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
BoE published a statistical notice (Notice 2020/9) explaining the approach for treatment of payment holidays on the profit and loss return or Form PL.
BoE updated the known issues document for the statistical reporting Forms AS and FV.
FED announced individual capital requirements for 34 large banks and these requirements go into effect on October 01, 2020.
SRB published a set of documents to give operational guidance to banks on implementation of the bail-in tool.
BIS published an update on the G20 TechSprint Initiative, which was launched in April 2020 and aims to highlight the potential for technologies to resolve regulatory compliance (regtech) and supervisory (suptech) challenges.
OSFI published a letter that provides an update on the milestones for the implementation of the IFRS 17 standard on insurance contracts.
EBA updated the report on the implementation of selected COVID-19 policies.
The Financial Stability Institute (FSI) of BIS published a brief note that examines the supervisory challenges associated with certain temporary regulatory relief measures introduced by BCBS and prudential authorities in response to the COVID-19 pandemic.
BCBS is consulting on the principles for operational resilience and the revisions to the principles for sound management of operational risk for banks.
BoE updated the reporting template for Form ER as well as the Form ER definitions, which contain guidance on the methodology to be used in calculating annualized interest rates.