
Assessment rating date: 30-May-2018
Principle
A TR should provide timely and accurate data to relevant authorities and the public in line with their respective needs.
Implementation measures
BCB Policy Statement 25,097 BCB Policy Statement 30,516 CVM Instruction No. 461 (amended by CVM Instruction No. 544 of December 2013); Article 110, Paragraphs 4 and 5 Law No. 12,810, Article 28. Law No. 13,506, Article 1; Article 3 Resolution CMN 2,882, Article 1; Article 5, Subparagraphs II and III; Article 6, Subparagraphs II and III
Assessment comments (key conclusions and recommendations)
The consistent rating for this Principle is driven by the BCB’s policy statements 25,097 and 30,516, supported by an analysis of how FMIs are required to observe the PFMI Principle and KCs. These measures cover the gap created by the overlap between the pre-existing and new implementation measures for some parts of this Principle. The relevant authorities may want to consider making it formally and publicly explicit that, in the absence of adequate or sufficiently detailed rules or of overlapping rules, the PFMI will apply in full.
BR-BCB,CVM
- Principle ID 24.1
- Rating Consistent
Implementation measure cut-off date: 30-May-2020
Assessment rating date: 30-May-2018
Principle
A TR should provide timely and accurate data to relevant authorities and the public in line with their respective needs.
Implementation measures
As above, and in addition: Circular BCB 3.743, Annex Article 11; Annex Article 16; Annex Article 17 CVM Instruction No. 461 (amended by CVM Instruction No. 544 of December 2013) Article 28; Article 105
Assessment comments (key conclusions and recommendations)
The pre-existing regulations focus on the information a TR should provide to the relevant authorities. They also include a requirement for TRs to provide a summary of the OTC transactions in on their webpage. However, it is not clear that such data should be provided in line with industry expectations to the public, and that such information is comprehensive and at a level of detail sufficient to enhance market transparency and support other public policy objectives. This gap is covered by the BCB’s policy statements 25,097 and 30,516, supported through the relevant supervisory evidence that provided context on how FMIs are required to observe the PFMI Principle and KCs.
BR-BCB,CVM
- Principle ID 24.2
- Rating Consistent
Implementation measure cut-off date: 30-May-2020
Assessment rating date: 30-May-2018
Principle
A TR should provide timely and accurate data to relevant authorities and the public in line with their respective needs.
Implementation measures
Resolution CMN 2,882, Article 1, Article 5, Subparagraphs II and III, and Article 6, Subparagraphs II and III Law No. 12,810, Article 28. BCB Policy Statement 25,097 CVM Instruction No. 461, Article 110, Paragraphs 4 and 5 Law No. 13,506, Article 1, and Article 3
BR-BCB,CVM
- Principle ID 24.3
- Rating Consistent
Implementation measure cut-off date: 30-May-2020
Assessment rating date: 30-May-2018
Principle
A TR should provide timely and accurate data to relevant authorities and the public in line with their respective needs.
Implementation measures
Resolution CMN 2,882, Article 1, Article 5, Subparagraphs II and III, and Article 6, Subparagraphs II and III Law No. 12,810, Article 28. BCB Policy Statement 25,097 CVM Instruction No. 461, Article 110, Paragraphs 4 and 5 Law No. 13,506, Article 1, and Article 3
BR-BCB,CVM
- Principle ID 3.0
- Rating Consistent
Implementation measure cut-off date: 30-May-2020
Assessment rating date: 30-May-2018
Principle
An FMI should have a sound risk-management framework for comprehensively managing legal, credit, liquidity, operational, and other risks.
Implementation measures
BCB Policy Statement 25,097 BCB Policy Statement 30,516 CVM Instruction No. 461 (amended by CVM Instruction No. 544 of December 2013) Article 110 Paragraphs 4 and 5 Law No. 12,810, Article 28. Law No. 13,506, Article 1; Article 3 Resolution CMN 2,882, Article 1; Article 5, Subparagraphs II and III; Article 6, Subparagraphs II and III
Assessment comments (key conclusions and recommendations)
The consistent rating for this Principle is driven by the BCB’s policy statements 25,097 and 30,516, supported by an analysis of how FMIs are required to observe the PFMI Principle and KCs. These measures cover the gap created by the overlap between the pre-existing and new implementation measures for some parts of this Principle. The relevant authorities may want to consider making it formally and publicly explicit that, in the absence of adequate or sufficiently detailed rules or of overlapping rules, the PFMI will apply in full.
BR-BCB,CVM
- Principle ID 3.1
- Rating Consistent
Implementation measure cut-off date: 30-May-2020
Assessment rating date: 30-May-2018
Principle
An FMI should have a sound risk-management framework for comprehensively managing legal, credit, liquidity, operational, and other risks.
Implementation measures
As above, and in addition: Circular BCB 3.743, Annex, Article 3. Circular BCB 3057, Article 2; Article 15 CVM Instruction No. 461 (amended by CVM Instruction No. 544 of December 2013) Article 27; Article 31; Article 63; Article 75; Resolution CMN 2,554, Article 2; Article 3 Resolution CMN 2,882, Article 8, Resolution 3,198, Annex, Article 21
Assessment comments (key conclusions and recommendations)
The pre-existing regulations require TRs’ internal controls to “identify and evaluate internal and external factors that may adversely affect the attainment of the institution’s objectives”. The pre-existing regulations also require TRs to maintain risk control systems adequate to the risks inherent to their activities. However, only the internal controls are required to be periodically revised and updated (there is no corresponding requirement for the risk control systems). This gap is covered by the BCB’s policy statements 25,097 and 30,516, supported through the relevant supervisory evidence that provided context on how FMIs are required to observe the PFMI Principle and KCs.
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.