On assessing Golden Crown payment system
Pursuant to the requirements of Federal Law No.
The assessment determined the compliance of Golden Crown payment system 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 important payment systems2.
Golden Crown payment system was assessed for compliance with 13 Principles pursuant to the method stipulated by Bank of Russia Order No. OD-3118, dated 6 November 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 Golden Crown payment system with the Principles. Golden Crown payment system is established to be in full compliance with 4 Principles (Principles 2, 13, 18, and 21), in general compliance with 7 Principles (Principles 1, 3, 9, 15, 17, 22, and 23), in partial compliance with 1 Principle (Principle 8), Principle 19 is not applicable to Golden Crown payment system. 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.
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