meta_id 3157352

On May 15, 2026, the Financial Services Agency (FSA) announced the publication of two public consultation documents by the Bank for International Settlements Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO). The first consultation document proposes revisions to "Resilience of Central Counterparties (CCPs): Further Guidance on the Principles for Financial Market Infrastructures (PFMI)". The second proposes amendments to "Public Quantitative Disclosure Standards for Central Counterparties". These revisions reflect policy recommendations from a joint report by the Basel Committee on Banking Supervision (BCBS), CPMI, and IOSCO titled "Transparency and Responsiveness of Initial Margin in Centrally Cleared Markets: Review and Policy Proposals". The proposed amendments address transparency and responsiveness mechanisms for initial margin requirements in centrally cleared markets, enhancing the resilience framework for central counterparties that serve as critical financial market infrastructure. The revisions aim to strengthen market stability and reduce systemic risk by improving disclosure standards and operational guidance for CCPs. These updates are applicable to central counterparties and market participants engaged in centrally cleared derivatives and securities transactions. The consultation period closes on June 30, 2026. Stakeholders are invited to submit comments in English to the CPMI and IOSCO secretariats by this deadline. The FSA's International Affairs Division and Market Business Office coordinate Japan's engagement with these international standard-setting bodies.