Page 25 - 期货和衍生品行业监管动态（2025年11月）

期货和衍生品行业监管动态

assets funded by equity they hold to cover potential losses.

 The consultative report sets out guidance for public consultation that

addresses these findings and provides supplemental guidance to the

CPMI-IOSCO Principles for financial market infrastructures (PFMI).

The CPMI and IOSCO today published two reports on the subject of

management of general business risks and general business losses by FMIs.

The Level 3 assessment report reviews the implementation of the PFMI Principle

15 on general business risk at a sample of 34 FMIs and identifies a number of serious

issues of concern. These relate to areas which include determining the amounts of

liquid net assets funded by equity to cover potential losses from different sources of

risks, recovery and orderly wind-down planning, and plans for raising additional

equity.

The consultative report 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. This

proposed guidance, which supplements the PFMI, takes into account the findings of

the assessment report.

Comments on the consultative report should be submitted by 6 February 2026

via email to both the CPMI Secretariat (cpmi@bis.org) and the IOSCO Secretariat

(GBR-CP@iosco.org). Comments will be published on the websites of the BIS and

IOSCO unless otherwise requested. Commercial or other sensitive information should

not be included in the submissions, or may be included, with redactions for

publication clearly noted.

https://www.iosco.org/news/pdf/IOSCONEWS777.pdf

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