Wednesday, May 24, 2017 3:39 PM / IOSCO/MR09/2017
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) have today published a report that confirms that Hong Kong’s legal, regulatory and oversight framework for key payments and settlement systems complies with CPMI-IOSCO’s Principles for financial market infrastructures (PFMI).
This report, Implementation monitoring of PFMI: Level 2 assessment report for Hong Kong SAR, presents the conclusions of the CPMI-IOSCO Level 2 assessment of whether, and to what degree, the legal, regulatory and oversight framework for systemically important payment systems (PSs), central securities depositories (CSDs), securities settlement systems (SSSs), central counterparties (CCPs) and trade repositories (TRs) in Hong Kong are complete and consistent with the PFMI.
Conducted as a peer review during 2016–17, this Level 2 assessment reflects the status of Hong Kong’s legal, regulatory and oversight framework as of 15 July 2016 and concludes that it is complete as well as consistent with the Principles.
Alongside the Level 2 assessment for Hong Kong, the CPMI and IOSCO are continuing to advance the broader programme of implementation monitoring for the PFMI. The results of the fourth update to the Level 1 assessments are expected to be published in July 2017; a Level 2 assessment report for Singapore is also expected to be published around July 2017. Other jurisdictions will be assessed at Level 2 over time