What Implementation monitoring of PFMI: Assessment report for Switzerland requires
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). The Principles set expectations for the design and operation of key financial market infrastructures (FMIs) to enhance their safety and efficiency, limit systemic risk, and foster transparency and financial stability. This report presents the CPMI and IOSCO conclusions from a Level 2 assessment of whether the content of the legal, regulatory and oversight frameworks applied to systemically important payment systems, CSDs/SSSs, CCPs and TRs in Switzerland are complete and consistent with the Principles. The Principles apply to all systemically important payment systems (PSs), central securities depositories (CSDs), securities settlement systems (SSSs), central counterparties (CCPs) and trade repositories (TRs). The authorities responsible for regulation, supervision and oversight of FMIs in Switzerland are the Federal Financial Markets Authority (FINMA) and the Swiss National Bank (SNB). FINMA has responsibility for all CCPs, CSDs/SSSs, TRs and wholesale payment systems (unless operated by or on behalf of the SNB). The SNB has responsibility for all CCPs, CSDs/SSSs and payment systems that it designates systemically important. This assessment reflects the status of Switzerland’s legal, regulatory and oversight framework as of 30 June 2017.
Pillar: Banking & Global Finance · Authority: Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) · Version: 1.0.0 · Last updated:
Primary source: https://www.bis.org/cpmi/publ/d183.pdf
SHA-256 integrity: e6e7025449d8c14ac1b6f8251955241f8c8045889aaaec2819fdf80e268bc017
Primary Citations — 8 traced to source
- FMIA Art. 4(1): CCPs, CSDs/SSSs, and TRs are required to obtain authorisation from FINMA (paragraph (1) of Art. 4 of the FMIA on 'Duty to obtain authorisation').
- FMIA Art. 4(2): A payment system requires authorisation from FINMA only if this is necessary for the proper functioning of the financial market or the protection of financial market participants and if the payment system is not operated by a bank.
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