CPMI and IOSCO have published a which presents the findings of the assessment of the completeness and consistency of frameworks and outcomes arising from jurisdictions’ implementation of the Responsibilities for authorities in the Principles for financial market infrastructures (PFMI). The PFMI are international standards for payment, clearing and settlement systems, and trade repositories.
The assessments covered implementation of the Responsibilities across all financial market infrastructure (FMI) types in 28 participating jurisdictions. The report found that a majority of the jurisdictions had achieved a high level of observance of the Responsibilities. 16 fully observed the five Responsibilities for all FMI types; 2 jurisdictions either fully or broadly observed each of the five Responsibilities for all FMI types. With respect to specific FMI types, jurisdictions most frequently fell short of a fully observed rating in the case of trade repositories (TRs). 5 of the participating jurisdictions had TR regimes that were still not ready for assessment. In addition, several other jurisdictions lacked clear criteria and/or fully disclosed policies to support their regulation, supervision and oversight of TRs. CPMI and IOSCO will review the Responsibilities in the light of the findings of this assessment and consider the need for additional guidance.