Committee on Payments

and Market Infrastructures

Board of the International 

Organization of Securities 

Commissions

Implementation 

monitoring of PFMI:

Third update to 

Level 1 assessment 

report

June 2016
This publication is available on the BIS website (www.bis.org) and the IOSCO website (www.iosco.org).

© Bank for International Settlements and International Organization of Securities Commissions 2016. All 

rights reserved. Brief excerpts may be reproduced or translated provided the source is stated.

ISBN 978-92-9197-611-9
CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 iii

Contents

Introduction......................................................................................................................................................................................... 1

Key observations ............................................................................................................................................................................... 2

Next steps............................................................................................................................................................................................. 3

Annex A: Summary table of ratings ........................................................................................................................................... 4

Annex B: Summary jurisdiction tables....................................................................................................................................... 5

Argentina..................................................................................................................................................................................... 5

Canada.......................................................................................................................................................................................... 7

Chile.............................................................................................................................................................................................10

China ...........................................................................................................................................................................................11

Indonesia ...................................................................................................................................................................................13

Korea ...........................................................................................................................................................................................15

Mexico ........................................................................................................................................................................................18

Russia ..........................................................................................................................................................................................21

Saudi Arabia .............................................................................................................................................................................30

South Africa..............................................................................................................................................................................30

Switzerland ...............................................................................................................................................................................31

Turkey .........................................................................................................................................................................................32

United States............................................................................................................................................................................33

Annex C: Ratings scale...................................................................................................................................................................36

Annex D: Members of the CPMI-IOSCO implementation monitoring standing group (IMSG).......................37

CPMI-IOSCO – Implementation monitoring of PFMI: Third update to Level 1 assessment report – June 2016 1

Introduction

In April 2012, the Committee on Payments and Market Infrastructures (CPMI) and the International 

Organization of Securities Commissions (IOSCO) issued the Principles for financial market infrastructures

(PFMI). In line with the G20’s expectations, CPMI and IOSCO members have undertaken to incorporate the 

24 principles (the Principles) and the five responsibilities (the Responsibilities) included in the PFMI in their 

legal and regulatory frameworks. Implementing the PFMI is a comprehensive and large-scale undertaking 

that spans several different types of FMI and, typically, multiple regulators within a single jurisdiction. 

The CPMI and IOSCO are monitoring the implementation of the PFMI, including both the 

Principles and the Responsibilities. To that end, the CPMI-IOSCO Steering Group1 has established a 

standing working-level group (the Implementation Monitoring Standing Group (IMSG)) to design, 

organise and carry out the implementation monitoring assessments.

The implementation monitoring involves three phases: (1) Level 1 to assess whether jurisdictions 

have completed the process of adopting the legislation, regulations and other policies that will enable 

them to implement the Principles and Responsibilities; (2) Level 2 to assess whether the content of 

legislation, regulations and policies is complete and consistent with the Principles and the Responsibilities; 

and (3) Level 3 to assess whether there is consistency in the outcomes of the implementation of the 

Principles and Responsibilities.

The initial Level 1 assessments (covering 27 jurisdictions) were conducted in mid-2013,

2 and the 

first and second updates (covering 28 jurisdictions3

) were conducted respectively in 2014 and 2015.

4

The current report is the third update to the Level 1 assessments, and reflects the status of 

jurisdictions’ legal, regulatory or policy frameworks as at 8 January 2016. 

This update focuses exclusively on those jurisdictions for which the implementation measures 

were not yet in force for at least one FMI type at the time of the last update, ie where the rating was “1”, 

“2”, “3” or “NA” on the second Level 1 update.

5 Those jurisdictions that had already reached the highest

rating – ie “4” – for all FMI types in the previous update were not surveyed for this update.

The remainder of this report outlines the key observations and next steps in the implementation 

monitoring of the PFMI. A tabular summary of survey results, showing the ratings, is included in Annex A. 

In addition, Annex B contains more details of each surveyed jurisdiction’s self-assessments, links to public 

documents implementing the PFMI, and, where relevant and available, information on forthcoming 

initiatives.

6 The ratings in the self-assessments represent each jurisdiction’s own assessment of the status 

of its progress in adopting the legislation and other policies relevant to its implementation of the PFMI for 

each FMI type. These self-assessments have been reviewed by the IMSG. 

1 The Steering Group is composed of a subset of the members of the CPMI and the IOSCO Board, and is responsible for providing 

operational guidance on behalf of the parent committees on joint CPMI-IOSCO work.

2 CPSS-IOSCO, Implementation monitoring of PFMIs – Level 1 assessment report, August 2013, www.bis.org/publ/cpss111.htm. 

3 Indonesia was added to the initial 27 jurisdictions.

4 CPSS-IOSCO, Implementation monitoring of PFMIs – First update to Level 1 assessment report, May 2014, 

www.bis.org/cpmi/publ/d117.htm; CPMI-IOSCO, Implementation monitoring of PFMIs – Second update to Level 1 assessment 

report, June 2015, www.bis.org/cpmi/publ/d129.htm.

5 Ratings range from “1”, which indicates that draft implementation measures have not yet been published, to “4”, which indicates 

that final implementation measures are in force. Ratings also include a Not Applicable category (see Annex C). For jurisdictions 

assigned only ratings “4” or “NA” in the second update, the IMSG checked that the “NA” ratings assigned were still valid.

6 Annex B of this report provides details only for jurisdictions that were rated less than “4” for at least one FMI type in the second 

update and only for those FMI types that were rated “1”, “2”, “3” or “NA” in that report. For other jurisdictions and FMI types, 

the detailed information is provided in Annex B of the Second update to Level 1 assessment report.
2 CPMI-IOSCO – Implementation monitoring of PFMI: Third update to Level 1 assessment report – June 2016

Key observations

Overall, the third update to the Level 1 assessments shows that participating jurisdictions have continued 

to make progress since the previous update in completing the process of adopting legislation, regulations 

and/or policies that will enable them to implement the PFMI. See Annex A for a summary of ratings across 

jurisdictions.

The previous updates to the Level 1 assessment report revealed that additional measures were 

needed primarily with respect to implementation of the Principles. By contrast, many jurisdictions had 

already achieved the highest rating for the Responsibilities.

7

Consistent with this, there were few changes in ratings for the Responsibilities, with just four

jurisdictions upgraded to rating “4” from their previous rating for the Responsibilities for trade repositories 

(TRs).

With respect to the Principles, however, the updated assessment reveals a number of changes in 

jurisdictions’ ratings. Overall, 19 of the 28 jurisdictions have now achieved the highest rating, “4”, for all 

FMI types. In the initial Level 1 exercise, implementation of the Principles for PSs and CSDs/SSS was the 

least advanced. These are now the FMI types for which implementation measures are the most advanced. 

The improvement observed in the previous update in implementation of the Principles for CSDs/SSS has 

continued, with 21 jurisdictions now achieving a rating of “4”; and, all but three jurisdictions now attaining

the highest rating for PSs, and no jurisdictions remaining at a rating of “1”. The implementation status for 

CCPs and TRs is similar. In each case, around three quarters of the jurisdictions have achieved a rating of 

“4”. Furthermore, while in previous updates around a quarter of jurisdictions remained at the lowest rating, 

“1”, for TRs, this proportion has dropped to 12%. Indeed, across FMI types, a number of jurisdictions that

previously had a rating of “1” have now advanced to a rating of either “2” or “3”. Figure 1 illustrates the 

progress made in respect of the Principles according to the type of FMI, as compared with the previous 

Level 1 assessments.

7 This was further confirmed in the CPMI-IOSCO report Assessment and review of application of Responsibilities by authorities, 

November 2015, www.bis.org/cpmi/publ/d139.htm.
CPMI-IOSCO – Implementation monitoring of PFMI: Third update to Level 1 assessment report – June 2016 3

Progress for Principles by FMI type8 Figure 1

See Annex C for the ratings scale.

Next steps

The next update of the Level 1 assessments will be conducted in 2017. 

8 For each FMI type, the percentages have been calculated excluding “NA” ratings (ie Saudi Arabia for CCPs, Indonesia for TRs) 

and jurisdictions with a split rating (ie the United States for CCPs, CSDs/SSS and TRs, Indonesia and Turkey for CSDs/SSS).
4 CPMI-IOSCO – Implementation monitoring of PFMI: Third update to Level 1 assessment report – June 2016

Annex A: Summary table of ratings

Principles Responsibilities

Jurisdiction CCPs PSs CSDs & SSSs TRs CCPs PSs CSDs & SSSs TRs

Argentina 3 3 3 3 4 4 4 4

Australia 4 4 4 4 4 4 4 4

Belgium 4,EU9 4,EUR10 4 4,EU NA 4,EUR 4 NA/EU

Brazil 4 4 4 4 4 4 4 4

Canada 4 4 4 4 4 4 4 4

Chile 1 2 1 1 4 4 4 1

China 4 4 4 4 4 4 4 4

European Union (EU) 

/ Eurosystem (EUR)11 4 4 4 4 NA 4 NA 4

France 4,EU 4,EUR 4,EUR 4,EU 4 4,EUR 4 NA/EU

Germany 4,EU 4,EUR 4,EUR 4,EU 4 4,EUR 4 NA/EU

Hong Kong SAR 4 4 4 4 4 4 4 4

India 4 4 4 4 4 4 4 4

Indonesia 1 4 4/1 NA 4 4 4 NA

Italy 4,EU 4,EUR 4 4,EU 4 4,EUR 4 NA/EU

Japan 4 4 4 4 4 4 4 4

Korea 4 4 4 1 4 4 4 1

Mexico 3 3 3 3 4 4 4 4

Netherlands 4,EU 4,EUR 4,EUR 4,EU 4 4,EUR 4 NA/EU

Russia 4 4 4 4 4 4 4 4

Saudi Arabia NA 4 1 4 NA 4 4 4

Singapore 4 4 4 4 4 4 4 4

South Africa 4 4 4 2 4 4 4 2

Spain 4,EU 4,EUR 4,EUR 4,EU 4 4,EUR 4 NA/EU

Sweden 4,EU 4 4 4,EU 4 4 4 NA/EU

Switzerland 4 4 4 4 4 4 4 4

Turkey 1 4 1/4 1 4 4 4 4

United Kingdom 4,EU 4 4 4,EU 4 4 4 NA/EU

United States 2/4 4 2/4 1/3 4 4 4 4

means a rating of 4 indicates the jurisdictions that were surveyed in this update

means a rating lower than 4 indicates the ratings that were modified in this update

means NA

9 Rating is the same as for the EU. 10 Rating is the same as for the Eurosystem. 11 Eurosystem refers to the member states of the European Union whose currency is the euro. EU rating is given to CCPs and TRs, 

while EUR rating is given to PSs and CSDs/SSSs.
CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 5

Annex B: Summary jurisdiction tables

Argentina

Principles/

Responsibilities

FMI

Type Rating Status description / Next steps Links to the measures

Argentina

Principles

CCPs 3 Comision Nacional de Valores (CNV) published Rules 2013 on 

31 July 2013:

Title VI, Chapters I, II, III, IV and V

Title XVII, Chapter IV, section 1 

Interpretative criterions 48, 52, 59 and 60.

