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Financial Sector Policies

Financial Market Infrastructures: Principles and Practices (FMI-PP)

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Session No.: CE 24.08

Location: Kuwait City, Kuwait

Date: March 3-7, 2024 (1 week)

Delivery Method: In-person Training

Primary Language: English

Interpretation Language: Arabic

    Target Audience

    Mid- to senior-level officials working in the payment, legal, and technology departments at the central bank and in positions with similar responsibilities.

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    Qualifications

    Participants should have experience in the operations and/or oversight in one or more of the following areas: payments, legal, and technology departments.

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    Course Description

    This course, presented by the Monetary and Capital Markets Department, focuses on the Principles for Financial Market Infrastructures (PFMI). The course is designed to be interactive by using a combination of lectures, case study simulations, and panel discussions. Lectures focus on the 24 principles and 5 responsibilities for authorities under the PFMI, the Disclosure Framework, and Assessment Methodology, and topical issues on cyber resiliency, distributed ledger technology, and relevant digital innovations. Participants, after gaining a basic understanding of the standards, apply them to a hypothetical country to assess the level of compliance of its payment system, securities settlement system, and central securities depository. The self-assessment exercises are based on targeted principles and include legal basis, credit risk, collateral, default management, liquidity risk, central securities depositories, money settlements, general business risk, and operational risk. After the hands-on self-assessment experience, results are discussed through group presentations and de-briefings.

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    Course Objectives

    Upon completion of this course, participants should be able to:

    • Describe a framework of the Principles for Financial Market Infrastructures 
    • Apply the standards for the compliance of its payment system, securities settlement system, and central securities depository 
    • Enhance safety and efficiency in payments, clearing, settlement, and recording arrangements, and more broadly, to limit systemic risk and to foster transparency and financial stability
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