Implementation monitoring of PFMI: Level 2 assessment report for Brazil

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 framework for financial market infrastructures (FMIs) in Brazil (including rules and regulations, any relevant policy statements, or other forms of implementation) are complete and consistent with the Principles. 

The assessment finds that - as of 31 May 2018 - the Brazilian legal, regulatory and oversight framework for all FMI types are complete and consistent with the PFMI. Some minor gaps in the frameworks are also identified, though they are judged to have an immaterial impact on the ratings. 

Notwithstanding the consistent ratings for this assessment, the report concludes that the Brazilian legal, regulatory and oversight framework for FMIs can be further strengthened. At a minimum, this could be done by providing public clarity on the hierarchy between the pre-existing (pre-PFMI) regulations and the new (post-PFMI) implementation measures.