13 Août 2013

BRI / CPSS-IOSCO - Recovery of financial market infrastructures, consultative report issued + Progress towards implementing the Principles for financial market infrastructures (PFMIs) report issued + Authorities' access to trade repository

le 13 août 2013

Recovery of financial market infrastructures, consultative report issued by CPSS-IOSCO

The Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) have today published for public comment a consultative report on the Recovery of financial market infrastructures.

The report provides guidance to financial market infrastructures such as CCPs on how to develop plans to enable them to recover from threats to their viability and financial strength that might prevent them from continuing to provide critical services to their participants and the markets they serve. It also provides guidance to relevant authorities in carrying out their responsibilities associated with the development and implementation of recovery plans and tools.

The report has been produced in response to comments received on the July 2012 CPSS-IOSCO report on Recovery and resolution of financial market infrastructures that requested more guidance on what recovery tools would be appropriate for FMIs.

The report supplements the CPSS-IOSCO Principles for financial market infrastructures (PFMI) , the international standards for financial market infrastructures (FMIs) published in April 2012. It provides guidance on how FMIs can observe the requirements in the PFMI that they have effective recovery plans. This is a consultation and does not itself create additional standards for FMIs. The report is also consistent with the Financial Stability Board's Key attributes of effective resolution regimes for financial institutions, published in October 2011.

Financial market infrastructures (FMIs), which include payments systems, securities settlement systems, central securities depositories, central counterparties and trade repositories, play an essential role in the global financial system. The disorderly failure of an FMI could lead to severe systemic disruption if it caused markets to cease to operate effectively.

Published with the report is a cover note that lists specific issues on which the committees seek comments during the public consultation period. Comments on the report are invited from all interested parties and should be sent by 11 October 2013 (see note 1 below).

Press release :

http://www.bis.org/press/p130812.htm

 Consultation:

 http://www.bis.org/publ/cpss109.pdf

 Progress towards implementing the Principles for financial market infrastructures (PFMIs) report issued by CPSS/IOSCO

CPSS and IOSCO have today published Implementation of the PFMIs - Level 1 assessment report.  The report reviews jurisdictions' progress towards implementing the Principles for financial market infrastructures (the PFMIs) , published by CPSS-IOSCO in April 2012 and which includes risk management standards for financial market infrastructures (FMIs) such as central counterparties, payment systems and securities settlement systems, and trade repositories. This report reviews jurisdictions' progress towards adopting legislation and other regulations and policies that will allow authorities to completely implement the PFMIs into their regulatory frameworks for market infrastructures. Future CPSS-IOSCO assessments will evaluate the consistency of implementation measures in each jurisdiction with the PFMIs and will evaluate consistency of outcomes among FMIs themselves resulting from the application of the PFMIs. CPSS and IOSCO will periodically publish updates to this report to demonstrate progress made towards full implementation. 

This report includes jurisdictions' self-assessments of progress towards adoption. The report indicates that most jurisdictions have begun the process of implementation. Few have completed the process for all types of FMIs but many are making good progress and expect to be well advanced by the end of the year. Given that the PFMI were only issued in April 2012 this represents substantial progress. 

 Press releases:

 http://www.bis.org/press/p130812b.htm

 CPSS Publications:

 Implementation monitoring of PFMIs - Level 1 assessment report

 http://www.bis.org/publ/cpss111.pdf

 Authorities' access to trade repository data report issued by CPSS-IOSCO

 12 August 2013

 The Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) have today published a report entitled Authorities' access to trade repository data.

 Trade repositories (TRs) are entities that maintain a centralised electronic record of over-the-counter (OTC) derivatives transaction data. TRs play a key role in increasing transparency in the OTC derivatives markets by improving the availability of data to authorities and the public in a manner that supports the proper handling and use of the data. For a broad range of authorities and international financial institutions, it is essential to be able to access the data needed to fulfill their respective mandates while maintaining the confidentiality of the data pursuant to the laws of relevant jurisdictions.

 The purpose of the report issued today is to provide guidance to TRs and authorities on the principles that should guide authorities' access to data held in TRs for typical and non-typical data requests. The report describes the expected data access needs of authorities using a functional approach complemented by an illustrative data access mapping that aligns each function to the minimum level of access authorities would typically require in support of their mandates and responsibilities. The report also sets out possible approaches to addressing procedural and legal constraints to data access as well as confidentiality concerns. Authorities and TRs are encouraged to develop and maintain access policies and arrangements informed by the guidance and mapping outlined in the report.

 The report was issued for public consultation in April 2013. The finalised version being issued now has been revised in light of the comments received during that consultation.

 Press releases:

 http://www.bis.org/press/p130812a.htm

 Publication:

 http://www.bis.org/publ/cpss110.pdf

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