On 7 November 2025, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published an implementation monitoring report on general business risks.
The report reviews the implementation of Principle 15 of the Principles for financial market infrastructures at a sample of 34 financial market infrastructures (FMIs) from 27 jurisdictions, based on work carried out in 2023–24.
The report identifies a number of serious issues of concern relating to:
- Determining FMIs’ needs for liquid net assets funded by equity (LNAFE) to cover potential losses arising from general business risk and for implementing plans for recovery and orderly wind-down.
- Holding LNAFE in addition to resources held for risks other than general business risk.
- Recovery and orderly wind-down planning for general business risk.
- Plans for raising additional equity in case of capital shortfalls.
At the same time the CPMI and IOSCO have issued a consultative report that sets out proposed guidance for FMIs and relevant authorities relating to FMIs’ management of general business risks and general business losses, including in the context of recovery and orderly wind-down. The proposed guidance, which supplements the PFMI, takes into account the findings of the assessment report. The deadline for comments on the consultative report is 6 February 2026.