Recital 3

(3)In April 2012, the Committee on Payment and Settlement Systems (CPSS) of the Bank for International Settlements and the Technical Committee of the International Organization of Securities Commissions (IOSCO) jointly published the Principles for financial market infrastructures (hereinafter the ‘CPSS-IOSCO principles’) ² . The Committee on Payments and Market Infrastructures, the successor of the CPSS, and IOSCO subsequently jointly published guidance on these principles.