QA2019-37 - Scope of PCCSC

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Feb 01, 2024
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QA2019-37

Question


What is the solo/conso scope for payment, settlement, clearing and custody?


Response


At consolidated level, the bank should list/identify all the relevant services provided by banking entities to third parties (i.e. “clients” of the Group). At solo level, we expect the bank to identify which legal entity(ies) provide these services to third parties in particular (this is irrespective of whether FMI participation is at group level only). If the ultimate parent only provides services to group entities, its solo report should not identify these services as critical functions.