On 16 April 2026, the Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) announced that it had completed its assessment of the United Kingdom’s implementation of the framework for systemically important payment systems and central securities depositories (CSDs) / securities settlement systems (SSSs) with the Principles for Financial Market Infrastructures (PFMI).
The CPMI/IOSCO found that for payments systems, and broadly for CSDs/SSSs, the UK framework is complete and consistent with the PFMI. For UK CSDs/SSSs that could provide banking-type ancillary services, the assessment concluded that the regulatory and oversight framework is consistent with 15 Principles, broadly consistent with five (Principles 9, 11, 15, 16 and 23) and not consistent with Principle 10. For UK CSDs/SSSs that do not provide banking-type ancillary services, the assessment found additional gaps in terms of the implementation of Principles 4 and 7, where implementation was assessed to be partly consistent.
The Bank of England (BoE) states that for CSDs, the assessment’s insights will be considered when undertaking any future work to establish rules applicable to CSDs. These will be made utilising new rulemaking powers granted to the BoE by the Financial Services and Markets Act 2000, as amended by the Financial Services and Markets Act 2023.