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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 update). 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.
