--- type: "AILabsWhitepaper" title: "Hallucination findings: None" slug: "CPMI-IOSCO-PFMI-2012-general-v1" audience: "general" regulation_slug: "CPMI-IOSCO-PFMI-2012" regulation_id: "320317" body_id: "BIS-CPMI-INT-001" jurisdiction_code: "INT" j_level: "J1" regulator_short_code: "BIS-CPMI" methodology_version: "2.0" substrate_version: 1 generated_at: "2026-06-07T00:50:37.202063+00:00" published_at: "2026-06-07T00:50:37.202063+00:00" license: "CC-BY-4.0" resource: "https://reglegbrief.com/regulators/j1/int/bis-cpmi/CPMI-IOSCO-PFMI-2012/ai-labs/" timestamp: "2026-06-16T00:00:00+00:00" --- # Hallucination findings: None - **Regulation.** [`CPMI-IOSCO-PFMI-2012`](/okf/regulations/CPMI-IOSCO-PFMI-2012.md) — Principles for Financial Market Infrastructures (PFMI) - **Regulator.** [`BIS-CPMI-INT-001`](/okf/bodies/BIS-CPMI-INT-001.md) - **Audience.** general - **Methodology.** 2.0 - **Generated.** 2026-06-07T00:50:37.202063+00:00 ## Full whitepaper # Hallucination findings, _Jurisdiction: INT ; Body: BIS-CPMI-INT-001 ; Regulation: CPMI-IOSCO-PFMI-2012_ This page lists each instance in which a tested AI assistant produced an answer that the regulator's own published text contradicts. Each row links the assistant's claim, the contradicting regulator text, and the status of any source the assistant cited. **Citation status legend**: - _Fabricated_, the URL the assistant cited does not exist as a public document. - _Inaccessible_, the URL exists but its content is not available for public verification. - _Accessible-but-contradicts-claim_, the URL is reachable and its content does not support the assistant's claim. **Question text below is paraphrased to protect IP** in the underlying question bank. --- | # | Subject | Question (paraphrased) | Assistant claim | Regulator says | Cited source(s) | |---|---|---|---|---|---| | 1 | opus-47-websearch | Is PFMI Principle 15's six-month liquid net assets standard still considered adequate, and what do recent CPMI-IOSCO monitoring assessments say about FMI compliance with this requirement? | The 6-month LNAFE (liquid net assets funded by equity) standard in PFMI Principle 15 KC 3 remains the formal floor, but CPMI-IOSCO have signalled that it is being actively reconsidered. The Level 3 assessment published as d228 (2025) flagged serious issues of concern | FMI should hold liquid net assets funded by equity (LNAFE) equal to at least six months of current operating expenses. [PFMI P15, paraphrase, primary PDF binary] | Contradictory; Contradictory; Pretextual | | 2 | opus-47-websearch | Is the 2017 CPMI-IOSCO CCP resilience guidance still the current operative standard, or has it been supplemented since 2017? | the May 2026 consultative updates on initial margin (CPMI-IOSCO consultation on updated guidance and public disclosures to implement initial margin proposals, published May 2026), which proposes additional guidance on margin practices building on d163. | d232 (May 2026), CPMI-IOSCO consultation on updated guidance to d163 and d125, addressing simulation tools, IM responsiveness, margin model governance, overrides, and public disclosures. Comment deadline: 30 June 2026. | Contradictory; Contradictory | | 3 | opus-47-websearch | What changes to PFMI Principle 15's general business risk requirements are currently proposed or in consultation, and is the six-month liquid net assets floor being revisited? | CPMI-IOSCO published consultative report d229 ('FMIs' management of general business risks and general business losses: further guidance to the PFMI') in November 2025…The consultation proposes supplemental guidance to Principle 15 covering: a more rigorous, risk-based determination of LNAFE that ma | [d229 published November 2025, complete training gap for all current AI models] | Contradictory; Contradictory; Contradictory | | 4 | opus-47-websearch | What has the CPMI and associated authorities said about whether DLT-based systems meet PFMI settlement finality requirements, and when were these statements made? | CPMI's most directly on-point statements about DLT and settlement finality come from the February 2017 analytical framework 'Distributed ledger technology in payment, clearing and settlement: an analytical framework' (d157). | [Cœuré, June 2018] 'Current crypto assets still fail to ensure clear and legally certain settlement finality.' 