Recital 8

(8)The FSC has stated its intention to assess its Financial Market infrastructures (‘FMIs’) against the international standards set out under the Principles for Financial Market Infrastructures (‘PFMIs’) issued in April 2012 by the Committee on Payment and Settlement Systems ² (‘CPSS’) and the International Organization of Securities Commissions (‘IOSCO’). In March 2015 the FSC released the Business Guideline for Financial Market Infrastructures, which provides specific standards that FMIs should comply with in conducting business pursuant to the FSCMA and its subordinate regulations. The Guideline has reorganised the 24 key principles of the PFMIs into 14 principles in accordance with domestic circumstances, and provides detailed standards for their implementation. In December 2012, the Bank of Korea amended its ‘Regulation on the Operation and Management of Payment and Settlement Systems’ to adopt the PFMIs as its oversight standards.