Implementation monitoring of PFMI: Level 2 assessment report for UK payment systems and central securities depositories/securities settlement systems

The Bank for International Settlements' 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 CPMI-IOSCO from a Level 2 assessment of whether, and to what degree, the legal, regulatory and oversight frameworks in the United Kingdom for systemically important payment systems and central securities depositories (CSDs)/securities settlement systems (SSSs) are complete and consistent with the Principles. 

The assessment finds that – as of September 2023 – the United Kingdom's legal, regulatory and oversight frameworks for payment systems are complete and consistent with the PFMI.

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.