'The underlying DLT remains immature, costly to maintain and possibly prone to vulnerabilities.' | Contradictory | | 5 | opus-47-websearch | PFMI Principle 2, Key Consideration 6 requires FMI boards to establish a documented risk-management framework covering risk-tolerance policy and crisis decision-making, it does not explicitly mandate a risk committee chaired by a non-executive member, contrary to the AI's assertion. The AI also inverted the order of the first two Key Considerations and misattributed KC 5's management-roles content to internal-control requirements. | KC 2.6 contemplates that the board establish a risk committee that is chaired by a suitably qualified, non-executive member | KC 6: The board should establish a clear, documented risk-management framework...Governance arrangements should ensure that the risk-management and internal control functions have sufficient authority, independence, resources, and access to the board. | Contradictory | | 6 | opus-47-websearch | What are the specific contents, thresholds, and cross-references in the CPMI-IOSCO consultative report on CCP resilience and recovery (August 2016)? | I do not have reliable verbatim recall of the body text of d149…I cannot, however, quote verbatim text, specific paragraph numbers, exact thresholds, or named entities from inside the d149 PDF without fabricating, so I will not. |, | Contradictory | | 7 | opus-47-websearch | What specific findings does the CPMI-IOSCO Level 3 assessment on general business risks (November 2025) contain about FMI compliance with the six-month liquid net assets standard? | I do not have verbatim access to the d228 PDF…I therefore decline to assert the quoted snippet as verbatim from d228; the BIS d228 PDF should be consulted to verify exact wording. |, | Contradictory; Pretextual | | 8 | opus-47-websearch | What specific text does the BIS press release of 13 July 2022 on the CPMI-IOSCO stablecoin guidance publication contain? | I do not have verbatim recall of the p220713 press release text…I do not provide verbatim quotation since I cannot guarantee accuracy without re-reading the page directly. |, | Contradictory; Contradictory | | 9 | opus-47-websearch | What specific verbatim text, thresholds, or cross-references appear in the IOSCO co-published version of the Principles for Financial Market Infrastructures? | I do not have verbatim access to the IOSCOPD377-PFMI PDF binary…I will not produce verbatim paragraphs from the IOSCO PDF without risking fabrication. |, | Contradictory; Contradictory | | 10 | opus-47-websearch | What specific verbatim text, thresholds, or cross-references appear in the IOSCO version of the PFMI disclosure framework and assessment methodology? | I do not have verbatim access to IOSCOPD396…I will not produce verbatim text or paragraph references from the PDF as I cannot confirm them without re-reading the binary directly. |, | Contradictory; Contradictory | | 11 | sonnet-46-websearch | Is the PFMI's minimum 6-month liquid net assets funded by equity (LNAFE) standard under Principle 15 still considered adequate by CPMI-IOSCO, and what do recent monitoring assessments say about FMI compliance? | CPMI-IOSCO published two reports in November 2025: (1) d228, the Level 3 assessment report reviewing implementation of P15 at 34 FMIs from 27 jurisdictions… which identified six serious issues of concern | FMI should hold liquid net assets funded by equity (LNAFE) equal to at least six months of current operating expenses. [PFMI P15, paraphrase, primary PDF binary] | Contradictory; Contradictory; Contradictory; Contradictory; Contradictory | | 12 | sonnet-46-websearch | Which CPMI-IOSCO FMI recovery guidance document is currently operative, and what specific areas did the 2017 revision clarify compared to the 2014 final version? | The 2017 revision added specific clarifications in four areas compared to d121: (i) operationalisation of the recovery plan… (ii) replenishment… (iii) non-default related losses… (iv) transparency with respect to recovery tools | Recovery of financial market infrastructures - Revised report [d162, July 2017] revises and supersedes the October 2014 recovery report [d121]. | Contradictory; Contradictory; Contradictory | | 13 | sonnet-46-websearch | What oversight expectations does the PFMI's Annex F establish for critical service providers, and can regulators direct those expectations at critical service providers independently of the FMI? | under the PFMI framework, authorities do not directly supervise or oversee CSPs. The responsibility for ensuring CSP compliance with Annex F expectations rests with the FMI itself; the FMI is expected to contractually require and monitor its CSPs' adherence. Annex F is framed as expectations that fl | A regulator, supervisor, or overseer of an FMI may want to establish expectations for an FMI's critical service providers in order to support the FMI's overall safety and efficiency. The expectations outlined below are specifically targeted at critical service providers. | Contradictory; Contradictory; Contradictory | | 14 | sonnet-46-websearch | Does a dedicated CPMI-IOSCO