July 23, 2018

CPMI and IOSCO published the fifth update to the Level 1 assessments of implementation monitoring of the Principles for financial market infrastructures (PFMI). The update is based on self-assessments by individual jurisdictions of how they have adopted the 24 PFMIs and four of the five Responsibilities for authorities. Overall, the results show that jurisdictions are making progress on implementing international standards for payment, clearing, and settlement systems.

Further progress has been made among some participating jurisdictions that had not completed their implementation measures at the time of the 2017 update. Twenty-one of the 28 jurisdictions have completed the implementation of measures for all Financial Market Infrastructure types, compared to 20 in the previous update. Of the eight jurisdictions (Argentina, Chile, Indonesia, Korea, Mexico, Saudi Arabia, South Africa,and the U.S.) that had not self-attested to full implementation of the Principles for all FMI types as reported in the previous update, four (Chile, Mexico, Saudi Arabia, and the U.S.) have reported improved ratings for the current, fifth update, with one jurisdiction (Mexico) now reporting full implementation status. Four jurisdictions (Argentina, Indonesia, Korea, and South Africa) reported no change in their ratings. 

This report reflects the status of jurisdictions' legal, regulatory, or policy frameworks as of January 01, 2018 and will be the last published report of the Level 1 assessments. Future updates will be published on the CPMI and IOSCO websites in an online format. The CPMI and IOSCO continue to monitor the completeness of jurisdictions' implementation measures, their consistency with the PFMI, and the consistency in the outcomes of such frameworks (Level 2 and 3 assessments). Jurisdictions rated their level of implementation using the following four-point scale:

  • 1: draft implementation measures are not published
  • 2: draft implementation measures are published
  • 3: final implementation measures are published but are not yet in force
  • 4: final implementation measures are in force
  • NA: no implementation measures are needed 

 

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Keywords: International, PMI, Banking, PFMI, FMI, Implementation Monitoring, CPMI, IOSCO

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