The Committee on Payments and Market Infrastructures of the Bank for International Settlements and the Board of the International Organization of Securities Commissions published their second assessment of countries’ adoption of legislation, regulations and policies that will enable them to implement the Principles for Financial Market Infrastructures. The PFMIs are high-level best practices for key financial market infrastructures, including financial exchanges, trade repositories, and clearinghouses and clearing agencies, that set forth standards for organization; credit and liquidity risk management; settlement; default management; general business and risk management; and other topics (click here to access the Principles). According to the assessment, “the second update to the … assessments shows that participating jurisdictions have made progress since the previous update in completing the process of adopting legislation, regulations and/or policies that will enable them to implement the PFMIs.” The United States received poorer grades than many other countries mostly because the Securities and Exchange Commission has only published final regulations on some but not all elements of the PFMIs for which it has responsibility. The Commodity Futures Trading Commission and the Board of Governors of the Federal Reserve System were regarded as fully compliant, however.