PFMI实施监测：英国二级评估报告——PS和CSD/SSS

Board of the InternationalOrganization of SecuritiesCommissions Implementationmonitoring of PFMI: Level 2 April 2026 This publication is available on the BIS website (www.bis.org) and the IOSCO website (www.iosco.org). ISBN978-92-9259-945-4 (online) Contents 1.Executive summary......................................................................................................................................................... 11.1Legal and regulatory frameworks ................................................................................................................... 11.2Key findings of the assessment........................................................................................................................ 2 2.Introduction ...................................................................................................................................................................... 42.1Broader context of the Level 2 assessment................................................................................................. 42.2Objective and rating ............................................................................................................................................. 5 3.1Payment systems ................................................................................................................................................... 73.2CSDs/SSSs................................................................................................................................................................. 83.3Process ....................................................................................................................................................................... 8 4.1.1Overview and general observations....................................................................................................10 4.2.1Payment systems ........................................................................................................................................144.2.2CSDs/SSSs......................................................................................................................................................14 Annex C: PSs and CSD/SSSs subject to the Principles in United Kingdom (as at 30 September 2023)........26 Annex D: Members of the IMSG................................................................................................................................................27 1.Executive summary In April 2012, the BIS Committee on Payments and Settlement Systems (CPSS)1and the InternationalOrganization of Securities Commissions (IOSCO) issued thePrinciples for financial market infrastructures (PFMI).2The principles within the PFMI (“the Principles”) set expectations for the design and operation ofkey financial market infrastructures (FMIs) in order to enhance their safety and efficiency and, morebroadly, to limit systemic risk and foster transparency and financial stability. The Principles apply to allsystemically important payment systems (PSs) and central securities depositories (CSDs)/ securities This report presents the CPMI and IOSCO’s conclusions on a Level 2 assessment on whether, andto what degree, the content of the legal, regulatory and oversight frameworks – including rules and Given that there are separate regulatory frameworks for PSs and CSDs/SSSs, the assessment team(AT) has assessed each of these separately. The assessment reflects the status of the UK legal, regulatory and oversight frameworks as of30 September 2023. Accordingly, assessment ratings, recommendations and key conclusions reflect the 1.1Legal and regulatory frameworks There are separate regulatory frameworks for PSs and CSDs/SSSs. The relevant UK authorities are: •PSs:the Bank of England (BoE) and the Payment Systems Regulator (PSR); and CSDs/SSSs:the BoE. • A mix of different types of implementation measures are used for PSs and CSDs/SSSs in the UnitedKingdom; in the case of PSs there are also differences in the implementation measures for private sector •For PSs:the Banking Act 2009 andThe Bank of England’sapproach to the supervision of financialmarket infrastructures(BoE policy statement) (the former does not apply to central bank-operatedPSs). 1The CPSS changed its name to the BIS Committee on Payments and Market Infrastructures (CPMI) on 1 September 2014.References to reports published before that date use the Committee’s old name. 2SeeCPSS-IOSCO,Principles for financial market infrastructures,April 2012,www.bis.org/cpmi/publ/d101.htm andwww.iosco.org/library/pubdocs/pdf/IOSCOPD377-PFMI.pdf. 3As at the assessment date, UK CSDR was unchanged in substance from the EU CSDR that entered into force on 17 September2014, being part of retained EU law following the United Kingdom’s withdrawal from the European Union. The UK CSDR wasamended by the Central Securities Depositories (Amendment) (EU Exit) Regulations 2018