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CPSS-IOSCO

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), have issued a report and undertaken 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: (1) it is vital for robust arrangements be maintained for the recovery and resolution of FMIs; (2) the Principles set out a framework for FMIs to have rules and policies for their recovery in the event of distress; (3) regulators need to ensure that those rules and policies on recovery are implemented; (4) in the event of recovery procedures failing, the FSB Key Attributes provide a framework for resolution; and (5) the methodology for compliance with the Key Attributes currently being prepared by the FSB will need to contain FMI-specific elements.

CPSS and IOSCO are currently considering comments received and are due to publish further work during late 2012.

Relevant Consultations

CPSS-IOSCO Consultative Report on the Recovery and Resolution of FMIs (July 2012)

 

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  1. Asset Management Regulation
    1. EU Asset Management Regulation
      1. AIFMD
      2. UCITS
        1. ETFs and Structured UCITS
      3. Venture Capital
      4. MiFID / MiFIR
    2. US Hedge Fund Adviser Regulations
      1. Registration and Reporting
      2. Incentive-Based Compensation
      3. JOBS Act
    3. Asia Pacific Asset Management regulation
    4. Other Jurisdictions’ Asset Management Regulation
    5. Regulation of NBFCs / SIFIS
    6. Supervision
      1. UK regulatory reform
      2. European Supervisory Authorities
      3. US Self-Regulatory Organisations
    7. Remuneration
      1. UK
      2. US
      3. MiFID
      4. AIFMD
    8. Shadow Banking
    9. Volcker Rule
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  2. Markets Regulation
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      1. Capital Requirements Directive
    2. Derivatives/Clearing
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      2. MiFID / MiFIR
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      7. Singapore
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      2. MiFID / MiFIR
      3. MAD / MAR
      4. Flash Crash
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      6. Germany
    4. Insurance Regulation
      1. Solvency II
    5. Market Abuse
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    6. Investment Manager Exemption
    7. UK Offshore Funds Regime
    8. Other
  4. Search
  5. Resources
    1. Noticeboard
      1. Bribery Act
      2. Client Assets Regime
      3. Conflicts of Interest - UK
      4. Dodd-Frank Act - Fund Manager Registration and Reporting
      5. Dodd-Frank Act - Swaps and OTC Derivatives
      6. Dodd-Frank Act - Volcker Rule
      7. EMIR - Regulation on OTC Derivatives, CCPs and Trade Repositories
      8. EU Directive on Alternative Investment Fund Managers
      9. EU Directive on Alternative Investment Fund Managers - Level II
      10. EU Short Selling Regulation
      11. FATCA
      12. FTT
      13. FSA Remuneration Code
      14. General
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      16. MiFIDII / MiFIR - Markets in Financial Instruments Directive
      17. Other Tax Issues
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      19. Shadow Banking
      20. Singapore Asset Management Regime
      21. Solvency II
      22. Swiss Collective Investment Schemes Act
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      24. UK Stewardship Code
      25. US Short Selling Regime
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