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September 3, 2014

PowerPoint Update Time | CPSS becomes CPMI

Make sure your regulatory charts are up to date

It's not really news to report the change of an acronym, but the Committee for Payments and Settlement Systems (CPSS) is now the Committee on Payments and Market Infrastructure (CPMI). If you didn't know about the CPSS already, it is an influential group hosted by the BIS in Basle, the new charter for the CPMI is described by the BIS here:

The Committee on Payments and Market Infrastructures (CPMI) promotes the safety and efficiency of payment, clearing, settlement and related arrangements, thereby supporting financial stability and the wider economy.

 

The CPMI monitors and analyses developments in these arrangements, both within and across jurisdictions. It also serves as a forum for central bank cooperation in related oversight, policy and operational matters, including the provision of central bank services.

 

The CPMI is a global standard setter in this area. It aims at strengthening regulation, policy and practices regarding such arrangements worldwide. The CPMI carries out its mandate through the following activities: 

  • monitoring and analysing developments to help identify risks for the safety and efficiency of arrangements within its mandate as well as resulting risks for the global financial system; 
  • sharing experiences related to arrangements within its mandate, to the performance of oversight functions and to the provision of central bank services in order to promote common understanding, and developing policy advice or common policies for central banks; 
  • establishing and promoting global standards and recommendations  for the regulation, oversight and practices of arrangements within its mandate, including guidance for their interpretation and implementation, where appropriate; 
  • monitoring the implementation of CPMI standards and recommendations with the purpose of ensuring timely, consistent and effective implementation; 
  • supporting cooperative oversight and cross-border information-sharing, including crisis communication and contingency planning for cross-border crisis management; 
  • maintaining relationships with central banks which are not members of the CPMI in order to share experiences and views and to promote the implementation of CPMI standards and recommendations beyond CPMI member jurisdictions, either directly or by supporting regional bodies as appropriate;
  • and coordinating and cooperating with other financial sector standard setters, central bank bodies and international financial institutions. 

​The Committee meets about three times every year.

One of the CPSSs more notable publications are the Principles for Financial Market Infrastructures which are now required for firms like CCPs and other settlement related services.

More information is on their home page over at http://www.bis.org/cpmi/index.htm


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