CPMI and IOSCO Publish Reports on the Implementation of the Principals for Market Infrastructures in the EU, Japan and the U.S.

The Committee on Payments and Market Infrastructures ("CPMI") and IOSCO published three reports on the European Union, Japan and the United States' progress in implementing the Principles for Financial Market Infrastructures ("PFMI").

The reports focus on the implementation of the PFMI for central counterparties ("CCPs") and trade repositories ("TRs") in the three jurisdictions. Each assessment reflects the status of the jurisdiction's legal, regulatory and oversight frameworks as of April 18, 2014.

Overall, the reports showed that the three jurisdictions have made "good progress" in implementing the PFMI in their legal and regulatory and/or oversight frameworks. The reports demonstrated that the jurisdictions generally have developed frameworks that "completely and consistently" implement either all or the majority of the PFMI that are applicable to systemically important CCPs, whereas progress toward the implementation of the PFMI for TRs was "more varied." The reports also highlighted gaps in the jurisdictions' implementation and made recommendations for addressing those gaps.

See: Report on European Union; Report on Japan; Report on United States; IOSCO Press Release.