Canadian policymakers have largely implemented the global principles designed to ensure the stability of financial market infrastructures, such as central counterparties, clearing firms and trade repositories. That is one of the findings of a report from the International Organization of Securities Commissions (IOSCO) and the Committee on Payments and Market Infrastructures (CPMI), which reviewed the implementation of global principles for financial market infrastructures.
The review finds that, overall, “jurisdictions have continued to make progress” in adopting legislation, regulations and policies to implement the principles.
According to the report, 19 of the 28 jurisdictions reviewed, including Canada, have achieved the highest rating for their implementation status. Some of the measures adopted by the Bank of Canada and the Canadian Securities Administrators, which are working to ensure the principles are implemented in Canada, don’t take effect until Dec. 31. But, the necessary rules are now in place.
The principles were issued by IOSCO and the CPMI in 2012, following the global financial crisis of 2008-09. Implementing the principles, it says, is a “comprehensive and large-scale undertaking” that applies to several different types of firm and multiple regulators within a single jurisdiction.
The next update of these assessments will take place in 2017.
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