CNV ́s Rules 2013 are still in process of implementation.

CNV – Rules2013: 

http://www.cnv.gob.ar/LeyesyReg/marco_regulatorio3.asp?Lang

=0&item=3

PSs 3 Banco Central de la República Argentina (BCRA) issued 

Comunicación “A” 5775 and Comunicación “B” 11056 on 10 July 

2015.

Comunicación “A” 5775 establishes the obligation to comply with 

the Principles, requiring observance within the next six months.

BCRA - Comunicación “A” 5775: 

http://www.bcra.gob.ar/Pdfs/comytexord/A5775.pdf

BCRA - Comunicación “B” 11056:

http://www.bcra.gob.ar/Pdfs/comytexord/B11056.pdf.

CSDs 

and 

SSSs

3 (CNV) CNV published Rules 2013 on 31 July 2013:

Title VIII Chapter I and II

Title XVII, Chapter IV, section 1

Interpretative criterions 48, 52, 59 and 60.

CNV Rules 2013 are still in the process of implementation. 

CNV – Rules 2013 [see above for link]

3 (BCRA) BCRA issued Comunicación “A” 5775 and Comunicación “B” 11056 

on 10 July 2015.

Comunicación “A” 5775 establishes the obligation to comply with 

the Principles, requiring observance within the next six months.

BCRA - Comunicación “A” 5775 and Comunicación “B” 11056

[see above for link]
6 CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 6

TRs 3 At present, there are no TRs in Argentina. Nevertheless, there are 

TR-like entities, as defined by the FSB.

CNV published Rules 2013 on 31 July 2013. CNV Rules 2013 are still 

in the process of implementation.

CNV and SAGYP issued rules requiring all participants to register 

contracts and OTC derivatives on many commodities, in a 

centralized system developed by Futures Exchanges and Product 

Associations. The system was launched in December 2014 in 

www.siogranos.com.ar

CNV – Rules2013 [see above for link]

CNV-SAGYP ́s JOINT REGULATIONS CNV N° 628 and SAGYP 

N° 208/14

http://infoleg.mecon.gov.ar/infolegInternet/verNorma.do;jsessio

nid=68BD049A795D86DCAB32F25B41BB9FFC?id=232154

CNV-SAGYP ́s JOINT REGULATIONS CNV N° 630 and SAGYP 

N° 299/14

http://www.infoleg.gob.ar/infolegInternet/verNorma.do?id=233

911

Comments: 

The date by which CCPs and CSDs/SSSs were required to observe the Principles was 10 January 2016. This was after the effective date of the Level 1 exercise, but as at the 

publication date of this report, the Principles are now in force.
CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 7

Canada

Principles/

Responsibilities

FMI

Type Rating Status description / Next steps Links to the measures

Canada

Principles

CCPs 4 Bank of Canada (BOC) published final change guidance on 

6 December 2012. The measure came into force on the same date

except for a small number of aspects of the Principles that FMIs 

are required to observe by 31 December 2016. See below 

comment box for details. 

Ontario Securities Commission (OSC) published final terms and 

conditions (T&Cs) for the FMIs that it currently recognizes (CDS

and CDCC), which require observance of the PFMI as soon as 

possible. Such T&Cs were published respectively on 4 July 2012 

and 17 April 2014. Autorité des marchés financiers (AMF) 

published similar measures on 2 May 2012 (CDCC) and 4 July 

2012 (CDS). British Columbia Securities Commission (BCSC) 

published similar measures on 11 July 2012 (CDS and CDCC). 

Measures came into force on the same dates. 

On 3 December 2015, the Canadian securities regulatory 

authorities (called collectively “Canadian Securities Administrators”

or “CSA”) published National Instrument 24-102 Clearing Agency 

Requirements (“NI24-102”) in final form which adopts the Principles 

in all Canadian jurisdictions as on-going requirements for 

recognized clearing agencies that operate as a CCP, CSD or SSS.

The NI 24-102 will come into force on 17 February 2016, once all 

necessary governmental or ministerial approvals are obtained.

The Companion Policy to NI24-102 (“CP24-102”) provides 

guidance on the requirements of NI24-102, and includes 

supplementary guidance jointly developed by the BOC and CSA on 

certain aspects of the Principles with relevance to the Canadian 

markets, for application to recognized domestic clearing agencies 

that are also overseen by the BOC. 

NI24-102 and related CP24-102 replace proposed local CSA rules 

BOC – Guideline Related to Bank of Canada Oversight Activities 

under the Payment Clearing and Settlement Act

http://www.bankofcanada.ca/financialsystem/payments/guideline-related-oversight-activities/

BOC – The Bank of Canada’s risk-management standards for

designated FMIs

http://www.bankofcanada.ca/core-functions/financialsystem/bank-canada-risk-management-standards-designatedfmis/

OSC – Terms and conditions on recognition of CDS

http://www.osc.gov.on.ca/en/SecuritiesLaw_ord_20130104_224_

cds.htm

OSC – Terms and conditions on recognition of CDCC

http://www.osc.gov.on.ca/en/SecuritiesLaw_ord_20140417_224_

canadian-derivatives-clearing.htm

AMF – Terms and conditions on recognition of CDS, s.170 QSA

http://www.lautorite.qc.ca/files/pdf/bourses-oarchambres/decision_2012-pdg-0142.pdf

AMF – Terms and condition on recognition of CDCC, s.15 QDA

http://www.lautorite.qc.ca/files/pdf/bourses-oarchambres/decision_2012-pdg-0078.pdf

BCSC – Terms and Conditions on recognition of CDS

https://www.bcsc.bc.ca/Securities_Law/Policies/PolicyBCN/PDF/

CDS_Clearing_and_Depository_Services_Inc__Recognition_Order

_July_11_2012_V2/

BCSC – Terms and Conditions on recognition of CDCC

https://www.bcsc.bc.ca/Securities_Law/Policies/PolicyBCN/PDF/

CDCC_Recognition_Order_July_11_2012_V2/

CSA –Notice of Approval for Final NI24-102 and related CP24-
8 CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 6

24-503 and related policies of the same name, published in 

December 2013.

The BOC and CSA authorities continue to work closely together to 

ensure that the PFMI are appropriately implemented in Canada.

See below comment box for details.

Responsible authorities’ competences fully overlap.

102: 

https://www.osc.gov.on.ca/en/SecuritiesLaw_ni_20151203_24-

102_rfc-proposed-clearing-agency.htm#3848s5c

PSs 4 BOC published final changed guidance on 6 December 2012. The 

measure came into force on the same date except for a small 

number of aspects of the Principles that FMIs are required to

observe by 31 December 2016. See below comment box for 

details.

BOC – Guideline Related to Bank of Canada Oversight Activities 

under the Payment Clearing and Settlement Act 

[see above for link] 

CSDs 

and 

SSSs

4 BOC published final changed guidance on 6 December 2012. The 

measure came into force on the same date except for a small 

number of aspects of the Principles that FMIs are required to

observe by 31 December 2016. See below comment box for details.

OSC published final terms and conditions (T&Cs) on 4 July 2012 

for the FMI that it currently recognizes (CDS). AMF published final 

T&Cs on 4 July 2012 for CDS. BCSC also published similar T&Cs 

on 11 July 2012 for CDS. The measures came into force on the 

same dates. 

As described above with respect to CCPs, the Principles, which are 

incorporated as ongoing requirements in NI24-102 will become 

effective on 17 February 2016.

Responsible authorities’ competences fully overlap.

BOC – Guideline Related to Bank of Canada Oversight Activities 

under the Payment Clearing and Settlement Act 

[see above for link]

OSC – Terms and conditions on recognition of CDS 

[see above for link]

AMF – Terms and conditions on recognition of CDS, s.170 QSA

[see above for link]

BCSC – Terms and Conditions on recognition of CDS 

[see above for link]

CSA –Notice of Approval for Final NI24-102 and related CP24-

102: 

https://www.osc.gov.on.ca/en/SecuritiesLaw_ni_20151203_24-

102_rfc-proposed-clearing-agency.htm#3848s5c

Comments:

– This template focuses primarily on how BOC, AMF and OSC (i.e., the Canadian authorities that participate on the CPMI-IOSCO Steering Group (SG)) have adopted legislation 

and/or other measures that will enable them to fully implement the PFMI. We note that all other CSA securities regulatory authorities have similarly adopted the NI24-102.

BCSC is also included in this template, as a recognizing regulator of CDS and CDCC.

– In Canada, the legislative framework for the recognition, regulation, supervision and oversight of a CCP, CSD or SSS is contained in provincial and territorial securities or 

derivatives laws administered by the Canadian securities authorities (CSA). The CSA is a body comprised of the 10 provincial and 3 territorial securities regulatory authorities in 

Canada. The CSA is primarily responsible for developing a harmonized approach to securities regulation across the country. CSA members oversee CCPs, CSDs and SSSs in a 
CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 9

coordinated manner under the Memorandum of Understanding Respecting the Oversight of Clearing Agencies, Trade Repositories and Matching Service Utilities published 

final on December 3rd, 2015: http://www.lautorite.qc.ca/files/pdf/reglementation/valeurs-mobilieres/0-ententes-vm/2015dec03-mou-acvm-chambre-compensation-en.pdf.

