UK Passes PFMI Assessment for Payment Systems

IOSCO/MR/08/2026

Madrid, 16 April 2026

CPMI-IOSCO assesses that the United Kingdom has implemented the Principles for Financial Market Infrastructures (FMI) for two FMI types, but recommends some improvements

• The UK's framework for systemically important payment systems and central securities
  depositories/securities settlement systems is complete and consistent with the CPMI- IOSCO Principles for Financial Market Infrastructures (PFMI) in most aspects.

• The CPMI-IOSCO assessment identified some areas for improvement where
  implementation was broadly or partly consistent or not consistent with the PFMI.

• The assessment reflects the status of implementation as of September 2023.
  The United Kingdom's implementation of the framework for systemically important payment systems (PSs) and central securities depositories (CSDs)/securities settlement systems (SSSs) is consistent with the Principles for Financial Market Infrastructures (PFMI) issued by the Bank for International Settlements' Committee on Payments and Market

Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO). Implementation monitoring of PFMI: Level 2 assessment report for the United Kingdom - PSs and CSDs/SSSs - a CPMI-IOSCO report released today - assesses the completeness and consistency of the legal, regulatory and oversight frameworks in place as of 30 September 2023 for these types of financial market infrastructures.

MEDIA RELEASE

Developments in the legal, regulatory and oversight frameworks following the Level 2

assessment date are not in the scope of this report.

The report finds that the implementation of the PFMI is complete and consistent with all Principles for PSs. 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.

The UK framework for central counterparties and trade repositories was assessed under the assessment report for EU central counterparties and trade repositories, published in February

2015.

Notes to Editors

1. IOSCO is the leading international policy forum for securities regulators and the global standard setter for financial markets regulation. It develops, implements and promotes adherence to internationally recognized standards for financial markets regulation and works closely with other

international organizations on the global regulatory reform agenda. The Organization's membership regulates more than 99% of the world's securities markets in 2.

some 131 jurisdictions. By providing high quality technical assistance, education, and training, IOSCO supports its members to come together to achieve the following three objectives:

• Enhance investor protection;
• Ensure markets are fair and efficient; and • Promote financial stability by reducing systemic risk.

1. The IOSCO Board is the governing and standard-setting body of IOSCO and is made up of 35 securities regulators. Mr. Jean-Paul Servais, the Chair of Belgium's Financial Services and Markets Authority (FSMA), is the Chair of the IOSCO Board. The Growth and Emerging Markets (GEM) Committee is the largest Committee within IOSCO, 4. representing more than 75% of the IOSCO membership, including ten of the G20 members. The Committee unites members from growth and emerging markets and communicates their views at other global regulatory discussions. IOSCO counts four regional committees: (1) Africa / Middle-East (AMERC), chaired by H.E. 5.

Waleed Saeed Al Awadhi, Chief Executive Officer, Securities and Commodities Authority, United Arab

Emirates; (2) Asia & Pacific (APRC), chaired by Ms. Julia Leung Chief Executive Officer of the Hong- Kong Securities and Futures Commission; (3) European Regional Committee (ERC), chaired by Mr.

Jean-Paul Servais; and (4) Inter-American Regional Committee (IARC), chaired by Ms. Lucia Buenrostro Vice President of Regulatory Policy at the Mexican Comisión Nacional Bancaria y de Valores. IOSCO's General Secretariat is headquartered in Madrid, Spain. The Secretariat supports and 6.

coordinates the work of IOSCO and is comprised of permanent staff and member secondees. It is led by Rodrigo Buenaventura who was appointed IOSCO's Secretary General in January 2025.

Press Enquiries

Emilie Bernard Communications Manager e.bernard@iosco.org / www.iosco.org