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UK Passes PFMI Assessment for Payment Systems

CPMI and IOSCO released a Level 2 assessment report evaluating the completeness and consistency of the United Kingdom's legal, regulatory, and oversight frameworks for systemically important payment systems (PSs) and central securities depositories/securities settlement systems (CSDs/SSSs) as of 30 September 2023. The assessment found that the UK's implementation of the PFMI is complete and consistent with all Principles for PSs, and the legal frameworks for CSDs/SSSs are complete and consistent in most aspects. Some areas of improvement were identified, particularly in risk and governance principles where implementation was broadly, partly, or not consistent with the PFMI.