Alternative Investment Management Association Representing the global hedge fund industry
The Committee on Payment and Settlement Systems (CPSS) and International Organisation of Securities Commissions (IOSCO), following their ‘Principles for financial market infrastructures’ (the Principles) and in response to the ‘FSB Key Attributes of Effective Resolution Regimes for Financial Instruments’ (the Key Attributes), issued a report and undertook a consultation seeking to outline the issues which should be taken into account for different types of FMIs when implementing effective recovery plans and resolution regimes. The CPSS-IOSCO report concluded that it is vital for robust recovery and resolution arrangements to be maintained which take into account the particular characteristics of different types of FMI.
In August 2013, CPSS-IOSCO released a 'Consultative report on the Recovery of financial market infrastructures' in order to provide guidance to FMIs on the development of recovery plans, including the specific recovery tools to be used. AIMA submitted a joint response with MFA on 11 October 2013.
CPSS-IOSCO Consultative Report on the Recovery of FMIs (August 2013)