On assessing NPO CJSC NSD payment system

Pursuant to the requirements of Federal Law No. 161-FZ, dated 27 June 2011, ‘On the National Payment System’, the Bank of Russia assessed activity of the systemically important NPO CJSC NSD payment system for the period from 1 January 2013 to 30 June 2014.

The assessment determined the compliance of NPO CJSC NSD with the international standards ‘Principles for Financial Market Infrastructures’ (the Principles) worked out by the Committee on Payment and Settlement Systems¹ of the Bank for International Settlements and the International Organization of Securities Commissions, and recommended by the Bank of Russia for compliance by systemically important payment systems².

The NPO CJSC NSD payment system was assessed for compliance with 18 Principles pursuant to the method stipulated by Bank of Russia Order No. OD-607, dated 9 April 2014, ‘On the Method for Assessment of Compliance of the Activity of Systemically Important Payment System Operators, the Outsourced Payment Infrastructure Service Operators and the Related Systemically Important Payment Systems with Bank of Russia Recommendations’.

The obtained assessment outcomes show high compliance of the NPO CJSC NSD payment system with the Principles. The NPO CJSC NSD payment system is established to be in full compliance with 7 Principles (Principles 2, 7, 9, 13, 18, 21, and 22), in general compliance with 7 Principles (Principles 1, 3, 8, 12, 15, 17, and 23), 4 Principles are not applicable to the NPO CJSC NSD payment system (Principles 4, 5, 16, and 19). The assessment did not reveal incompliance with any Principles.

¹ Renamed the Committee on Payments and Market Infrastructures from 1 September 2014.

² Unofficial translation of CPSS-IOSCO ‘Principles for financial market infrastructures’ (April 2012) is provided in Bank of Russia Letter No. 94-T, dated 29 June 2012, ‘On the Document of the Committee on Payment and Settlement Systems ‘Principles for financial market infrastructures’, electronic version in English is published on the Bank for International Settlements website (http://wvw.bis.org/publ/cpss101.pdf).

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