Jurisdictions are making progress on implementing international standards for payment, clearing and settlement systems, a new report by the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) finds.
The two bodies today published the fifth update to the Level 1 assessments of implementation monitoring of the Principles for financial market infrastructures (PFMI). These are based on self-assessments by individual jurisdictions of how they have adopted the PFMI’s 24 Principles for FMIs and four of the five Responsibilities for authorities.
The results show that further progress has been made among some participating jurisdictions that had not completed their implementation measures at the time of the 2017 update. Twenty-one of the 28 jurisdictions have completed the implementation of measures for all FMI types, compared to 20 in the previous update.
Full, timely and consistent implementation of the PFMI is fundamental to ensuring the safety, soundness and efficiency of FMIs and for supporting the resilience of the global financial system.
This report, reflecting the status of jurisdictions’ legal, regulatory or policy frameworks as of 1 January 2018, will be the last published report of the Level 1 assessments. Future updates will be published on the CPMI and IOSCO websites in an online format.
The CPMI and IOSCO continue to monitor the completeness of jurisdictions’ implementation measures and their consistency with the PFMI, and the consistency in the outcomes of such frameworks (Level 2 and 3 assessments.)
Further details on the CPMI-IOSCO implementation monitoring of the PFMI, including a list of published Level 1, Level 2 and Level 3 reports, are available here.