– A federal law, specifically the Payment Clearing and Settlement Act (PCSA), enables the BoC to designate and oversee “payment clearing and settlement systems”, which

include CCPs, SSSs, CSDs and PSs, that may be operated in such manner as to pose systemic risk to Canadian financial system. This template focuses on the adoption of the 

Principles by the BoC for PSs as the CSA regulatory authorities do not regulate PSs. For CCPs, SSSs, and CSDs, this template focuses on the adoption of the Principles for only 

those FMIs that have been both (i) designated by BOC as systemically important under the PCSA and (ii) recognized as clearing agencies/houses by the OSC, AMF and BCSC. 

– With respect to CCPs, CSDs and SSSs, the Principles have been adopted and are currently in force in Canada through relevant recognition orders by AMF, BCSC and OSC. The 

now final NI24-102, which will become effective on 17 February 2016, formalizes the adoption of the Principles uniformly across Canada for all FMIs operating a CCPs, CSDs or

SSSs. Systemically important FMIs (CCPs, PSs, CSDs and SSSs) designated by the Bank of Canada were already expected to observe the Principles in their day-to-day activities

since 6 December 2012. Because FMIs require some changes to fully observe the Principles, Canadian authorities have articulated an appropriate timeline for FMIs to observe 

certain Principles or aspects thereof (i.e. Principle 14, key consideration 4 of Principle 3, key consideration 3 of Principle 15 with respect to recovery and orderly wind-down 

plans, and Principle 19). Transitional effective dates have been published by all CSA securities regulatory authorities as part of the final NI24-102. The aspects of the Principles 

which do not come into force on 17 February 2016 will become effective on 31 December 2016.

− Authorities continue to work with the FMIs to close gaps in their adherence to the Principles. As a first step, in 2012 the owners and operators of Canada’s systemically 

important FMIs initiated detailed self-assessments against the Principles to identify their current gaps in observance. Each FMI developed an initial plan to address its gaps in 

2013, and have continued to implement and improve these plans in 2014-2015. Canadian authorities are reviewing the self-assessments and plans on an ongoing basis to 

ensure gaps have been identified and are addressed within appropriate timeframes. 
10 CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 6

Chile

Principles/

Responsibilities

FMI

Type Rating Status description / Next steps Links to the measures

Chile

Principles

CCPs 1 Measures are needed but so far no draft has been made public. 

Nevertheless, significant progress has been made to implement 

many of the Principles. See below comment box for details.

Chilean Securities and Insurance Supervisor (Superintendencia de 

Valores y Seguros, SVS) and Central Bank of Chile (Banco Central 

de Chile, BCCH) approved changes to the CCP rule book for 

stocks on 2 January 2013 and for derivatives on 4 December 2013. 

CCLV Rulebook

http://www.cclv.cl/Documents/Normativa/2013/20131205%20N

ormas_de_Funcionamiento%20APROBADAS%20EXTERNAS.pdf

PSs 2 BCCH published a policy statement in March 2013. Additionally, 

significant progress has been made to implement many of the 

Principles. See below comment box for details.

However, additional measures are required to fully implement the 

Principles. 

BCCH – “Gestión de Sistemas de Pagos de Alto Valor 2012”

http://www.bcentral.cl/publicaciones/politicas/pdf/Gestion_pag

os_alto_valor_2012.pdf

CSDs 

and 

SSSs

1 Measures are needed but so far no draft has been made public. 

Nevertheless, significant progress has been made to implement 

many of the Principles. See below comment box for details. 

TRs 1 Chilean Financial Stability Board (which includes the SVS, BCCH 

and the Ministry of Finance) has started deliberations on draft 

regulations. 

Responsibilities

TRs 1 Chilean Financial Stability Board (which includes the SVS, BCCH 

and the Ministry of Finance) has started deliberations on draft 

regulations.

Comments:

– As for PSs, BCCH has specific regulations that assure fulfilment with the principles 1, 2, 3, 4, 5, 7 ,8 ,9 ,12, 15, 16, 17, 18, 19, 21, 22 and 23.

– The Central Bank of Chile and the Ministry of Finance coordinated a Review of Standards and Codes (ROSC) in order to evaluate the compliance of all the infrastructures of the 

Chilean financial market with PFMI. The assessment was made by the World Bank and International Monetary Fund according to the CPMI-IOSCO document “Principles for 

financial market infrastructures: Disclosure framework and Assessment methodology” (December 2012).
CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 11

China

Principles/

Responsibilities

FMI

Type Rating Status description / Next steps Links to the measures

China

Principles

CCPs 4 People’s Bank of China (PBC) published a notice on 22 August 

2013.12

China Securities Regulatory Committee (CSRC) published a notice 

on 8 May 2013. 

PBC & CSRC subsequently jointly published a notice on selfassessments on 6 December 2013.13 At the end of 2015, the 

measure implementing the PFMI was in force.

PBC published a notice on building the mechanism of central 

clearing on 20 February 2014.

PBC – Notice on the Implementation of Principles of Financial 

Market Infrastructure (Notice No.187)

http://www.pbc.gov.cn/zhengwugongkai/127924/128038/12810

9/971172/index.html

PBC and CSRC – Joint notice on assessing Financial Market 

Infrastructures (Notice No.239)

http://www.pbc.gov.cn/zhengwugongkai/127924/128038/12810

9/971172/index.html

PBC <Notice on building the mechanism of central clearing for 

OTC derivatives and on launching central clearing services for 

RMB Interest Rate Swap>(Notice No.〔2014〕29)

http://www.pbc.gov.cn/zhengwugongkai/127924/128038/12810

9/986978/index.html

PSs 4 Please see above. See above for links.

CSDs 

and 

SSSs

4 Please see above.

PBC also published a regulation on security registration and 

settlement on March 2009.

See above for links.

Announcement No.1 2009

http://www.gov.cn/gongbao/content/2009/content_1456084.ht

ml

12 The issuance date of the notice was 22 August 2013, while the publication date (on PBC website) was 3 September 2013.

13 The issuance date of the notice was 6 December 2013, while the publication date (on PBC website) was 20 January 2014.
12 CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 6

TRs 4 Please see above.

BPBC also published a series announcement to facilitate 

transactions depository before and after PFMI published.

PBC published an announcement to require China Foreign 

Exchange Trading System (CFETS) to take the responsibility of TR 

in 2015.

There is no existing TR, but developing a TR is under 

consideration. There are TR-like entities, as defined by the FSB14. 

CFETS works as a TR-like entity. 

See above for links.

PBC-Announcement No.1 2009

http://www.pbc.gov.cn/jinrongshichangsi/147160/147171/14735

8/147400/2812355/index.html

Responsibilities

TRs 4 There is no existing TR, but developing a TR is under 

consideration. There are TR-like entities, as defined by the FSB15. 

CFETS works as a TR-like entity. 

PBC and CSRC have the legal capacity to implement the 

responsibilities on TR-like entities.

PBC - Law of the People’s Republic of China on the People’s 

Bank of China, Art.4, 27, 32

http://www.pbc.gov.cn/publish/english/964/1954/19541/19541_

.html

CSRC - Law of the People’s Republic of China on Securities, 

Art. 1, 178, 179

http://www.csrc.gov.cn/pub/csrc_en/laws/rfdm/statelaws/20120

5/t20120525_210597.htm

14 FSB-OTC Derivatives Market Reforms: Tenth Progress Report on Implementation.

15 FSB-OTC Derivatives Market Reforms: Tenth Progress Report on Implementation.
CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 13

Indonesia

Principles/

Responsibilities

FMI

Type Rating Status description / Next steps Links to the measures

Indonesia

Principles

CCPs 1 Measures to implement PFMI for CCP are currently in process by 

Otoritas Jasa Keuangan (OJK). Additionally, significant progress 

has been made to implement many of the Principles. See below 

comment box for details. 

Press statement on FMI enhancements: 

http://www.idx.co.id/Home/NewsAnnouncement/PressRelease/R

eadPressRelease/tabid/366/ItemID/ef1cacce-3395-4166-a696-

a8a279315363/language/en-US/Default.aspx

PSs 4 Bank Indonesia (BI) Regulation No.17/18/PBI/2005 Concerning

‘Bank Indonesia Operated Systems for Management of 

Transactions, Administration of Securities, and Real-Time Fund 

Settlements’ was published on 12th November 2015 and came 

into force on the 16th of November 2015. See below comment 

box for details.

Bank Indonesia Regulation No.17/18/PBI/2005:

http://www.bi.go.id/id/peraturan/sistempembayaran/Pages/pbi_171815.aspx

CSDs 

and 

SSSs

4/1 For CSD/SSS operated by Bank Indonesia, Bank Indonesia 

Regulation No.17/18/PBI/2005 Concerning ‘Bank Indonesia 

Operated Systems for Management of Transactions, 

Administration of Securities, and Real-Time Fund Settlements’

was published on 12th November 2015 and came into force on 

the 16th of November 2015.

For CSD/SSS under OJK’s authority, measures to implement PFMI 

is currently in process by OJK.

See below comment box for details. 

Bank Indonesia Regulation No.17/18/PBI/2005 [see above for 

link]

Press statement on FMI enhancements

[see above for link]

TRs NA Please see note #2 in the comment box.

Responsibilities TRs NA Please see note #2 in the comment box.
14 CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 6

Comments: 

1. BI’s regulation No.17/18/PBI/2005 on PS and CSD/SSS is currently only available in Bahasa, but later this year it will be made available in English and will also be published on 

BI’s website.

2. Reporting systems for trading in financial markets including for derivatives, commodities, equities, debt instruments are available and have been operating well. These systems 

are managed by public authorities (BI and OJK, respectively for banking institutions and for entities operating in the capital markets). BI and OJK maintain the integrity of the 

reporting systems and review the systems periodically. Contributing banks and some financial institutions have access to general reports in the reporting platforms.

