July 15, 2017 11:00 AM / Ref no: IOSCO/MR/19/2017
The Committee on Payments and Market Infrastructures (CPMI) and the International
Organization of Securities Commissions (IOSCO) have today published the fourth update to the Level 1 assessments of
implementation monitoring of the Principles for financial market infrastructures (PFMI).
Level 1 assessments are based on self-assessments by
individual jurisdictions of how they have adopted, within their regulatory and
oversight frameworks, the PFMI’s 24 Principles for FMIs and four of the five
Responsibilities for authorities.
The initial Level 1 assessment was conducted in
mid-2013, and a report was published in August 2013. The current report is the
fourth update to the Level 1 assessments, and reflects the status of
jurisdictions’ legal, regulatory or policy frameworks as of 6 January 2017.
The result shows that some progress has been made
among those participating jurisdictions that had not completed their
implementation measures at the time of the previous update
in 2016. 20 of the 28 jurisdictions assessed have now completed their
implementation measures for all FMI types (19 jurisdictions in the previous
The next update of the Level 1 assessment will be
conducted in 2018.
Alongside their updates to the Level 1 assessment, the
CPMI and IOSCO continue to monitor jurisdictions’ progress at Levels 2 and 3.
These assessments consider, respectively, the completeness of jurisdictions’
implementation measures and their consistency with the PFMI, and consistency in
the outcomes of such frameworks.
The CPMI promotes the
safety and efficiency of payment, clearing, settlement and related
arrangements, thereby supporting financial stability and the wider economy. The
CPMI secretariat is hosted by the BIS. More information about the CPMI, and all
its publications, can be found on the BIS website at http://www.bis.org/cpmi.
IOSCO is the leading
international policy forum for securities regulators and is recognised as the
global standard setter for securities regulation. The organisation’s membership
regulates more than 95% of the world’s securities markets in more than 115
jurisdictions. See www.iosco.org.
Both the CPMI and IOSCO
are recognised as international standard-setting bodies by the Financial
Stability Board (FSB).(www.financialstabilityboard.org).
The FSB established a
coordination framework in October 2011 for monitoring and reporting on the
implementation of G20 financial reforms. The framework envisages, inter alia,
standard-setting bodies taking on the responsibility for monitoring and
reporting on national implementation progress in their respective areas.