meta_id 3068441

On 16 April 2026, the Bank for International Settlements' Committee on Payments and Market Infrastructures (CPMI) and the International Organisation of Securities Commissions (IOSCO) published a Level 2 assessment report evaluating the United Kingdom's implementation of the Principles for Financial Market Infrastructures (PFMI). The assessment examined the legal, regulatory, and oversight frameworks for systemically important payment systems, central securities depositories, and securities settlement systems as of September 2023. The CPMI-IOSCO concluded that the United Kingdom's frameworks for payment systems are complete and consistent with the PFMI. However, for central securities depositories and securities settlement systems, while the frameworks are largely compliant, the assessment identified areas requiring improvement. Specifically, the report highlighted inconsistencies in risk and governance principles, where implementation was found to be broadly, partly or not consistent with the PFMI requirements. The assessment represents CPMI-IOSCO's ongoing monitoring to ensure that financial market infrastructure implementations across jurisdictions meet international standards. The findings indicate that while the United Kingdom has achieved substantial compliance for payment systems, regulatory authorities should prioritise addressing the identified gaps in the central securities depositories and securities settlement systems frameworks, particularly strengthening risk management and governance arrangements to achieve full consistency with the PFMI.