Monitoring Financial Markets Infrastructures
The new FMIs principles, jointly enacted on April 16, 2012, by the BIS Committee on Payments and Market Infrastructure (CPMI) and the IOSCO Technical Committee, specify the responsibilities of central banks, market regulators and other relevant authorities in implementing such principles. They define the criteria used to identify FMIs that should be subject to regulation, supervision, and oversight (Responsibility A), powers and resources of relevant authorities to carry out effectively their responsibilities (Responsibility B), criteria of a clear communication regarding their respective policies (Responsibility C), competent relevant authorities commitment to adopt the principles for FMIs and apply them consistently with all relevant infrastructures (Responsibility D) cooperation requirements between relevant authorities, as appropriate (Responsibility E).
To fulfil its mission of oversight, Bank Al-Maghrib relies on the requirements stated in the Multilateral Convention on Payment Systems Oversight, which transposes the principles and standards defined by the BIS / IOSCO committee as a reference for Bank Al-Maghrib to return to in performing its tasks of monitoring these market infrastructures.
This monitoring operation, in line with the relevant standards, is based on two complementary approaches: A permanent inspection, carried out on the basis of the documents transmitted by the MFI managers, and an on-site inspection carried out periodically during missions Within the MFIs.
On-site inspection program is defined annually based on several parameters such as the rules of anticipation, the risks incurred..... Also, missions carried out as part of this program lead to drafting recommendations and monitoring their implementation by Infrastructure Managers.
All monitoring operations aim to assess the conformity of each MFI with the international principles laid down by the Bank for International Settlements (BIS).