Payment Systems Oversight Unit Directives
The Bank of Israel’s Payment Systems Oversight Division publishes directives for the Controlled Payment Systems and for the Designated Controlled Payment Systems. These directives set out standards on various issues, and are partly based on the Principles for Financial Market Infrastructure (PFMI) that have been formulated by the Bank for International Settlements (BIS).
Payment Systems Oversight Division Directives
- Directive Number 1 - Application Of PFMI Principles To Payment Systems
- Directive Number 2 - Information And Reporting From Controlled Payment System And Designated Controlled Payment System
- Directive Number 3 - Information And Reportage In State Of Emergency From Controlled Payment System And Designated Controlled Payment System
- Appendix 1 To Directive 3 – System Operator’s Name And System’s Name
- Appendix 2 To Directive 3 – Participant’s Name And Payment System’s Name
- Directive Number 4 - The Legal Basis of a Controlled Payment System and a Designated Controlled Payment System
- Directive Number 5 - Settlement Finality And Irrevocability In A Controlled Payment System And A Designated Controlled Payment System
- Directive Number 7 - Rules And Procedures For Management Of Participant Default In A Controlled Payment System And A Designated Controlled Payment System
- Directive Number 8 - Efficiency And Effectiveness Of A Controlled Payment System And A Designated Controlled Payment System
- Directive Number 9 - Communication Procedures And Standards For A Controlled Payment System And A Designated Controlled Payment System
- Directive Number 10 - Access And Participation Requirements
- Directive Number 11 - System Participation Arrangements In The Event Of Tiered Participation
- Directive Number 12 - Money Settlement In A Controlled Payment System
- Directive Number 13 - Disclosure Of Rules, Key Procedures, And Market Data In A Controlled Payment System And A Designated Controlled Payment System
- Directive Number 14 - Custody And Investment Risks In A Controlled Payment System And A Designated Controlled Payment System
- Directive Number 15 - Credit Risk In A Controlled Payment System And A Designated Controlled Payment System
- Directive Number 16 - Collateral In A Controlled Payment System And A Designated Controlled Payment System
- Directive Number 17 - Corporate Governance Board Of Directors Of A Payment System Operator
- Directive Number 17A - Officers Of A Payment System Operator
- Directive Number 17B - Remuneration Policy Of A Payment System Operator
- Directive Number 17C - Internal Audit At A Payment System Operator
- Directive Number 17D - Risk Management At A Payment System Operator
- Directive Number 17E - Compliance Risk Management At A Payment System Operator
- Directive Number 17F - Financial Statements And Auditing Of Financial Statements
- Directive Number 19 - General Business Risk In A Controlled Payment System And A Designated Controlled Payment System
- Directive Number 20 - Liquidity Risk In A Controlled Payment System And A Designated Controlled Payment System