Implementation monitoring of PFMI: Level 2 assessment report for Turkey

CPMI Papers  | 
06 July 2022

The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) closely monitor the implementation of the Principles for financial market infrastructures (PFMI). This report presents the conclusions drawn by the CPMI and IOSCO from a Level 2 assessment of whether, and to what degree, the legal, regulatory and oversight framework for financial market infrastructures (FMIs) in Turkey (including rules and regulations, any relevant policy statements, or other forms of implementation) are complete and consistent with the Principles.

The assessment finds that – as of 31 May 2019 – Turkey's framework for systemically important payment systems (PSs) and securities settlement systems (SSSs) is complete and consistent with the PFMI. For central counterparties (CCPs) – as of 5 December 2019 – most of the Principles have been implemented in a consistent or broadly consistent manner. In relation to central securities depositories (CSDs) and trade repositories (TRs), the report finds a number of material gaps in areas where it was not possible to see how the framework – as of 31 May 2019 – had been used to induce change to support PFMI implementation in relation to CSDs and TRs.