CPMI and IOSCO published Level 2 assessment report on the implementation monitoring of Principles for Financial Market Infrastructures (PFMI) in Singapore. The report finds that Singapore’s legal, regulatory, and oversight framework for key payments and settlement systems complies with CPMI-IOSCO’s PFMI, with the exception of Principle 24 on disclosure of market data by trade repositories. However, MAS is actively considering appropriate requirements for trade repositories to publish the data in a manner that will help to achieve the objectives of the public disclosure.
This report presents the conclusions of the CPMI-IOSCO Level 2 assessment of whether, and to what degree, the legal, regulatory, and oversight framework for systemically important payment systems, central securities depositories (CSDs), securities settlement systems, central counterparties (CCPs), and trade repositories in Singapore are complete and consistent with the PFMI. This assessment was performed as a peer review from August 2016 to May 2017. The assessment reflects the status of Singapore's legal, regulatory, and oversight framework as of July 15, 2016. Measures that were introduced after July 15, 2016, or other material developments, are noted where relevant but were not considered in assigning ratings of consistency. The PFMI set expectations for the design and operation of key financial market infrastructures (FMIs) to enhance their safety and efficiency and to limit systemic risk and foster transparency and financial stability. In line with the expectations of G20, CPMI and IOSCO members have committed to implement and apply the PFMI in their respective jurisdictions.
Keywords: Asia Pacific, Singapore, Securities, Level 2 Assessment, PFMI, CPMI, IOSCO, FMI
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