3. Most of the principles contained in the PFMI have been reflected in the regulations made by OJK and SRO (Self-Regulatory Organization), particularly regulations related to 

clearing and settlement of securities transactions. To further implement the PFMI, OJK is currently in progress to develop a measure in order to adopt the PFMI. In addition, 

OJK continues to evaluate and improve business processes related to CCPs and CSDs through capital market infrastructure development projects. For the period 2014–2015, 

the development of infrastructure projects were focused on the development of a new settlement system (C-BEST Next G) and enhancement of clearing system (e-Clears), 

working towards fund settlement via the central bank, introduction of general clearing membership, enhancement of the guarantee mechanism and pre-emptive action policy, 

as well as the implementation of an institutional delivery mechanism. In mid July 2015, settlement via central bank money was implemented for custodian banks, while for 

broker dealers similar arrangements are currently under development. As of 1 January 2016, OJK Regulation No. 27 on a new guarantee mechanism and pre emptive action 

has been in effect.
CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 15

Korea

Principles/

Responsibilities

FMI

Type Rating Status description / Next steps Links to the measures

Korea

Principles

CCPs 4 Financial Services Commission (FSC) published Standards for 

Financial Market Infrastructure Business, which is in line with the 

PFMI, on 20 March 2015. The standards came into force from the 

date of the announcement.

FSC published final changed binding legislation and its 

enforcement decree on 5 May 2013. The measures came into force 

on 6 July 2013.

FSC published final binding regulation on 5 May 2013. The 

measure came into force on 6 July 2013. 

FSC published a press release on 19 June 2012. 

Additionally, progress has been made to ensure FMIs compliance 

with the Principles. See below comment box for details.

Bank of Korea (BOK) published final changed binding regulation on 

27 December 2012. The measure came into force on the same date.

FSC- Business Guideline for Financial Market Infrastructures

http://www.fsc.go.kr/downManager?bbsid=BBS0048&no=95545

FSC – Financial Investment Services and Capital Markets Act 

(FISCMA)

http://www.fsc.go.kr/downManager?bbsid=BBS0087&no=10638

9

FSC – Enforcement Decree of the FISCMA

http://www.fsc.go.kr/downManager?bbsid=BBS0087&no=10639

2

FSC – Regulations on Financial Investment Business (RFIB)

http://english.fss.or.kr/fss/en/laws/securities/view.jsp?bbsid=12

89368624482&category=null&idx=1389851495851&num=35&

color=violet

FSC – FSC Plan in Line with PFMI

http://www.fsc.go.kr/downManager?bbsid=BBS0048&no=83738

BOK – FMI regulation

http://www.bok.or.kr/down.search?file_path=/attach/LawsAndRe

gulations/ROMPSS.pdf&file_name=ROMPSS.pdf
16 CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 6

CSDs 

and 

SSSs

4 FSC published Standards for Financial Market Infrastructure 

Business, which is in line with the PFMI, on 20 March 2015. The 

standards came into force from the date of announcement.

FSC published final changed binding legislation and its 

enforcement decree on 5 May 2013. The measures came into force 

on 6 July 2013.

FSC published a press release on 19 June 2012.

Additionally, progress has been made to ensure FMIs’ compliance 

with the Principles. See below comment box for details.

BOK published final changed binding regulation on 27 December 

2012. The measure came into force on the same date. 

See CCPs. 

TRs 1 FSC designated KRX as TR on 17 August 2015.

FSC published final changed binding legislation and its 

enforcement decree on 5 May 2013. The measure came into force 

on 6 July 2013.

FSC published a press release on 19 June 2012.

Additionally, progress has been made to ensure the relevant 

authorities’ legal capacities to implement the Principles. See below 

comment box for details. 

FSC – KRX Designated as Trade Repository

http://fsc.go.kr/downManager?bbsid=BBS0048&no=98548

Financial Investment Services and Capital Markets Act

(FISCMA) [see above for link]

Enforcement Decree of the FISCMA

[see above for link]

FSC – FSC Plan in Line with PFMI [see above for link]

Responsibilities

TRs 1 The FSC, in consultation with BOK and the Financial Supervisory 

Service (FSS), is in the process of establishing a regulatory regime 

for implementation of the Principles and the Responsibilities. 

Additionally, progress has been made to ensure the relevant 

authorities’ legal capacities to implement the Responsibilities. See 

below comment box for details.
CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 17

Comments: 

For CCPs and CSDs/SSSs: The revised Financial Investment Services and Capital Markets Act and its Enforcement Decree reflect provisions corresponding to most of the 

Principles. The FSC recently completed the process of reflecting some of the technical substance of the Principles into FMIs’ regulations. 

On the 20th March 2015 the FSC released the Business Guideline for Financial Market Infrastructures, which provides specific standards that financial market infrastructures 

should comply with in conducting business pursuant to the Financial Investment Services and Capital Markets Act and its subordinate regulations. The Guideline has reorganized 

the 24 key principles of the PFMI into 14 principles in accordance with domestic circumstances, and provides detailed standards for their implementation. 

The Guideline was implemented as of the date of release and FMIs’ observance of the standards is being monitored. The Guideline is posted on the FSC website.

(http://www.fsc.go.kr/eng/new_press/releases.jsp?menu=01&bbsid=BBS0048&selYear=2015#30716)

Thus, Korean authorities use the PFMI as their oversight and supervisory framework for CCPs and CSDs/SSSs.

For TRs: In accordance with each authority’s legal capacity, the FSC, in consultation with BOK and FSS, is in the process of establishing a regulatory regime for implementation of 

the Principles and the Responsibilities.
18 CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 6

Mexico

Principles/

Responsibilities

FMI

Type Rating Status description / Next steps Links to the measures

Mexico

Principles

CCPs 3 National Banking and Securities Commission (CNBV) published 

new policy statement on 25 October 2013.

Bank of Mexico (BDM) published new policy statement on 

1 January 2014.

BDM and CNBV have determined and published in their policy 

statements that CCPs for derivatives and CCPs for equities have to 

observe the Principles. Mexican Financial Authorities (MFA) are 

already using their supervisory and oversight powers to compel a 

CCP to make necessary changes to observe the Principles. 

According to legislation and regulation, MFA have powers to 

request CCPs adjustments to their internal rules for the 

implementation of the Principles. Local CCPs have defined 

working plans to address specific issues jointly identified with 

MFA to fully observe the Principles. Taking into account CCPs’

working plans, dates to fully observe the Principles are as follows: 

CCPs for derivatives 2 January 2017 and CCPs for equities 1 July 

2017. 

BDM, Ministry of Finance and Public Credit (SHCP), CNBV,

hereinafter the Mexican Financial Authorities (MFAs), published

final amendments on secondary regulation on 15 May 2014 which

came into force on 13 August 2014.

See below comment box for other details in PFMI’s 

implementation. 

CNBV new policy statement:

http://www.cnbv.gob.mx/SECTORESSUPERVISADOS/BURSÁTIL/Descripción/Paginas/default.aspx

BDM new policy statement:

http://www.banxico.org.mx/sistemas-de-pago/informaciongeneral/banco-mexicos-payment-systems.html

Final regulation in consultation period:

http://www.banxico.org.mx/sistemafinanciero/disposiciones/reglas-del-mercado-contratos-.html
CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 19

PSs 3 BDM published new policy statement on 1 January 2014. 

BDM has determined and published in its policy statements that 

PSs have to observe the Principles. Date to fully observe the 

Principles is 1 July 2016. Implementation of the Principles in the 

PS of BDM is part of the objectives of the central bank. The 

disclosure framework for Banco de México’s PS, which is currently 

the only PS systemically important in México, was published in 

March 2016.

BDM new policy statement:

http://www.banxico.org.mx/sistemas-de-pago/informaciongeneral/banco-mexicos-payment-systems.html

The disclosure framework for Banco de México’s PS:

http://www.banxico.org.mx/sistemas-de-pago/materialeducativo/intermedio/evaluaciones-conforme-a-las-mejorespracticas-inte/conforme-a-las-mejores-practicasinternacionales/%7BDE853D65-8859-1D34-76EE0ECF98065A59%7D.pdf

CSDs 

and 

SSSs

3 CNBV published new policy statement on 25 October 2013. 

BDM published new policy statement on 1 January 2014. 

BDM and CNBV have determined and published in their policy 

statements that CSDs/SSSs have to observe the Principles. MFA 

are already using their supervisory and oversight powers to 

compel a CSD/SSS to make necessary changes to observe the 

Principles. According to legislation and regulation, MFA have 

powers to request CSD/SSS adjustments to its internal rules for 

the implementation of the Principles. Local CSD/SSS has defined 

working plans to address specific issues jointly identified with 

MFA to fully observe the Principles. Taking into account CDS/SSS 

working plan, dates to fully observe the Principles is 2 January 

2017. MFA may also impose to CSDs/SSSs disciplinary actions, 

which could include fines, for failure to comply with the Principles.

CNBV new policy statement:

http://www.cnbv.gob.mx/SECTORESSUPERVISADOS/BURSÁTIL/Descripción/Paginas/default.aspx

BDM new policy statement:

http://www.banxico.org.mx/sistemas-de-pago/informaciongeneral/banco-mexicos-payment-systems.html

TRs 3 The MFAs published final amendments to secondary regulation 

on 15 May 2014 that came into force on 15 February 2015.

BDM has determined and published in its policy statements that 

TRs have to observe the Principles. Date to fully observe the 

Principles is 1 July 2017. Implementation of the Principles in the 

TR of BDM is part of the objectives of the central bank.

Final regulation:

http://www.banxico.org.mx/sistemafinanciero/disposiciones/reglas-del-mercado-contratos-.html

http://www.banxico.org.mx/sistemas-de-pago/informaciongeneral/banco-mexicos-payment-systems.html

Responsibilities TRs 4 The MFAs published final amendments on secondary regulation 

on 15 May 2014 that came into force on 15 February 2015.

Final regulation:

http://www.banxico.org.mx/sistemafinanciero/disposiciones/reglas-del-mercado-contratos-.html
20 CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 6

Comments: 

– The secondary regulation published by the MFA are in force and aimed at strengthening the legal framework of the derivatives market.

– As for CCPs, Banco de México and CNBV have requested CCPs to clearly provide in their internal rules the point at which the settlement is final. In addition, MFA are still 

analysing amendments to the secondary regulation to strengthen settlement finally, and would promote legislative amendments to robust its legal basis, 

– (MFA) state that their existing laws and regulations allow for complete implementation of the PFMI. MFA have communicated to FMIs’ operators that their infrastructures 

should comply with PFMI. Furthermore, BDM and CNBV have published their new policy statements, requiring PFMI’ compliance on specific timeframe.

– MFA are legally empowered to request amendments to FMIs’ internal rules to ensure they adopt the Principles. This is expected to be carried out in due time for Level 3

assessments. However, MFAs have started to request specific amendments to certain FMIs’ internal rules in preparation for that level and they have been working with 

CSD/SSS and CCPs’ operators in a work plan to adopt PFMI.

