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Spain: Financial Sector Assessment Program-Technical Note on Regulation, Supervision, Oversight, and Crisis Management of Financial Market Infrastructures

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  • International Monetary Fund

Abstract

The FSAP’s focus was on selected topics in relation to the regulation, oversight and supervision of two Financial Market Infrastructures (FMIs) in Spain, Bolsas y Mercados Españoles Clearing (BMEC), a central counterparty (CCP), and Iberclear (IC) a central securities depository (CSD). Within this scope, this technical note focuses on: (i) the responsibilities of the Spanish authorities in the supervision and oversight of BMEC and IC with respect to compliance with the Principles for Financial Market Infrastructures (PFMIs) of the Committee on Payments and Markets Infrastructures and the International Organization of Securities Commissions (CPMI-IOSCO); (ii) the supervision of margining practices of BMEC; and (iii) the supervision of recovery procedures of BMEC and IC.

Suggested Citation

  • International Monetary Fund, 2024. "Spain: Financial Sector Assessment Program-Technical Note on Regulation, Supervision, Oversight, and Crisis Management of Financial Market Infrastructures," IMF Staff Country Reports 2024/262, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2024/262
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