Committee on Payments and Market Infrastructures and International Organization of Securities Commissions assess EU PFMI implementation as fully consistent for payment systems and mostly consistent for CSDs with improvements recommended

The Bank for International Settlements' Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a Level 2 assessment of the European Union’s implementation of the Principles for Financial Market Infrastructures (PFMI) for systemically important payment systems and central securities depositories and securities settlement systems (CSDs/SSSs). The report finds implementation complete and consistent with the PFMI for all Principles applicable to payment systems, and complete and consistent in most aspects for CSDs/SSSs, while recommending improvements where implementation was assessed as broadly or partly consistent or not consistent. The assessment covers the legal, regulatory and oversight framework in place as of 30 October 2019 and excludes later developments. Given distinct regimes, the review separately assessed the euro area payment system framework, the Swedish payment system framework and the EU-wide framework for CSDs/SSSs, and it highlights areas for improvement including in risk and governance-related principles. The United Kingdom was not evaluated because CPMI-IOSCO decided to conduct a separate Level 2 assessment for the UK. The Level 2 assessment report for EU central counterparties and trade repositories was published in February 2015.