Chile Financial Sector Assessment Program : Detailed Assessment Report of the Responsibilities of the Authorities
The Central Bank of Chile (Banco Central de Chile, BCCh) and Chile’s Ministry of Finance, requested the World Bank to undertake a stand-alone Review of Standards and Codes (ROSC) module of the Principles for Financial Market Infrastructures (PFMI)...
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| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2016
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| Online Access: | http://documents.worldbank.org/curated/en/166331480931055988/Chile-Financial-sector-assessment-program-detailed-assessment-report-of-the-responsibilities-of-the-authorities http://hdl.handle.net/10986/25721 |
| Summary: | The Central Bank of Chile (Banco Central
de Chile, BCCh) and Chile’s Ministry of Finance, requested
the World Bank to undertake a stand-alone Review of
Standards and Codes (ROSC) module of the Principles for
Financial Market Infrastructures (PFMI) of the Committee on
Payments and Market Infrastructures (CPMI) and the
International Organization of Securities Commission (IOSCO).
total of five financial market infrastructures (FMIs) were
assessed as part of this ROSC, although one of these
operates both as a central counterparty (CCP) and as a
securities settlement system (SSS) for different segments of
the exchange-traded securities market, and as a result a
total of six FMI assessments were produced by the team. In
addition, the Responsibilities of Authorities for FMIs were
assessed. On this basis, the World Bank Group (WBG) team and
the local team conducted detailed interviews with senior and
mid-level managers of all the respective institutions, and
prepared the assessment reports. In addition to the
self-assessments, other sources of information included the
applicable laws and regulations, as well as each FMI’s main
policies and internal documents (e.g. detailed policies, and
processes and procedures for certain key areas) which were
shared by the FMIs with the assessors, and other information
available at each FMI’s website (e.g. statistics). The WBG
and local teams also met with a number of users of these
FMIs, including two large commercial banks and two
brokers-dealers that are not part of local bank-lead
conglomerates. The assessment report covers the
Responsibilities of central banks, market regulators, and
other relevant authorities for the above-mentioned financial
market infrastructures |
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