– In the case of TRs, the regulatory framework in Mexico has provisions regarding trade reporting of derivatives. In particular, Banco de México ́s Rules for Derivatives 

Transactions require financial institutions to report all their derivatives transactions to the central bank, for which Banco de México provides a TR service and has exclusive 

responsibility.
CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 21

Russia

Principles/

Responsibilities

FMI

Type Rating Status description / Next steps Links to the measures

Russia

Principles

CCPs 4 Changed final Law was published on 29 December 2015. The 

measure came into force on 29 December 2015. See below note 2 

in comment box.

Final regulation published on 28 September 2012. The measure 

came into force on 9 October 2012.

Final regulation published on 27 July 2012. The measure came into 

force on 7 August 2012.

Final regulation published on 5 December 2012. The measure came 

into force on 16 December 2012.

Changed final regulation published on 3 July 2013. The measure 

came into force on 14 July 2013.

Final regulation published on 14 October 2013. The measure came 

into force on 25 October 2013.

President of the Russian Federation – The Federal Law of 

7 February, 2011 No. 7-FZ on Clearing, Clearing Activities and 

Central Counterparty (the previous name - Clearing and Clearing 

Activities)

http://www.rg.ru/2011/02/11/kliring-dok.html

(initial version)

http://publication.pravo.gov.ru/Document/View/0001201507010

036

http://publication.pravo.gov.ru/Document/View/0001201512290

084

(latest amendments)

Federal Financial Market Service (FFMS) – Act of 15 March, 2012 

No. 12-12/pz-n, Approval of the Regulation Specifying the 

Procedure for Opening and Closing Trading and Clearing 

Securities Accounts as well as for Making Operations on the 

Above Accounts

http://www.rg.ru/2012/09/28/polojenie-dok.html

FFMS – Act of 5 June, 2012 No. 12-35/pz-n, Approval of 

Conditions for Accrediting a Credit Institution that is not a 

Clearing House for the Performance of Central Counterparty 

Functions

http://www.rg.ru/2012/07/27/akkreditacia-dok.html

FFMS – Act of 4 October, 2012 No. 12-84/pz-n “On Approval of 

the qualifying requirements and professional experience 

requirements of the persons listed in part 2 article 6 Federal Law 

No. 7-FZ of February 7, 2011, “On Clearing and Clearing 

Activities”, part 2 article 6 Federal Law No. 325-FZ of November 

21, 2011”On the organized tenders”

http://www.rg.ru/2012/12/05/trebovania-dok.html
22 CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 6

Changed regulation published on 12 October 2015. The measures 

came into force on 1 November 2015. See below note 3 in comment 

box.

Final regulation published on 25 June 2014. The measure came into 

force on 11 August, 2014. See below note 3 in comment box for 

details.

Final regulation published on 22 January 2015. The measure came 

into force on 1 April 2015.

Final regulation published on 15 July, 2015. The measure came into 

force on 26 July, 2015.

Final regulation published on 14 May, 2015. The measure came 

into force on 25 May, 2015.

Changed regulation published on 31 December, 2015. The 

measure came into force on 11 January, 2016.

FFMS – Act of 11 October, 2012 No. 12-87/pz-n “On Approval of 

the Regulation on Clearing Activities Requirements”

http://www.rg.ru/2012/12/26/fsfr1-dok.html

(initial version) 

http://www.rg.ru/2013/07/03/kliring-dok.html

(latest amendments)

FFMS – Act of 13 August, 2013 No. 13-72/pz-n “On Approval of 

the Requirements for Clearing House Internal Control 

Arrangement, and for the Document establishing Clearing House 

Internal Control Procedure”

http://www.rg.ru/2013/10/14/kliring-site-dok.html

Bank of Russia (BOR) – Assessing the Management Quality of a 

Credit Institution Performing Central Counterparty Function 

(Ordinance of 3 December, 2012 No. 2919-U)

http://www.cbr.ru/publ/vestnik/ves121228077.pdf

(initial version)

http://cbr.ru/publ/Vestnik/ves151012086.pdf

(latest amendments)

BOR – Recognition of Financial Market Infrastructures as 

systemically important (Ordinance of 25 June 2014 No. 3341-U)

http://cbr.ru/publ/Vestnik/ves140731070.pdf

BOR – On form, terms and order of report preparation and 

providing by clearing companies and central counterparties to 

the Central Bank of the Russian Federation (Ordinance of 

30 November, 2014 No. 3459-U)

http://www.cbr.ru/sbrfr/files/legislation/3459-u.pdf

BOR – On order of registration by the Bank of Russia of 

documents provided by trade organiser, clearing entity and 

amendments to these documents (Ordinance of 24 May, 2015 

No. 3645-U)

http://cbr.ru/publ/Vestnik/ves150715059.pdf
CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 23

Policy statement published and came into force on 16 January 

2013. This policy statement addresses a portion of principle 3. See 

below note 2 in comment box for details.

Policy statement published and came into force on 16 April 2014. 

See below note 4 in comment box.

Policy statement published and came in to force on 30 July 2015. 

See below note 5 in comment box.

BOR – On requirements aimed at reducing risks stemming from 

clearing activities, and requirements for document (documents) 

determining measures aimed at reducing credit, operational and 

other risks, including those posed by other activities different 

from clearing (if performed) (Regulation of 12 March, 2015 No. 

463-P)

http://cbr.ru/publ/Vestnik/ves150514042.pdf

BOR – On requirements for risk management system and capital 

of a credit institution and a banking group (in conjunction with 

requirements for arrangement of procedures for management of 

certain risks) (Ordinance of 15 April, 2015 No. 3624-U)

http://cbr.ru/publ/Vestnik/ves150615051.pdf

(initial version)

http://cbr.ru/publ/?prtid=vestnik&PageYear=2015

(No. 122 (1718) of 31 December, 2015)

(latest amendments)

BOR (policy statement) – Methodological Recommendations for 

Developing Financial Recovery Plans by Credit Institutions(Letter 

of 29 December, 2012 No. 193-T)

http://www.cbr.ru/publ/vestnik/ves130116001.pdf

BOR (policy statement) – On compliance with recommendations 

of the Bank of Russia (Letter of 14 April, 2014 No. 59-T)

http://www.cbr.ru/publ/Vestnik/ves140416037.pdf

BOR (policy statement) – Methodological Recommendations for

systemically important FMI business continuity (Letter of 27 June, 

2015 No. 20-MR)

http://www.cbr.ru/publ/Vestnik/ves150730064.pdf

CSDs 

and 

SSSs

4 Changed final Law was published on 29 June, 2015. The measure 

came into force on 29 December, 2015. See below note 4 in 

comment box.

President of the Russian Federation – The Federal Law of 

7 December, 2011 No 414-FZ “On the Central Securities 

Depository”

http://pravo.gov.ru/proxy/ips/?searchres=&bpas=cd00000&a3=

&a3type=1&a3value=&a6=&a6type=1&a6value=&a15=&a15ty

pe=1&a15value=&a7type=1&a7from=&a7to=&a7date=&a8=4

14-
24 CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 6

Final regulation published on 1 June 2012. The measure came into 

force on 12 June 2012.

Final regulation published on 16 September 2011. The measure 

came into force on 27 September 2011.

Final regulation published on 13 June 2012. The measure came into 

force on 24 June 2012.

Final regulation published on 23 May 2012. The measure came into 

force on 3 June 2012.

Final regulation published on 16 May 2012. The measure came into 

force on 27 May 2012.

Final regulation published on 1 June 2012. The measure came into 

force on 12 June 2012.

%D4%C7&a8type=2&a1=&a0=&a16=&a16type=1&a16value=

&a17=&a17type=1&a17value=&a4=&a4type=1&a4value=&tex

tpres=&sort=7&x=44&y=11

(initial version)

http://publication.pravo.gov.ru/Document/View/0001201507010

036

(latest amendments)

MF – The Order of 13 April, 2012 No. 46n “On approval of the 

procedure of assigning as a central depository”

http://www.rg.ru/2012/06/01/depositar-dok.html

FFMS – Act of 28 July, 2011 No. 11-35/pz-n “On Approval of a List 

of organizations with which Russian Securities Depositories can 

Open Accounts for Registering Rights to Foreign Securities in 

Order to Issue Russian Depository Receipts”

http://www.rg.ru/2011/09/16/fsfr-dok.html

FFMS – Act of 15 March, 2012 No. 12-13/pz-n “On Approval of 

Additional Requirements for the Procedure of Forming a 

Committee of Central Securities Depository Service Users and 

Requirements for the Regulation on the Committee of Central 

Securities Depository Service Users”

http://www.rg.ru/2012/06/13/depozitarij-dok.html

FFMS – Act of 20 March, 2012 No. 12-14/pz-n “On Qualifying a 

Requirement for the Members of a Collegiate Executive Body and 

for a Person Performing Functions of a (Temporary) Sole Executive 

Body of a Central Securities Depository”

http://www.rg.ru/2012/05/23/depozitarij-dok.html

FFMS – Act of 29 March, 2012No 12-15/pz-n “On Approval of 

Requirements for the Code of Professional Conduct of the 

Central Securities Depository”

http://www.rg.ru/2012/05/16/depozit-dok.html

FFMS – Act of 10 April, 2012 No. 12-25/pz-n “On Approval of 
CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 25

Final regulation published on 31 August 2012. The measure came 

into force on 11 September 2012.

Final regulation published on 3 December 2012. The measure came 

into force on 14 December 2012.

Changed final regulation was published on 15 March 2013. The 

measure came into force on 26 March2013.

Final regulation published on 22 October 2012. The measure came 

into force on 2 November 2012.

Final regulation published on 22 October 2012. The measure came 

into force on 2 November 2012.

Final regulation published on 22 October 2012. The measure came 

into force on 2 November 2012.

