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 2026. IOSCO Committee 2 meeting hosted in Hong Kong by SFC HK on secondary market.
- 16 Apr 2026. CPMI-IOSCO assess UK PFMI implementation for systemic payment systems and CSDs/SSSs.
- 12 Dec 2025. BCBS-IOSCO publish assessment of margin requirements for non-centrally cleared derivatives.
- 7 Nov 2025. CPMI-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.
Related
- Basel Committee.
- CPMI.
- SFC HK.
- BIS.