On 28 April 2025, the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions (CPMI-IOSCO) issued a report ‘Implementation monitoring of PFMI: Level 2 assessment report for the EU – PSs and CSDs / SSSs’. The report presents CPMI-IOSCO’s assessment of whether, and to what degree, the contents of the legal, regulatory and oversight framework applied to systemically important payment systems (PSs) and central securities depositories/securities settlement systems (CSDs/SSSs) are complete and consistent with the Principles for financial market infrastructures (PFMI). The assessment reflects implementation as of October 2019. A separate assessment is to be conducted for United Kingdom. In summary, the report finds that the implementation of the PFMI is complete and consistent for all principles for PSs. The legal, regulatory and oversight frameworks in the EU for CSDs/SSSs are complete and consistent with the PFMI in most aspects. However, the CPMI-IOSCO also identifies certain areas for improvement.