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CPMI, IOSCO publish final guidance report for FMIs on general business risk, losses

Wednesday, October 14, 2026 — 15:54:33 (UTC)

IOSCO/MR/21/2026

Madrid, 14 October 2026

Global standard-setting bodies publish final report on guidance for FMIs on general business risk and general business losses

CPMI and IOSCO issue their final report on FMIs’ management of general business risk and losses. The report provides supplemental guidance to the CPMI-IOSCO Principles for financial market infrastructures. The Bank of International Settlements (BIS)’ Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) today published a final report on financial market infrastructures’ (FMIs) management of general business risks and general business losses.

The report sets out guidance for FMIs and relevant authorities, including in the context of FMIs’ recovery and orderly wind-down, on:

identifying, monitoring, and managing general business risks; determining the minimum amount of liquid net assets funded by equity to be held against potential general business losses; and governance and transparency in managing general business risks.

The final report builds on the consultative report on general business losses published in November 2025. It takes into account the findings of the Level 3 assessment report on the implementation of PFMI Principle 15 (General business risk), which identified issues relating to FMIs' management of general business risks and the liquid net assets funded by equity they hold to cover potential losses.

Consultation responses can be found here. CPMI and IOSCO appreciate the thorough responses and engagement received from respondents.

Notes to Editors

IOSCO is the leading international policy forum for securities and derivatives regulators and the global standard setter for financial markets regulation. It develops, implements and promotes adherence to internationally recognized standards for financial markets regulation and works closely with other international organizations on the global regulatory reform agenda.

The Organization's membership regulates more than 99% of the world's financial markets in over 130 jurisdictions. By providing high-quality technical assistance, education, and training, IOSCO supports its members to come together to achieve the following three objectives: Enhance investor protection;

Ensure markets are fair and efficient; and

Promote financial stability by reducing systemic risk. The IOSCO Board is the governing and standard-setting body of IOSCO and is made up of 35 securities regulators. Mr. Jean-Paul Servais, the Chair of Belgium’s Financial Services and Markets Authority (FSMA), is the Chair of the IOSCO Board. Dr. Islam Azzam, Executive Chairman, Financial Regulatory Authority, Egypt, is Vice-Chairman of the IOSCO Board, Mr. Toshiyuki Miyoshi, Vice Minister for International Affairs, Financial Services Agency, Japan, Mr. Mark T. Uyeda, Commissioner, US Securities and Exchange Commission (SEC) and Mr. Grant Vingoe, Chief Executive Officer, Ontario Securities Commission (OSC) are Vice-Chairs of the IOSCO Board.

The Growth and Emerging Markets (GEM) Committee is the largest Committee within IOSCO, representing more than 75% of the IOSCO membership, including ten of the G20 members. The Committee unites members from growth and emerging markets and communicates their views at other global regulatory discussions. It is chaired by Dr. Islam Azzam, Executive Chairman, Financial Regulatory Authority, Egypt.

IOSCO counts four regional committees: (1) Africa / Middle-East (AMERC), chaired by H.E. Waleed Saeed Al Awadhi, Chief Executive Officer, Securities and Commodities Authority, United Arab Emirates; (2) Asia & Pacific (APRC), chaired by Ms. Julia Leung Chief, Executive Officer of the Hong-Kong Securities and Futures Commission; (3) European Regional Committee (ERC), chaired by Mr. Jean-Paul Servais; and (4) Inter-American Regional Committee (IARC), chaired by Ms. Christina Rolle, Executive Director, Securities Commission of The Bahamas.

IOSCO’s General Secretariat is headquartered in Madrid, Spain. The Secretariat supports and coordinates the work of IOSCO and is comprised of permanent staff and member secondees. It is led by Rodrigo Buenaventura who was appointed IOSCO’s Secretary General in January 2025. Press Enquiries

Emilie Bernard Communications Manager e.bernard@iosco.org / www.iosco.org

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Source: Company press release.

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