Requirements for Central Securities Depository Prices on 

Securities Transactions, for which a Customer Account of a 

Central Securities Depository Nominal Holder is Opened, or for

which it Acts as an Entity Responsible for the Custody of 

Securities”

http://www.rg.ru/2012/06/01/depozitarii-dok.html

FFMS – Act of 3 July, 2012 No. 12-53/pz-n “On Approval of 

Requirements for Certain Internal Documents of the Central 

Securities Depository (together with the Requirements for the 

Conditions of Performing Central Securities Depository Activities, 

Requirements for Electronic Communication Rules of the Central 

Securities Depository, Requirements to the Procedure for 

Conducting Operations and Document Workflow in the Course 

of Carrying out Depository Activities and the Requirements for 

the Rules for Protection of Central Securities Depository 

Information)”

http://www.rg.ru/2012/08/31/trebovaniya-dok.html

FFMS – Act of 3 July, 2012 No. 12-54/pz-n “On Other Documents 

to be Provided to the FFMS for Assignment of a Central 

Securities Depository Status”

http://pravo.gov.ru/proxy/ips/?searchres=&bpas=cd00000&a3=

&a3type=1&a3value=&a6=&a6type=1&a6value=&a15=&a15ty

pe=1&a15value=&a7type=1&a7from=&a7to=&a7date=&a8=1

2-54%2F%EF%E7-

%ED&a8type=2&a1=&a0=&a16=&a16type=1&a16value=&a17

=&a17type=1&a17value=&a4=&a4type=1&a4value=&textpres

=&sort=7&x=43&y=14

FFMS – Act of 27 July, 2012 No. 12-65/pz-n “On Approval of a 

List of Foreign Organizations for which the Central Securities 

Depository Opens Depo Accounts of a Foreign Nominal Holder”

http://www.rg.ru/2012/10/03/perechen-dok.html

(initial version)

http://www.rg.ru/2013/03/15/perechen-dok.html

(latest amendments)

FFMS – Act of 23 August, 2012 No 12-75/pz-n “On Approval of 

Rules for Disclosure of Information by the Central Securities 
26 CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 6

Changed regulation published on 12 September 2014 and 

22 December 2014. The measures came into force on 23 

September and 22 December 2014, respectively.

Final regulation published on 25 June 2014. The measure came 

into force on 11 August 2014.See below note 3 in comment box for 

details.

Final regulation published on 12 March, 2015. The measure came 

into force on 23 March, 2015.

Changed regulation published on 31 December, 2015. The 

measure came into force on 11 January, 2016.

Policy statement published and came into force on 16 January 

2013. This policy statement addresses a portion of Principle 3. See 

below note 2 in comment box for details.

Policy statement published and came into force on 16 April 2014. 

See below note 4 in comment box.

Policy statement published and came into force on 30 July 2015. 

See below note 5 in comment box.

Depository, of Requirements to the Central Securities Depository 

Internal Document that Sets Disclosure Rules and of the 

Procedure for Notifying the Federal Executive Body Responsible 

for Financial Markets by the Central Securities Depository”

http://www.rg.ru/2012/10/26/depozitarij-dok.html

FFMS – Act of 20 September, 2012No 12-80/pz-n “On Approval 

of Administrative Regulations for Assignment of a Central 

Securities Depository Status by the Federal Financial Markets 

Service”

http://www.rg.ru/2012/10/24/fsfr-dok.html

FFMS – Act of 2 October, 2012No 12-82/pz-n “On Approval of 

Requirements for Central Securities Depository Activities as 

Related to Risk Management and Internal Controls, and to 

Certain Internal Central Securities Depository Documents”

http://www.rg.ru/2012/10/26/depozitarij-2-dok.html

BOR – Requirements for Credit Institutions and Foreign Banks 

with which the Central Securities Depository Has a Right to Place 

Funds(Ordinance of 9 June, 2012 No2830-U)

http://www.cbr.ru/publ/vestnik/ves120628034.pdf

(initial version)

http://cbr.ru/publ/Vestnik/ves140912082.pdf

http://www.cbr.ru/publ/Vestnik/ves141222112.pdf

(latest amendments)

BOR – Recognition of Financial Market Infrastructures as 

systemically important (Ordinance of 25 June 2014 No. 3341-U)

http://cbr.ru/publ/Vestnik/ves140731070.pdf

BOR – On order and terms of approval by the Bank of Russia 

amendments to internal documents of a central depository 

(Ordinance of 8 February, 2015 No. 3562-U)

http://www.cbr.ru/publ/Vestnik/ves150312021.pdf

BOR – On requirements for risk management system and capital 

of a credit institution and a banking group (in conjunction with 

requirements for arrangement of procedures for management of 

certain risks) (Ordinance of 15 April, 2015 No. 3624-U)

http://cbr.ru/publ/Vestnik/ves150615051.pdf
CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 27

(initial version)

http://cbr.ru/publ/?prtid=vestnik&PageYear=2015

(No. 122 (1718) of 31 December, 2015)

(latest amendments)

BOR (policy statement) – Methodological Recommendations for 

Developing Financial Recovery Plans by Credit Institutions (Letter 

of 29 December, 2012 No. 193-T) [see above for link]

BOR (policy statement) – On compliance with recommendations 

of the Bank of Russia (Letter of 14 April, 2014 No. 59-T)

http://www.cbr.ru/publ/Vestnik/ves140416037.pdf

BOR (policy statement) – Methodological Recommendations for

systemically important FMI business continuity (Letter of 27 July, 

2015 No. 20-MR)

http://www.cbr.ru/publ/Vestnik/ves150730064.pdf

TRs 4 Changed final Law published on 21 July 2014. The measure came 

into force on 1 October 2014.This Law addresses a portion of 

Principle 1. See below note 9 in comment box for details.

Changed final regulation published on30 April 2014. The measure 

came into force on 15 June 2014.This regulation addresses 

Principle 1and Principle24. See below note 10in comment box for 

details.

Final regulation published on 25 June2014. The measure came into 

force on 11 August, 2014.See below note 3 in comment box for 

President of the Russian Federation – The Federal Law of 22 April, 

1996 No. 39-FZ “On Securities Market”

http://pravo.gov.ru/proxy/ips/?docbody=&nd=102040905&intel

search=%EE+%F0%FB%ED%EA%E5+%F6%E5%ED%ED%FB%F5+

%E1%F3%EC%E0%E3

BOR – Ordinance of the Bank of Russia of 30 April 2014 

No. 3253-U “On the procedure for keeping a register of 

agreements concluded on terms of a master agreement 

(integrated agreement), terms for provision of information 

necessary for keeping of the register and provision of the register 

of agreements concluded on terms of a master agreement 

(integrated agreement) to the Central Bank of the Russian 

Federation (the Bank of Russia)”

http://www.cbr.ru/sbrfr/contributors/repositories/3253-U.pdf

(initial version)

http://www.cbr.ru/sbrfr/contributors/repositories/3382-u.pdf

(latest amendments)

BOR – Recognition of Financial Market Infrastructures as 

systemically important (Ordinance of 25 June 2014 No. 3341-U)
28 CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 6

details.

Final act published on 10 April 2014. This act addresses Principle 2. 

The amendment to the Federal Law On Securities Market made by 

the Federal Law of 30.12.2015 No. 430-FZ (the final law) has fully 

implemented the institute of a repository on the territory of the 

Russian Federation, which based on the Principles and fully 

corresponds with it. See below note _10_ in comment box for 

details.

Changed final regulation published on 30 April 2014. The measures 

came into force after 10 days from the official publication of the 

amending regulation in the Bulletin of the Bank of Russia. 

Policy statement published and came into force on 30 July 2015. 

See below note 5 in comment box.

http://cbr.ru/publ/Vestnik/ves140731070.pdf

BOR – Letter of 10 April 2014 No. 06-52/2463 “On Corporate 

Governance Code”

http://www.cbr.ru/sbrfr/files/legislation/letters/2014/Inf_apr_1014

.pdf

President of the Russian Federation – The Federal Law of 

30 December 2015 No 430-FZ “On Amendments to the Federal 

Law “On Securities Market” and separate legislative acts of the 

Russian Federation” 

http://pravo.gov.ru/proxy/ips/?docbody=&nd=102385368&intel

search=430-%D4%C7

BOR - Ordinance of the Bank of Russia of 16 February 2015 

No. 3567-U “On amendments to the Bank of Russian Ordinance 

of 30 April 2014 No. 3253-U “On the procedure for keeping a 

register of agreements concluded on terms of a master 

agreement (integrated agreement), terms for provision of 

information necessary for keeping of the register and provision 

of the register of agreements concluded on terms of a master 

agreement (integrated agreement) to the Central Bank of the 

Russian Federation (the Bank of Russia)”.

http://www.cbr.ru/finmarkets/files/legislation/3776-U.pdf

BOR - Ordinance of the Bank of Russia of 7 September 2015 

No. 3776-U “On amendments to the Bank of Russian Ordinance 

of 30 April 2014 No. 3253-U “On the procedure for keeping a 

register of agreements concluded on terms of a master 

agreement (integrated agreement), terms for provision of 

information necessary for keeping of the register and provision 

of the register of agreements concluded on terms of a master 

agreement (integrated agreement) to the Central Bank of the 

Russian Federation (the Bank of Russia)”.

http://www.cbr.ru/finmarkets/files/legislation/3776-U.pdf

BOR (policy statement) – Methodological Recommendations for

systemically important FMI business continuity (Letter of 27 July, 
CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 29

2015 No. 20-MR)

http://www.cbr.ru/publ/Vestnik/ves150730064.pdf

Comments:

1. For CCPs, CSDs/SSSs and TRs: With respect to implementation of the PFMI, all existing measures promulgated by the FFMS prior to transfer of functions to the BOR are

legally valid until corresponding regulatory measures of BOR replaces them, which is in accordance with point 1 article 49 of the Federal Law No. 251-FZ of 23 July 2013 “On 

Amendments to Certain Legislative Acts of the Russian Federation in connection with the transfer to the Central Bank of the Russian Federation the authority to regulate, control 

and supervise the financial markets”. Therefore, legitimacy and effectiveness of BOR’s regulation and oversight are guaranteed by the Law during the period.

2. For CCPs: The changed Law (Federal Law of 29 June 2015 No 210-FZ) fully implements Principle 14: Segregation and Portability of PFMI allowing (1) a CCP to transfer positions 

and collateral of a clearing participant to another clearing participant, determining cases and conditions for initiation of a portability procedure, (2) a CCP clearing participant’s 

clients to require separate accounting of their positions. 

