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ARTICLE · 20 JULY 2022

Regulatory Guidance For Systemically Important Stablecoins Finalized

Mayer Brown
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In this Legal Update, we provide background on the PFMIs and discuss some key points from the Stablecoin Guidance.

United StatesFinance and Banking
Matthew Bisanz
Matthew Bisanz
Andrew Olmem
Andrew Olmem
Jeffrey Taft
Jeffrey Taft
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On July 13, 2022, the Committee on Payments and Market Infrastructures ("CPMI") and the International Organization of Securities Commissions ("IOSCO") finalized guidance on the application of the Principles for Financial Market Infrastructures ("PFMIs") to systemically important stablecoin arrangements ("Stablecoin Guidance").1 This guidance is intended to help national regulators and stablecoin arrangements comply with the PFMIs while taking into account the novel features of stablecoins.

In this Legal Update, we provide background on the PFMIs and discuss some key points from the Stablecoin Guidance.

Background

The 2008 financial crisis resulted in increased attention being paid to the important role of multilateral systems that provide the infrastructure for transferring, clearing, and settling payments, securities, and other financial transactions, commonly known as financial market utilities or financial market infrastructures ("FMIs").2 In

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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