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
Keywords: International, PMI, Banking, PFMI, FMI, Implementation Monitoring, CPMI, IOSCO
HKMA announced the publication of a report on fintech adoption and innovation in the banking industry in Hong Kong.
BIS published a working paper that examines the drivers of cyber risk, especially in context of the cloud services.
ECB launched consultation on a guide specifying how the Banking Supervision expects banks to consider climate-related and environmental risks in their governance and risk management frameworks and when formulating and implementing their business strategy.
ECB published an opinion (CON/2020/16) on amendments to the prudential framework in EU in response to the COVID-19 pandemic.
EBA published a report that examines the interlinkages between recovery and resolution planning under the Bank Recovery and Resolution Directive (BRRD).
SRB published the final Minimum Requirements for Own Funds and Eligible Liabilities (MREL) policy under the Banking Package.
EIOPA published its risk dashboard based on Solvency II data from the fourth quarter of 2019.
MNB published a statement on loan payments post the announced moratorium, in addition to a set of new questions and answers (Q&A) on supervisory measures and requirements announced amid COVID-19 pandemic.
EBA updated the Single Rulebook question and answer (Q&A) tool for banks.
US Agencies (FDIC, FED, and OCC) published an interim final rule that temporarily revises the supplementary leverage ratio calculation for depository institutions.