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Wednesday, January 30,
2019 03:43 PM / IOSCO
An assessment report published today concludes that Switzerland’s legal, regulatory and oversight frameworks for financial market infrastructures (FMIs) are generally consistent with the Principles for financial market infrastructures (PFMI), with some exceptions.
The Implementation monitoring of PFMI: Assessment report for
Switzerland, published
by the Committee on Payments and Market Infrastructures (CPMI) and the
International Organization of Securities Commissions (IOSCO), reflects the
status of Switzerland’s framework as of 30 June 2017.
Level
2 assessments focus on whether, and to what degree, the content of a
jurisdiction’s legislation, regulations and policies for systemically important
payment systems (PSs), central securities depositories (CSDs), securities
settlement systems (SSSs), central counterparties (CCPs) and trade repositories
(TRs) is complete and consistent with the PFMI.
The
report finds that Swiss regulations have generally implemented the PFMI,
although some gaps and inconsistencies of varying significance have been
identified, mainly for Principles 7 on liquidity risk and 22 on communication
procedures and standards (as applicable to PSs, CSDs, SSSs, and CCPs);
Principle 19 on tiered participation arrangements (as applicable to PSs); as
well as other Principles applicable to TRs, including Principles 1 on the legal
basis, 3 on risk management framework, 15 on general business risk, 17 on
operational risk, 20 on links to other financial market infrastructures, 22 on
communication procedures and standards, and 24 on disclosure of market data.
Swiss
authorities welcomed the assessment and indicated that the relevant
recommendations would be given careful consideration in any future amendment to
the regulatory framework.
The
CPMI and IOSCO will continue to focus their implementation monitoring efforts
on assessing the completeness and consistency of jurisdictions’ implementation
measures with the PFMI (Level 2 assessments) and the consistency in the
outcomes of implementation of the PFMI by FMIs (Level 3 assessments).
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