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Jurisdictions move forward towards implementing standards for payment, clearing and settlement

Hamilton, Bermuda: March 14, 2019: - International Organization of Securities Commissions (IOSCO) today published communication on concerns related to Initial Coin Offerings; the full filing stated the following;

Jurisdictions move forward towards implementing standards for payment, clearing and settlement;

 

According to a recent update to the Level 1 information made available by the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO), jurisdictions are making progress on implementing international standards for payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories.

The Level 1 implementation monitoring isbased on self-assessments by individual jurisdictions of how they have adopted measures to implement the 24 Principles for financial market infrastructures (PFMI) and four of the five Responsibilities for authorities that are included in the PFMI.

Today CPMI and IOSCO jointly released updated information on this progress through the Level 1 assessments online tracker, which is accessible on the CPMI and IOSCO websites. The online tracker does not require the publication of a Level 1 assessment report, thereby permitting jurisdictions to update their information more quickly.

Today’s update shows that further progress has been made among some participating jurisdictions that had not completely adopted their implementation measures at the time of the Fifth update to Level 1 assessment report, published in July 2018. Notably, Korea and South Africa have completed the process of adopting measures that will enable them to implement the PFMI for all FMI types. Argentina, Chile and Indonesia have also reported progress in adopting measures that will facilitate their implementation of the PFMI, although additional progress is needed to achieve the highest rating for all FMI types.

Thus, 23 of the 28 jurisdictions that participate in the implementation monitoring programme have adopted measures for all FMI types.

The CPMI and IOSCO encourage jurisdictions to continue to adopt measures that will enable them to implement the PFMI.  To support future progress, the two bodies will continue to update the information on the Level 1 assessments through the online tracker, based on progress reported by participating jurisdictions.

 

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For more information on the Bermuda Stock Exchange (BSX), contact Nancy Vieira at 1-441-292-7212 or nvieira@bsx.com. Information is also available at www.bsx.com and on Bloomberg at BSX <GO> the BSX was founded in 1971 and is the world’s leading fully electronic offshore securities market. The BSX list equities, mutual funds and bonds, depository receipts and derivative warrant securities. The BSX is a full member of the World Federation of Exchanges (WFE) and an affiliate member of IOSCO. In addition, the BSX is recognized by the U.S. Securities & Exchange Commission (SEC) as a Designated Offshore Securities Market under Regulation S; The Financial Services Authority in the UK as a Designated Investment Exchange; HM Revenue & Customs in the UK as a Recognized Stock Exchange; The Bermuda Monetary Authority as a Recognised Investment Exchange and as an Approved Stock Exchange under Australia’s Foreign Investment Funds (FIF) taxation rules.   

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