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 – Applying the Infrastructure Principles Operating in the Financial Market to the Systems
- Directive Number 2 – Information and Reporting from the Controlled Payment Systems
- Directive Number 3 – Information and Reporting During Emergencies from the Controlled Payment Systems and from the Designated Controlled Payment Systems
- 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 Foundation of a Controlled Payment System and of a Designated Controlled Payment System
- Directive Number 5 – Finality of Settlement and Point of No Return of a Controlled Payment System and of a Designated Controlled Payment System
- Directive Number 6 – Comprehensive Risk Management Framework
- Directive Number 7 – Rules and Procedures for Managing the Failure of a Participant
- Directive Number 8 – Efficiency and Effectiveness
- Directive Number 9 – Communications Procedures and Regulations
- Directive Number 10 – Access and Participation Requirements
- Directive Number 11 – Indirect Participation Arrangements
- Directive Number 12 – Settlement of Funds
- Directive Number 13 – Disclosure of Rules, Main Procedures, and Market Data
- Directive Number 14 – Custodial and Investment Risks
- Directive Number 15 – Credit Risk
- Directive Number 16 – Collateral
- Directive Number 17 – Corporate Governance
- Directive Number 19 – General Business Risk
- Directive Number 20 – Liquidity Risk