CPMI and IOSCO published a Level 2 assessment report on the implementation monitoring of PFMI in Canada. The report concludes that legal, regulatory, and oversight frameworks for financial market infrastructures in Canada are generally complete and consistent with the Principles for financial market infrastructures (PFMI), with some exceptions. The report reflects the status of Canada´s frameworks as of June 30, 2017.
In case of Canada, a few gaps of varying significance have been identified for Principle 7 (as applicable to payment systems or PSs, central securities depositories or CSDs, securities settlement systems or SSSs, central counterparties or CCPs) and Principles 1, 2, 15, 19, 20, and 21 (as applicable to trade repositories). The Canadian authorities welcomed the assessment and indicated that they would seek to address, as appropriate, the findings of the report. Level 2 assessments focus on whether, and to what degree, the content of a jurisdiction's legislation, regulations, and policies for systemically important PSs, CSDs, SSSs, CCPs, and trade repositories are complete and consistent with the PFMI.
Keywords: Americas, Canada, PMI, PFMI, Banking, Level 2 Assessment, Implementation Monitoring, Systemic Risk, CPMI, IOSCO
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