By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-The International Organisation of Securities Commissions (IOSCO) and Committee on Payment and Settlement Systems (CPSS) Wednesday announced it has published the first update to the Level one (1) assessments of implementation monitoring for the Principles for financial market infrastructures(PFMIs).

According to IOSCO and CPSS, the level 1 assessments are based on self-assessments by individual jurisdictions on how they have adopted the 24 Principles for FMIs and four of the five Responsibilities for authorities within the regulatory and oversight framework that applies to FMIs.

IOSCO and CPSS said the update report shows that significant progress has been made by the 28 participating jurisdictions since the initial Level 1 report in August 2013.

The two global regulatory bodies affirmed that the report also reveals that progress in implementing the PFMIs continues to vary according to the type of financial market infrastructure (FMI).

‘’Overall there is encouraging progress across all FMI types, with implementation well advanced for central counterparties (CCPs), trade repositories (TRs) and payment systems (PS) but less advanced for central securities depositories (CSDs) and securities settlement systems (SSS). In particular, implementation measures applicable to payment systems have shown the most progress since the initial Level 1 assessment,’’ the two bodies said.

Based on this level of assessment, CPSS and IOSCO are moving to the second level of the implementation monitoring for the PFMIs (Level 2 assessments).

In the initial round of the Level 2 assessments, CPSS and IOSCO will conduct a detailed evaluation and a peer-review assessment regarding whether the adopted measures are complete and consistent with the principles for CCPs and TRs in the European Union, Japan and the United States; while other jurisdictions and other categories of FMI will be covered in subsequent rounds.