2018年-FSB全球金融稳定委员会_Self_24页_548kb

Self-Assessment Questionnaire for Prospective UPI Service Providers Summary

Overview

The Unique Product Identifier (UPI) is designed to uniquely identify OTC derivatives products, enabling regulators to aggregate transactions by product or by reference data elements. The Financial Stability Board (FSB), in collaboration with the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO), issued the UPI Technical Guidance in 2017 to standardise the UPI Code and related reference data. The FSB has also developed a self-assessment questionnaire to evaluate the suitability of entities to be designated as UPI Service Providers, which are responsible for assigning UPI codes and maintaining the UPI Reference Data Library.

The FSB encourages a public-private partnership for the UPI governance system, while ensuring that regulatory oversight remains a key function. The questionnaire aims to collect information on the business and governance plans of prospective providers, ensuring they align with the key governance criteria and technical requirements. The FSB will use these responses to make a designation decision, and may require remedial actions or de-designation if providers fail to meet the standards.

Key Governance Criteria

The FSB has outlined several governance criteria that UPI Service Providers must address in their self-assessment:

2.1 General Questions on Governance Criteria

• Q1: How will the UPI Service Provider ensure service across multiple time zones and jurisdictions?
• Q2: What is the current and future preparedness of the provider, including timelines and dependencies?
• Q3: Are there non-regulatory use cases for the UPI? If so, please describe.

2.2 Public Interest

• Q4: How does the proposal align with the public interest, including the use of systems, controls, and resources?

2.4 Change Only as Needed; Consultative Change Process

• Q5: How does the proposal account for the need for change and consultative processes?
• Q6: Are any governance bodies required to include external stakeholders?
• Q7–Q9: What advisory structures exist to incorporate stakeholder views? How are they structured, selected, and managed?

2.5 Economic Sustainability

• Q10: How does the proposal ensure economic sustainability of the UPI system?
• Q11: What is the estimated annual budget for the first three years, including cost breakdowns?
• Q12: How do open governance issues affect the budget, and what assumptions are made?

2.6 Open Access and Cost

• Q13–Q15: How does the proposal ensure open access to UPI data and services, and how will costs be managed?
• Q16–Q19: How will fees be structured, and what mechanisms will be in place for cost recovery and fee contestation?

2.7 Intellectual Property

• Q22–Q24: How will the provider handle intellectual property issues related to UPI data, including third-party identifiers and data elements?

2.8 Conflicts of Interest

• Q25–Q28: What policies and procedures exist to manage conflicts of interest, and how will UPI services be ring-fenced from other business activities?

2.9 Fit for Purpose

• Q29: How will the provider interact with other UPI Service Providers to ensure a centralised and efficient UPI Reference Data Library?

2.10 Consideration of Other Governance Frameworks

• This criterion is not addressed by specific questions but should be considered in the context of other frameworks like the Legal Entity Identifier (LEI) and Unique Trading Identifier (UTI).

2.11 Operational Viability and Continuity

• Q30: What arrangements exist for business continuity and resolution planning if the provider ceases to operate as a UPI Service Provider?

2.12 Other Questions

• Q31: Any plans for developing human-readable aliases for UPI codes?

Compliance with UPI Technical Guidance

Section 3 of the document outlines technical compliance requirements, including:

• Support for the technical principles of the UPI system
• UPI assignment and retrieval processes
• Operational technology capabilities

Providers are encouraged to address these areas in detail, noting any limitations in their ability to provide full information on future arrangements.

Next Steps

• The FSB expects to designate one or more UPI Service Providers by mid-2019.
• Responses to the questionnaire must be submitted by Tuesday, 4 September 2018, via email to fsb@fsb.org with the subject line: "Designation of UPI Service Provider(s)".
• A Questionnaire template is provided for structured responses.
• Confidentiality is ensured for all submissions, and encryption is permitted with prior agreement.

Annexes

• Annex 1: Lists acronyms and defined terms.
• Annex 2: Functional allocations for UPI services.
• Annex 3: Members of the GUUG (Working Group on UPI/UTI Governance).

This self-assessment questionnaire is a comprehensive tool to evaluate the readiness and governance capabilities of entities seeking to be designated as UPI Service Providers, ensuring alignment with the FSB's goals for transparency, efficiency, and regulatory oversight.