18 August 2017
Find out more

Regulators consult on oversight measures for external tech providers

19 December 2013  |  1016 views  |  0 Source: Bank for International Settlements

The Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) have published for public comment a consultative document on the Assessment methodology for the oversight expectations applicable to critical service providers.

The CPSS-IOSCO Principles for financial market infrastructures, published in April 2012, include an annex (Annex F) on the Oversight expectations applicable to critical service providers. The operational reliability of a financial market infrastructure (FMI) may be dependent on the continuous and adequate functioning of third-party service providers that are critical to an FMI's operations, such as information technology and messaging providers. Although an FMI remains ultimately responsible for its operational reliability, a regulator, supervisor or overseer of an FMI may use Annex F to establish expectations specifically targeted at critical service providers.

The consultative document establishes an assessment methodology and provides guidance for authorities in assessing an FMI's critical service providers against the oversight expectations in Annex F. This assessment methodology also provides guidance to critical service providers in complying with the oversight expectations.

Comments, in particular on the key questions in the assessment methodology, are invited from all interested parties. Please note that the oversight expectations themselves and their respective explanatory text just mirror the content of the Annex F of the Principles for financial market infrastructures and are therefore not subject to public consultation.

Comments should be sent by Thursday 20 February 2014 to both the CPSS secretariat (cpss@bis.org) and the IOSCO secretariat (annexf@iosco.org). The comments will be published on the websites of the BIS and IOSCO unless commentators have requested otherwise.

Read the paper:» Download the document now 147.5 kb (PDF File)

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.worldpaymentsreport.comvisit www.dorsum.euvisit www.niceactimize.com

Who is commenting?

Top topics

Most viewed Most shared
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
10192 views comments | 8 tweets | 16 linkedin
Monzo appoints Curve co-founder Foster-Carter COOMonzo appoints Curve co-founder Foster-Car...
8441 views comments | 1 tweets | 3 linkedin
hands typing furiouslyCompliance: Overcome the data deficit
7874 views 0 | 1 tweets | 9 linkedin
Uneasy sits the crown as cash use continues declineUneasy sits the crown as cash use continue...
7815 views comments | 3 tweets | 7 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job