March 14, 2019

CPMI and IOSCO jointly updated the Level 1 Assessment Online Tracker on monitoring of the implementation of the Principles for financial market infrastructures (PFMI). The online tracker shows progress of various jurisdictions in implementing the international standards for payment systems, central securities depositories, securities settlement systems, central counterparties, and trade repositories. The assessment shows that further progress has been made among some participating jurisdictions that had not completely adopted the implementation measures at the time of the fifth update to Level 1 assessment report, which was published in July 2018.

Notably, Korea and South Africa have completed the process of adopting measures that will enable them to implement the PFMI for all financial market infrastructure (FMI) types. Argentina, Chile, and Indonesia have also reported progress in adopting the measures that will facilitate their implementation of the PFMI, although additional progress is needed to achieve the highest rating for all FMI types. Thus, 23 of the 28 jurisdictions that participate in the implementation monitoring program have adopted measures for all FMI types.

The Level 1 implementation monitoring is based on self-assessments by individual jurisdictions of how they have adopted measures to implement the 24 Principles for financial market infrastructures and four of the five responsibilities for authorities that are included in the PFMI. The online tracker does not require the publication of a Level 1 assessment report, thus permitting jurisdictions to update their information more quickly. 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, Banking, Securities, Level 1 Assessments, FMI, PMI, PFMI, Implementation Monitoring, IOSCO, CPMI, BIS

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