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IOSCO (International Organization of Securities Commissions)

Institution · Standard setter

The International Organization of Securities Commissions is the global standard-setter for securities regulators, the IOSCO-side counterpart to the Basel Committee on the bank-prudential side. For tokenisation readers, IOSCO matters in three places: the joint CPMI-IOSCO Principles for Financial Market Infrastructures (PFMI), which are the standards under which tokenised settlement infrastructure has to demonstrate equivalence; the secondary-market workstream under Committee 2, where tokenised investment products and their listing venues come up; and the joint BCBS-IOSCO work on margin requirements and FMI risk management. The April 2026 IOSCO Committee 2 meeting hosted by SFC HK in Hong Kong puts the secondary-market workstream physically in the jurisdiction that is moving fastest on tokenised authorised funds.

Role in tokenisation

  • Co-owner of the PFMI with CPMI. Tokenised CSDs and securities settlement systems are assessed against PFMI for equivalence.
  • Committee 2 (Regulation of Secondary Markets). The forum where tokenised investment-product listing and trading frameworks (including the SFC's April 2026 framework) are discussed.
  • Joint workstreams with BCBS on margin requirements for non-centrally cleared derivatives.

Recent activity

  • 22 Apr 2026IOSCO Committee 2 meeting hosted in Hong Kong by SFC HK on secondary market.
  • 16 Apr 2026CPMI-IOSCO assess UK PFMI implementation for systemic payment systems and CSDs/SSSs.
  • 12 Dec 2025BCBS-IOSCO publish assessment of margin requirements for non-centrally cleared derivatives.
  • 7 Nov 2025CPMI-IOSCO publish implementation monitoring report and consultative report on FMI management of general business risks and losses.

Open questions

  • Whether the Committee 2 meeting in Hong Kong substantively addressed tokenised secondary markets or stayed on conventional secondary-market topics.