April 16, 2026/IOSCO

• The UK’s framework for systemically important payment systems and central securities depositories/securities settlement systems is complete and consistent with the CPMI-IOSCO Principles for Financial Market Infrastructures (PFMI) in most aspects.
• The CPMI-IOSCO assessment identified some areas for improvement where implementation was broadly or partly consistent or not consistent with the PFMI.
• The assessment reflects the status of implementation as of September 2023.

The United Kingdom’s implementation of the framework for systemically important payment systems (PSs) and central securities depositories (CSDs)/securities settlement systems (SSSs) is consistent with the Principles for Financial Market Infrastructures (PFMI) issued by the Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO).

Implementation monitoring of PFMI: Level 2 assessment report for the United Kingdom – PSs and CSDs/SSSs – a CPMI-IOSCO report released today – assesses the completeness and consistency of the legal, regulatory and oversight frameworks in place as of 30 September 2023 for these types of financial market infrastructures.

Developments in the legal, regulatory and oversight frameworks following the Level 2 assessment date are not in the scope of this report.

The report finds that the implementation of the PFMI is complete and consistent with all Principles for PSs. The legal, regulatory and oversight frameworks in the United Kingdom for CSDs/SSSs are complete and consistent with the Principles in most aspects.

However, the assessment identified some areas for improvement, particularly in aspects where implementation was broadly, partly or not consistent, including risk and governance principles.

The UK framework for central counterparties and trade repositories was assessed under the assessment report for EU central counterparties and trade repositories, published in February 2015.