Bank for International Settlements (BIS) Committee on Payments and Market Infrastructures (CPMI) and International Organization of Securities Commissions (IOSCO) They published a detailed review concluding that the UK maintained a sound and largely sound policy. compatible Framework for the supervision of two critical categories of financial market infrastructures (FMIs).
The assessment, published on April 16, 2026, focuses on systemically important payment systems (PSs), central depository institutions (CSDs) and securities settlement systems (SSSs).
England confirms this legalRegulatory and supervisory arrangements are fully consistent with the internationally accepted Principles for Financial Market Infrastructures (PFMI) when it comes to payment systems, with only limited gaps for CSDs and FAQs.
The Level 2 assessment report, officially titled “Monitoring PFMI implementation: Level 2 assessment report for the UK – PSs and CSDs/FAQs”, assesses the completeness and consistency of the UK’s surveillance regime as it exists at 30 September 2023.
Any regulator or legislative updates introduced after this deadline are outside the scope of the analysis.
according to research According to the findings, the UK’s regulations on systemically important payment systems fully meet all 24 PFMI principles.
These global standards, first published by CPMI and IOSCO in 2012, set minimum requirements designed to promote the security, efficiency and resilience of FMIs that support the proper functioning of financial markets.
Central depository institutions and securities The UK framework for settlement systems is also considered to be complete and consistent in the majority of principles.
However, the report identifies specific areas where implementation is only generally consistent, partially consistent, or in a few cases not consistent with PFMI.
Particular attention is drawn to some aspects risk management and governance arrangements where authorities are encouraged to strengthen existing measures to ensure full compliance.
These recommendations are presented not as fundamental weaknesses but as opportunities to improve the already robust regulatory structure.
Importantly, the current review does not reconsider the UK’s oversight of central counterparties (CCPs) or trading repositories.
These categories were previously examined in a separate 2015 CPMI-IOSCO assessment. EUBased organizations that reflect the regulatory environment before the UK left the European Union.
The publication of this report forms part of CPMI-IOSCO’s ongoing global monitoring program to ensure that jurisdictions consistently implement PFMI.
like FMIs payment systems and securities settlement platforms support daily financial transactions, clearing and settlement activities worth trillions of dollars per day.
The evaluation confirmed the high level of compliance in the UK. London‘s position as a leading international financial center signals a clear path for targeted improvements that could further enhance systemic resilience.
Overall, the CPMI-IOSCO review EnglandFMI surveillance regime.
It provides practical guidance for maintaining compliance with the world’s highest regulatory benchmarks, while underlining the effectiveness of post-crisis reforms. stakeholders England Financial sector expected to review detailed report findings While officials consider next steps to address identified areas of improvement.
