Implementation monitoring of PFMI: Assessment report for the United States - Payment systems, central securities depositories and securities settlement systems

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 frameworks for systemically important payment systems (PSs), central security depositories (CSDs) and securities settlement systems (SSSs) in the United States (US), including rules and regulations, any relevant policy statements, or other forms of implementation, are complete and consistent with the Principles. 

The assessment concludes that the US legal, regulatory and oversight frameworks for PSs, CSDs and SSSs are complete and consistent with PFMI. While minor gaps in the frameworks for PSs and CSDs/SSSs are also identified, they are judged to have immaterial impact on the ratings. 

The assessment reflects the status of the US legal, regulatory and oversight framework as of March 2018. The report complements a February 2015 report on central counterparties and trade repositories. The US has now completed the Level 2 peer assessment process for the implementation of the PFMI.