The Committee on Payments and Market Infrastructures ("CPMI") and IOSCO concluded that the U.S. legal and regulatory frameworks for systemically important payment systems ("PSs"), central securities depositories ("CSDs") and securities settlement systems ("SSSs") are consistent with the Principles for Financial Market Infrastructure ("PFMI" or "Principles"). The PFMI lays out expectations for the design and operation of financial market infrastructures to improve their safety, limit systemic risk and encourage financial stability.
In the second of three assessment reports on implementation monitoring of the PFMI, CPMI and IOSCO found that:
- Regulation HH ("Designated Financial Market Utilities") consistently and completely implemented all of the Principles relevant to private sector PSs;
- the Payment System Risk ("PSR") policy consistently and completely implemented all Principles pertinent to bank-operated PSs with no gaps between the policy and the Principles;
- Regulation HH and the PSR policy consistently and completely implemented all of the Principles relevant to CSDs/SSSs; and
- the Standards for Covered Clearing Agencies ("CCA") and the associated CCA guidance are consistent when measured against the Principles relevant to CSDs/SSSs.
CPMI and IOSCO identified minor "gaps" in the frameworks for PSs, CSDs and SSSs. However, CPMI and IOSCO noted that the gaps did not have a substantial impact on the rating for the relevant jurisdiction.
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