The changed Law (Federal Law of 29 December 2015 No 403-FZ) requires all CCPs to become credit institutions holding a banking license with a limited list of operations, set by 

the Bank of Russia. Also the Law sets mandatory banking ratios for CCPs and requirements for a risk management system; requires CCPs to develop methodologies for risks 

stress-testing, risk models evaluation, skin-in-the-game calculation, and default waterfall establishment for markets it serves in case of participants’ default; sets requirements for 

CCP operational continuity, prohibits voluntary liquidation and reorganization of a CCP, and requires CCPs to perform operational audit.

3. For CCPs: The changed regulation (Ordinance of 1 September, 2015 No 3762-U) obliges a CCP to establish a default waterfall for markets it serves, to hold enough capital for 

winding down or restructuring CCP’s activities and covering losses resulting from business risk.

4. For CSDs: The changed Law (Federal Law of 23.12.2014 No 432-FZ) obliges all credit institutions, including a CSD which is required to be a credit institution, to develop and 

submit a recovery plan to the Bank of Russia.

5. For CCPs, CSDs and TRs: The policy statement (Letter of 27 July, 2015 No. 20-MR) came into force on 30 July, 2015. The policy statement contains recommendations on 

maintaining business continuity of systemically important CCPs, CSDs and TRs, focusing on factors helping to encounter non-typical hazardous situations, software stress-testing 

and hardware-software protection, contents and terms of business continuity plan, and secondary site testing.

6. For CCPs and CSDs: The policy statement (Letter of 14 April, 2014 No 59-T) came into force on 14 April 2014 in advance of its publication based on BOR’s relevant regulatory 

procedure. In this policy statement the BOR set the date 1 July 2014, as of which CCPs and CSDs are expected to observe the PFMI. 

7. For TRs: The final Law (Federal Law of 22 April, 1996 No 39-FZ) came into force on 1 October 2014. This Law established the legislative basis of the activity of TRs.

8. The final regulation (Ordinance of 30 April, 2014 No 3253-U) came into force on 15 June 2014. The amendments changing the types of contracts information which must be 

provided to the TR, list of legal persons obliged to provide information to the TR and deadlines for provision of information to the TR were introduced by new regulation 

(Direction of 17 September, 2014 No. 3382-U) and came into force on 1 October 2014. The latest amendments will come into force on 1 July 2015.This regulation replaces 

previous regulation (the FFMS Act of 28 December, 2011 No 11-68/pz-n) and policy statement (BOR Letter of 30 October 2013 No 50-13-SSh-01/6636).

9. Letter of 10 April 2014 No. 06-52/2463 brought into force the new Corporate Governance Code recommended for application by businesses in the Russian Federation and 

establishes general principles to apply corporate governance in respect of the company organization including but not limited to recommendations on transparency of the 

activity of the company, its information exchange policy and disclosure of information.

10. For TRs: The final Law (Federal Law of 30 December 2015 No 430-FZ) came into force on 30 December 2015.
30 CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 6

Saudi Arabia

Principles/

Responsibilities

FMI

Type Rating Status description / Next steps Links to the measures

Saudi Arabia

Principles

CCPs NA No regulatory measures underway nor an existing CCP. 

CSDs 

and 

SSSs

1 Measures are needed, but so far no draft has been made public. 

Additionally, significant progress has been made to ensure FMI 

compliance with the Principles. See below comment box for 

details.

Responsibilities CCPs NA No regulatory measures underway nor an existing CCP. 

Comments:

– As for CCPs, Capital Market Authority (CMA) and Saudi Arabian Monetary Agency have finalised a study aimed at identifying relevant requirements to set-up a CCP. However, 

no formal decision has been made by the Authorities as to whether to establish a CCP and the relevant regulatory framework.

– As for CSDs/SSSs, CMA has undertaken high level review of Tadawul’s assessments of its own compliance with the applicable Principles of the PFMI. 

South Africa

Principles/

Responsibilities

FMI

Type Rating Status description / Next steps Links to the measures

South Africa

Principles

TRs 2 The regulatory framework was published for public comment 

from 5 June 2015 to 14 July 2015. The Financial Services Board, 

National Treasury and the South African Reserve Bank are in a 

process of public consultations with stakeholders and reviewing 

the comments received. 

However, there is no existing TR as of 8 January 2016.

Responsibilities TRs 2 The regulatory framework was published for public comment 

from 5 June 2015 to 14 July 2015. The Financial Services Board, 

National Treasury and the South African Reserve Bank are in a 

process of public consultations with stakeholders and reviewing 

the comments received. 

However, there is no existing TR as of 8 January 2016.
CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 31

Switzerland

Principles/

Responsibilities

FMI

Type Rating Status description / Next steps Links to the measures

Switzerland

Principles

TRs 4 Final regulation, Financial Market Infrastructure Act, FMIA, was 

published on 19 June 2015 and the final Ordinance Financial 

Market Infrastructure Ordinance, FMIO was published on 25 

November 2015. 

Both measures came into force on 1 January 2016. 

There is no existing TR as of 8 January 2016

Press release: 

https://www.admin.ch/gov/en/start/documentation/mediareleases.msg-id-59647.html (available in English). 

FMIA: 

Federal Act on Financial Market Infrastructures and Market 

Conduct in Securities and Derivatives Trading (Financial Market 

Infrastructure Act, FMIA) of 19 June 2015

FMIA: https://www.admin.ch/opc/en/classifiedcompilation/20141779/201601010000/958.1.pdf

FMIO:

Ordinance on Financial Market Infrastructures and Market 

Conduct in Securities and Derivatives Trading (Financial Market 

Infrastructure Ordinance, FMIO) of 25 November 2015

FMIO: https://www.admin.ch/opc/en/classifiedcompilation/20152105/201601010000/958.11.pdf

Responsibilities TRs 4 Final regulation, Financial Market Infrastructure Act, FMIA, was 

published on 19 June 2015 and the final Ordinance Financial 

Market Infrastructure Ordinance, FMIO was published on 25 

November 2015. 

Both measures came into force on 1 January 2016. FINMA has 

the legal capacity to implement the Responsibilities.

There is no existing TR as of 8 January 2016

Press release: 

https://www.admin.ch/gov/en/start/documentation/mediareleases.msg-id-59647.html (available in English). 

FMIA: 

Federal Act on Financial Market Infrastructures and Market 

Conduct in Securities and Derivatives Trading (Financial Market 

Infrastructure Act, FMIA) of 19 June 2015

FMIA: https://www.admin.ch/opc/en/classifiedcompilation/20141779/201601010000/958.1.pdf

FMIO:

Ordinance on Financial Market Infrastructures and Market 

Conduct in Securities and Derivatives Trading (Financial Market 

Infrastructure Ordinance, FMIO) of 25 November 2015

FMIO: https://www.admin.ch/opc/en/classifiedcompilation/20152105/201601010000/958.11.pdf

Comments: SIX Group, the Swiss infrastructure provider intends to establish a FINMA registered trade repository domiciled in Switzerland (http://www.six-securitiesservices.com/en/home/trade-repository/project.html).
32 CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 6

Turkey

Principles/

Responsibilities

FMI

Type Rating Status description / Next steps Links to the measures

Turkey

Principles

CCPs 1 Capital Markets Board (CMB) drafting new policy statement.

CSDs 

and 

SSSs

4 Central Bank of the Republic of Turkey (CBRT) published policy 

statement on 1 October 2014. The measure came into force on 

the same date.

CBRT published a summary of PFMIs in the Financial Stability 

Report, in May 2012

CBRT – “Objectives and Policies Regarding Payment and 

Securities Settlement Systems”

http://www.tcmb.gov.tr/wps/wcm/connect/TCMB+EN/TCMB+E

N/Main+Menu/PAYMENT+SYSTEMS/Objectives+and+Policies

CBRT – Financial Stability Report (May 2012), Title V.9 

http://www.tcmb.gov.tr/wps/wcm/connect/904227ea-7b43-

410f-bcc5-

9332f1577aab/fulltext14.pdf?MOD=AJPERES&CACHEID=90422

7ea-7b43-410f-bcc5-9332f1577aab

1 CMB drafting new policy statement

TRs 1 CMB drafting new policy statement.
CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 33

United States

Principles/

Responsibilities

FMI

Type Rating Status description / Next steps Links to the measures

United States

Principles

CCPs 2/4 4

Commodity Futures Trading Commission (CFTC) published final 

regulation on 2 December 2013. The measure came into force on 

31 December 2013.

Securities and Exchange Commission (SEC) published final 

regulation on 22 October 2012 for some elements of the PFMI. The 

measure came into force on 2 January 2013.

SEC also published final regulation on 19 November 2014 for some 

elements of the PFMI. The measure came into force on 3 February 

2015 and required compliance for elements relating to the PFMI by 

3 November 2015.

Federal Reserve Board (FRB) published final regulation on 

28 October 2014. The measure came into force on 31 December 

2014. A transition period for a narrow sub-set of principles ended

on 31 December 2015.

CFTC (Final Regulations) – Derivatives Clearing Organization 

General Provisions and Core Principles Final Rule (Part 39, 

Subparts A and B), 76 FR 69334 (8 November 2011) 

http://www.gpo.gov/fdsys/pkg/FR-2011-11-08/pdf/2011-

27536.pdf; 

Enhanced Risk Management Standards for Systemically Important 

Derivatives Clearing Organizations (Part 39, Subpart C), 

78 FR 49663, (15 August 2013) 

http://www.gpo.gov/fdsys/pkg/FR-2013-08-15/pdf/2013-

19791.pdf; and 

Derivatives Clearing Organizations and International Standards 

(Part 39, Subpart C), 78 FR 72476, (2 December 2013)

http://www.gpo.gov/fdsys/pkg/FR-2013-12-02/pdf/2013-

27849.pdf

SEC (final regulation) – Final Rule: Clearing Agency Standards, 

Exchange Act Release No. 34-68080 (22 October 2012), 77 Federal 

Register 66219 (2 November 2012) (in particular Rule 17Ad-22)

http://www.gpo.gov/fdsys/pkg/FR-2012-11-02/pdf/2012-

26407.pdf

SEC (final regulation) – Final Rule: Regulation Systems Compliance 

and Integrity; Exchange Act Release No. 34-73639 (19 November 

2014), 79 Federal Register 72251 (5 December 2014) (in particular 

Rules 1001-1004)

http://www.gpo.gov/fdsys/pkg/FR-2014-12-05/pdf/2014-

27767.pdf

FRB (final regulation) –Regulation HH, Financial Market Utilities, 

FRB Press Release (28 October 2014) 

http://www.federalreserve.gov/newsevents/press/other/20141028a

.htm, 

79 Federal Register 65543, (5 November 2014)
34 CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 6

FRB published final policy statement on 28 October 2014. The 

measure came into force on 31 December 2014. A transition 

period for a narrow sub-set of principles ended on 31 December 

2015.

