In 1996 the Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) formed a joint working group to develop a disclosure framework for securities settlement systems. The working group consisted of securities settlement system operators, including both official and private sector representatives, securities regulators and central bankers.
The present Disclosure Framework for Securities Settlement Systems builds on the work of the CPSS and IOSCO by providing a protocol for the review of a securities settlement system's operation and its allocation of risks. It is intended as a tool for system operators and participants to use in discussing the risks associated with securities settlement arrangements.
The Disclosure Framework is structured in the form of a questionnaire intended to be completed by organizations that operate securities settlement systems.
National Bank of Poland has completed the Disclosure Framework.