“Implementation monitoring of PFMIs – Level 1 assessment report: The Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) have started the process of monitoring implementation of the Principles for financial market infrastructures (PFMIs). This report reviews jurisdictions’ progress towards adopting the legislation and other policies that will enable them to completely implement the 24 Principles for FMIs and the Responsibilities for authorities included in the PFMIs. Future CPSS-IOSCO assessments will evaluate the consistency of implementation measures in each jurisdiction with the PFMIs and will evaluate consistency of outcomes among FMIs themselves resulting from the application of the PFMIs. The PFMIs are international standards for payment, clearing and settlement systems, and trade repositories. They are designed to ensure that the infrastructure supporting global financial markets is robust and well placed to withstand financial shocks. The PFMIs were issued by CPSS-IOSCO in April 2012, and jurisdictions around the world are currently in the process of implementing them into their regulatory frameworks to foster the safety, efficiency and resilience of their financial market infrastructures (FMIs). The Implementation monitoring of PFMIs – Level 1 assessment report includes jurisdictions’ self-assessments of progress towards full adoption. The report indicates that most jurisdictions have begun the process of implementation. Few have completed the process for all types of FMIs but many are making good progress and expect to be well advanced by the end of the year. Given that the PFMI were only issued in April 2012 this represents substantial progress.”
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