Recital 7

(7)In January 2013, MAS also issued the Monograph on Supervision of Financial Market Infrastructures (‘the Monograph’) which sets out standards applicable to CCPs in implementation of the Principles for Financial Market Infrastructures (PFMIs) issued by the Committee on Payment and Settlement Systems ² (‘CPSS’) and the International Organization of Securities Commissions (‘IOSCO’) in April 2012. In particular, the Monograph explains how MAS expects ACHs to comply with their obligations under the SFA, and it is taken into account by MAS in assessing compliance with the SFA obligations by ACHs.