CPMI-IOSCO Conclude that Switzerland has Generally Implemented PFMI

The assessment found that, as of June 30, 2017, Switzerland has generally implemented the PFMI. For payment systems, central securities depositories, securities settlement systems, central counterparties, the Principles have been implemented in a complete and consistent or broadly consistent manner, with the exception of Principle 7 on liquidity risk management, Principle 22 on communication procedures and standards, and Principle 19 (as applicable for payment systems) on tiered participation arrangements. For trade repositories, a number of gaps were identified with varying severity. Specifically, the principles on legal basis, the framework for the comprehensive management of risks, general business risk, operational risk, FMI links, communication procedures and standards, and disclosure of market data have not been fully implemented. Swiss authorities welcomed the assessment and indicated that the relevant recommendations would be given careful consideration in any future amendment to the regulatory framework. 

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, central securities depositories, securities settlement systems, central counterparties, and trade repositories is complete and consistent with the PFMI. 

Related Link: CPMI-IOSCO Report

Keywords: International, Europe, Switzerland, PMI, PFMI, Level 2 Assessment, Systemic Risk, CPMI, IOSCO