CPMI, IOSCO in full flow

The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) have been in touch with news on two separate events. Firstly, they today published for public comment a consultative report entitled Harmonisation of the Unique Product Identifier (UPI) (the purpose of the UPI is to identify over-the-counter (OTC) derivatives products that authorities require to be reported to trade repositories (TRs)). The UPI would consist of a product classification system and associated code. The focus of this report is the product classification system.

Secondly, they published the report on Implementation monitoring of PFMI (Principles for financial market infrastructures): Level 2 assessment report for Australia. This presents the findings of the CPMI-IOSCO Level 2 assessment of whether, and to what degree, the legal, regulatory and supervisory frameworks for systemically important payment systems (PSs), central securities depositories (CSDs), securities settlement systems (SSSs), central counterparties (CCPs) and trade repositories (TRs) in Australia, are complete and consistent with the Principles for financial market infrastructures (PFMI).

Overall, the assessment found that Australia has consistently adopted most of the Principles across financial market infrastructure types, with the remaining Principles adopted in a broadly consistent way.