FR14/2017 Implementation monitoring of the PFMI: Fourth update to Level 1 assessment report

Committee on Payments and Market Infrastructures Board of the International Organization of Securities Commissions Implementation monitoring of PFMI: Fourth update to Level 1 assessment report July 2017 76 This publication is available on the BIS website (www.bis.org) and the IOSCO website (www.iosco.org). © Bank for International Settlements and International Organization of Securities Commissions 2017. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISBN 978-92-9259-063-5 (online) CPMI-IOSCO – Implementation monitoring of PFMI: Fourth update to Level 1 assessment report – July 2017 iii Contents Implementation monitoring of PFMI: Fourth update to Level 1 assessment report .............................................. 1 Background to the PFMI and implementation monitoring .............................................................................................. 1 Level 1 assessment methodology ............................................................................................................................................... 2 Key observations ............................................................................................................................................................................... 2 Next steps ............................................................................................................................................................................................. 3 Annex A: Summary table of ratings ........................................................................................................................................... 4 Annex B: Ratings scale ..................................................................................................................................................................... 5 Annex C: Ratings per FMI types ................................................................................................................................................... 6 Annex D: Summary jurisdiction tables ...................................................................................................................................... 8 Argentina ..................................................................................................................................................................................... 8 Chile ............................................................................................................................................................................................. 10 Indonesia ................................................................................................................................................................................... 12 Korea ........................................................................................................................................................................................... 13 Mexico ........................................................................................................................................................................................ 14 Saudi Arabia ............................................................................................................................................................................. 17 South Africa .............................................................................................................................................................................. 18 Turkey ......................................................................................................................................................................................... 19 United States ............................................................................................................................................................................ 20 Annex E: Members of the CPMI-IOSCO implementation monitoring standing group (IMSG) ........................ 23 CPMI-IOSCO – Implementation monitoring of PFMI: Fourth update to Level 1 assessment report – July 2017 1 Implementation monitoring of PFMI: Fourth update to Level 1 assessment report Participating jurisdictions1 continue to make progress in completing the process of adopting legislation, regulations and/or policies that will enable them to implement the Principles for financial market infrastructures (PFMI). This report is the fourth update to the Level 1 assessments, and reflects the status of jurisdictions’ legal, regulatory or policy frameworks as of 6 January 2017. The remainder of this report is divided into the following sections: (i) background to the PFMI; (ii) a description of the Level 1 assessment methodology; (iii) key observations from the fourth set of updates; (iv) the next steps in the Level 1 process; (v) annexe