Article 27 Disclosure of rules, key procedures and market data

1.   A SIPS operator shall adopt clear and comprehensive rules and procedures that are fully disclosed to participants. Relevant rules and key procedures shall also be publicly disclosed.

2.   A SIPS operator shall disclose clear descriptions of the system’s design and operations, as well as the SIPS operator’s and participants’ rights and obligations, so that participants can assess the risks they would incur by participating in the SIPS.

3.   A SIPS operator shall provide all necessary and appropriate documentation and training to facilitate participants’ understanding of the SIPS’ rules and procedures and the risks they face from participating in the SIPS.

4.   A SIPS operator shall publicly disclose the SIPS’s fees at the level of individual services it offers as well as its discount policies. The SIPS operator shall provide clear descriptions of priced services for comparability purposes.

5.   A SIPS operator shall complete and disclose publicly responses to the CPMI-IOSCO Disclosure framework for financial market infrastructures. It shall update its responses following material changes to the system or its environment, but at least every two years. A SIPS operator shall also, at a minimum, disclose basic data on transaction volumes and values.