BIS reports on IOSCO PFMI update: The Committee on Payments and Market Infrastructures (CPMI) and IOSCO published a second update to the Level 1 assessments of the implementation monitoring of the "Principles for financial market infrastructures (PFMIs)". This update shows the 28 participating jurisdictions have made good progress since the previous update in May 2014. The gap in the progress on implementation measures applicable to central securities depositories and securities settlement systems compared to other types of FMI has now closed. The various authorities will conduct the next update of the Level 1 assessments in 2016. A second round of Level 2 assessments for the PFMIs is now beginning, along with a first round of Level 3 assessments for the PFMIs. IOSCO and CPMI should publish the results from these assessments in 2015/2016. CPMI and IOSCO also recently undertook an assessment of the completeness and consistency of frameworks and outcomes (combined Level 2 and Level 3) arising from jurisdictions' implementation of the Responsibilities for authorities included in the PFMIs. This exercise is well under way and they should publish a report presenting the results later this year. (Source: Second Update to PFMI Level 1 Assessment Report)