30 November 2015

CPMI and the IOSCO published the report on assessment and review of application of responsibilities for authorities

This report presents the findings of the CPMI-IOSCO assessment of the completeness and consistency of frameworks and outcomes arising from jurisdictions’ implementation of the Responsibilities for authorities in the Principles for financial market infrastructures (PFMI). The assessments covered implementation of the Responsibilities across all financial market infrastructure (FMI) types in 28 participating jurisdictions. The work on the Responsibilities was carried out as a peer review during 2015. Overall, the assessment revealed that a majority of the jurisdictions had achieved a high level of observance of the Responsibilities. Of the 28 jurisdictions assessed, 16 fully observed the five Responsibilities for all FMI types; an additional two jurisdictions either fully or broadly observed each of the five Responsibilities for all FMI types.

With respect to specific FMI types, jurisdictions most frequently fell short of a fully observed rating in the case of trade repositories (TRs). Five of the participating jurisdictions had TR regimes that were still in development and were therefore determined to be “not ready for assessment”. In addition, several other jurisdictions lacked clear criteria and/or fully disclosed policies to support their regulation, supervision and oversight of TRs.

With respect to specific Responsibilities, considerable variability was observed in implementation measures for the Responsibility on cooperation with other authorities. This was due partly to the fact that many cooperative arrangements are new, but may in some cases also reflect different interpretations among authorities of the expectations in this area. 

Full press release

Full report

© IOSCO