2

SEC published draft regulation consistent with some elements of 

the PFMI on 3 March 2011 and 12 March 2014.

http://www.gpo.gov/fdsys/pkg/FR-2014-11-05/pdf/2014-

26090.pdf

FRB (final policy statement) –Policy Statement: Policy on Payment 

System Risk, FRB Press Release (28 October 2014) 

http://www.federalreserve.gov/newsevents/press/other/20141028a

.htm,

79 FR 67326, (13 November 2014) 

http://www.gpo.gov/fdsys/pkg/FR-2014-11-13/pdf/2014-

26791.pdf

SEC (draft regulation) – Proposed Rule: Clearing Agency Standards 

for Operation and Governance, Exchange Act Release 

No. 34-64017 (3 March 2011), 76 Federal Register 14471 

(16 March 2011) (in particular proposed Rules 17Ad-25, 17Ad-26, 

and 3Cj-1)

http://www.gpo.gov/fdsys/pkg/FR-2011-03-16/pdf/2011-5182.pdf

SEC (draft regulation) – Proposed Rule: Standards for Covered 

Clearing Agencies; Exchange Act Release No. 34-71699 (12 March 

2014) , 79 FR 16865 (26 March 2014), corrected at 79 FR 29507 

(22 May 2014) (in particular proposed Rules 17Ad-22(e)(1) through 

(23))

http://www.gpo.gov/fdsys/pkg/FR-2014-05-22/pdf/R1-2014-

05806.pdf

CSDs 

and 

SSSs

2/4 4

FRB published final regulation and final policy statement on 

28 October 2014. The measure came into force on 31 December 

2014. A transition period for a narrow sub-set of principles ended

on 31 December 2015.

SEC published final regulation on 19 November 2014 consistent

with some elements of the PFMI. The measure came into force on 

FRB (final regulation) – Regulation HH, Financial Market Utilities, 

FRB Press Release (28 October 2014)

http://www.federalreserve.gov/newsevents/press/other/20141028a

.htm, 79 Federal Register 65543, (5 November 2014) 

http://www.gpo.gov/fdsys/pkg/FR-2014-11-05/pdf/2014-

26090.pdf

FRB (final policy statement) Policy Statement: Policy on Payment 

System Risk, FRB Press Release (28 October 2014) 

http://www.federalreserve.gov/newsevents/press/other/20141028a

.htm, 79 Federal Register 67326, (13 November 2014)

http://www.gpo.gov/fdsys/pkg/FR-2014-11-13/pdf/2014-

26791.pdf

SEC (final regulation) – Final Rule: Regulation Systems Compliance 

and Integrity; Exchange Act Release No. 34-73639 (19 November 
CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 35

3 February 2015 and required compliance for elements relating to 

the PFMI by 3 November 2015.

2

SEC published draft regulation on 12 March 2014.

2014), 79 Federal Register 72251 (5 December 2014) (in particular 

Rules 1001-1004)

http://www.gpo.gov/fdsys/pkg/FR-2014-12-05/pdf/2014-

27767.pdf

SEC (draft regulation) – Proposed Rule: Standards for Covered 

Clearing Agencies; Exchange Act Release No. 34-71699 (12 March 

12, 2014), 79 FR 16865 (26 March 2014), corrected at 79 FR 29507 

(22 May 2014) (in particular proposed Rules 17Ad-22(e)(1) through 

(23))

http://www.gpo.gov/fdsys/pkg/FR-2014-05-22/pdf/R1-2014-

05806.pdf

TRs 1/3 CFTC and SEC drafting changed regulations. 

CFTC published final regulation on 1 September 2011 for some 

elements of the PFMI. The measure came into force in phases on 

the following dates: 12 October 2012, 10 January 2013, and 10 

April 2013.

SEC published final regulation on 11 February 2015 consistent with 

some elements of the PFMI. The measure came into force on 18 

May 2015 and requires compliance by 18 March 2016.

Additional measures necessary for both authorities.

CFTC (final regulation) – Swap Data Repositories: Registration 

Standards, Duties and Core Principles, (Part 49), 76 FR 54538 

(1 September 2011)

http://www.gpo.gov/fdsys/pkg/FR-2011-09-01/pdf/2011-

20817.pdf

SEC (final regulation) – Security-Based Swap Data Repository 

Registration, Duties, and Core Principles, Exchange Act Release 

No. 34-74246 (11 February 2015), 80 FR 14437 (19 March 2015)

https://www.gpo.gov/fdsys/pkg/FR-2015-03-19/pdf/2015-

03127.pdf

Comments: 

For CCPs, CSDs, and TRs: The US self-assessment reflects a split rating on the basis that certain elements of the PFMI are at different points of adoption and that this is clear and 

transparent in public documents. The US included in the split ratings a 

– “4” on the basis that certain elements have been adopted (in final form) in regulations, are in force, and that this is clear and transparent in public documents;

– “3” on the basis that certain elements have been adopted (in final form) in regulations, are subject to a compliance period, and that this is clear and transparent in public 

documents; and

– “2” on the basis that certain elements have been drafted and are in the public domain. 

The CFTC has completed all measures necessary to incorporate fully the PFMI into its regulatory framework for CCPs by publishing final regulation on 2 December 2013 which 

addressed gaps between the two measures. 

The SEC has adopted some measures with regard to clearing agencies and security-based swap data repositories and proposed additional measures with regard to clearing agencies.

The Federal Reserve Board has completed all measures necessary to fully incorporate the PFMI into its regulatory framework for CCPs, PSs, and CSDs and SSSs.
36 CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 6

Annex C: Ratings scale

Rating “1”: Draft implementation measures not published: This status corresponds to cases where some 

measure is needed but so far no draft has been made public to detail the planned content of the measure. 

This status includes cases where a jurisdiction has communicated high-level information about its 

implementation plans but such high-level information is not sufficient to achieve the necessary effect. 

Rating “2”: Draft implementation measures published: This status corresponds to cases where the draft 

implementation measures are already publicly available – for example, for public consultation or legislative 

deliberations. 

Rating “3”: Final implementation measures published: This status corresponds to cases where the 

required implementation measures have been finalised and approved/adopted so that the relevant 

authorities have the necessary powers (a) to require relevant FMIs to observe the Principles (when 

implementation of the Principles is being addressed) or (b) to observe the Responsibilities (when 

implementation of the Responsibilities is being addressed). However, the FMIs are not yet required to 

observe the Principles or the authorities are not yet required to observe the Responsibilities.

Rating “4”: Final implementation measures in force: This status corresponds to cases where, in addition 

to the required implementation measures having been finalised and approved/adopted, FMIs are expected 

to observe the Principles or authorities to observe the Responsibilities (depending on whether 

implementation of the Principles or Responsibilities is being addressed). Where that is broadly the case 

but a further transitional period has been granted for FMIs in respect of full observance with a small 

number of aspects of the Principles that introduce significantly higher requirements than previously 

applied (because it is recognised that full observance of those aspects may take some time to achieve, eg 

for some aspects of operational risk), status 4 may also be granted provided that, in its response, the 

jurisdiction qualifies the status by clearly stating the relevant aspects and when the transitional period 

ends. In the description of status rating that is published (see below), any such transitional arrangements 

are likely to be noted.

Rating “NA”: No implementation measures needed (ie not applicable): This status corresponds to cases 

where no relevant FMI exists that are within the scope of the PFMI. 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.

Additional guidance to achieve a rating of “3” - The required measures to implement the PFMI are finalised 

and published, BUT:

• PFMI are not yet in effect;16 OR 

• there is a transition period until the Principles are in effect but the transition period is not specified; 

OR

• the transition period is specified but applies to all Principles, not just a narrow subset.

Additional guidance to achieve a rating of “4” - The required measures to implement the PFMI are finalised 

and published; AND

• PFMI are in effect as of 8 January 2016; AND

• if there is a transition period until the Principles are in effect, it is clearly articulated and only for a 

narrow subset of Principles; AND

• links to public documents are provided for the final report.

16 “In effect” means that authorities are able to take actions to compel FMIs’ observance. This does not necessarily mean that the 

relevant FMIs are in observance of all applicable Principles.
CPMI-IOSCO – Implementation monitoring of PFMI : Third update to Level 1 assessment report – June 2016 37

Annex D: Members of the CPMI-IOSCO implementation monitoring

standing group (IMSG)

IMSG co-chairs

Reserve Bank of Australia 

Bundesanstalt für Finanzdienstleistungsaufsicht 

(Bafin), Germany

Mark Manning

Thomas Eufinger

Members

Bank of Canada 

European Central Bank

Sophie Lefebvre

Tom Kokkola 

Bank of France Maud Abdeli

Bundesanstalt für Finanzdienstleistungsaufsicht 

(Bafin), Germany

Edip Acat

Hong Kong Monetary Authority Stephen Pang

Securities and Exchange Board of India Sanjay C Purao

Bank of Japan Tomohiro Usui

Financial Services Agency, Japan Kazunari Mochizuki

Bank of Korea Young-Seok Kim 

Central Bank of the Russian Federation Mikhail Myznikov

Monetary Authority of Singapore Ken Nagatsuka, Tze Hon Lau

Sveriges Riksbank, Sweden Johanna Stenkula von Rosen 

Capital Markets Board of Turkey Nalan Sahin Urkan

Bank of England Andrew Powell

Board of Governors of the Federal Reserve System Emily Caron

Commodity Futures Trading Commission, US

Securities and Exchange Commission, US

Robert Wasserman

Stephanie Kim Park

IOSCO assessment committee Steven Bardy

IOSCO Secretariat Manabu Kishimoto

Tajinder Singh

CPMI Secretariat Philippe Troussard

Umar Faruqui

Ayse Sungur

Santhosh Ubarle