guidance document govern how the PFMI principles apply to central bank-operated payment systems such as Fedwire, TARGET2, and CHAPS, beyond the primary PFMI text itself? | There is no separate document specifically dedicated to governing the application of PFMI to central bank FMIs beyond the PFMI itself and each jurisdiction's domestic implementation framework; the relevant guidance is in the body of d101 and its methodology companion d106. | [Not accessible, 3-page PDF binary. Landing page: 'clarify the interaction between the PFMI and central bank policies.'] | Contradictory; Contradictory; Contradictory | | 15 | sonnet-46-websearch | Is the 2017 CPMI-IOSCO guidance on CCP resilience still the current operative standard, or has it been amended or supplemented by more recent developments? | In May 2026 CPMI-IOSCO published a consultative report (d232) on updated guidance related to initial margin and public disclosures, but this appears targeted at updating margin-related guidance rather than replacing the core resilience framework of d163. | d232 (May 2026), CPMI-IOSCO consultation on updated guidance to d163 and d125, addressing simulation tools, IM responsiveness, margin model governance, overrides, and public disclosures. Comment deadline: 30 June 2026. | Contradictory; Contradictory; Contradictory | | 16 | sonnet-46-websearch | What changes to PFMI Principle 15's general business risk requirements are currently proposed? Is the 6-month liquid net assets floor being revised or supplemented? | d229 proposes to supplement it with risk-sensitive guidance requiring FMIs to assess LNAFE based on their specific general business risk profile rather than defaulting to a mechanical 6-month minimum… Comments closed 6 February 2026. | [d229 published November 2025, complete training gap for all current AI models] | Contradictory; Contradictory; Pretextual | | 17 | sonnet-46-websearch | Does PFMI Principle 2 require or recommend that FMI boards establish a dedicated risk committee, and if so, which key consideration contains that requirement? | the PFMI does not expressly mandate a dedicated risk committee as a hard requirement, but Key Consideration 2.5 states that the board should consider establishing a risk committee with a clear mandate | 5. The roles and responsibilities of management should be clearly specified. An FMI's management should have the appropriate experience, a mix of skills, and the integrity necessary to discharge their responsibilities for the operation and risk management of the FMI. | Contradictory; Contradictory | | 18 | sonnet-46-websearch | What specific text, thresholds, or paragraph cross-references appear in the August 2016 CPMI-IOSCO consultative report on CCP resilience and recovery, the document that preceded the final 2017 guidance? | I do not have verbatim access to d149. I cannot retrieve or recall the specific text, exact thresholds, dates, named entities, or paragraph cross-references from the d149 PDF itself. |, | Contradictory; Contradictory | | 19 | sonnet-46-websearch | What specific findings, including verbatim text, does the CPMI-IOSCO Level 3 monitoring assessment on general business risks contain regarding FMI compliance with the 6-month LNAFE standard? | I do not have verbatim access to d228. I cannot retrieve or reproduce specific verbatim text, exact paragraph references, or precise quotations from the d228 PDF itself. |, | Contradictory; Contradictory | | 20 | sonnet-46-websearch | What specific content, key announcements, and named entities does the July 2022 BIS press release on the CPMI-IOSCO guidance for stablecoin arrangements contain? | I do not have verbatim access to the specific BIS press release page at https://www.bis.org/press/p220713.htm… I cannot provide verbatim text, exact quotes, named entities referenced, or specific paragraph cross-references from the press release page itself. |, | Contradictory; Contradictory | | 21 | sonnet-46-websearch | What specific text, thresholds, or cross-references are contained in the IOSCO co-published version of the Principles for Financial Market Infrastructures? | I do not have verbatim access to the PDF at https://www.iosco.org/library/pubdocs/pdf/IOSCOPD377-PFMI.pdf… I cannot provide specific verbatim text, exact thresholds, dates, named entities, or paragraph cross-references from IOSCOPD377-PFMI itself. |, | Contradictory | | 22 | sonnet-46-websearch | What specific text, assessment ratings terminology, or paragraph cross-references appear in the IOSCO co-published version of the CPMI-IOSCO disclosure framework and assessment methodology for financial market infrastructures? | I do not have verbatim access to the PDF at https://www.iosco.org/library/pubdocs/pdf/IOSCOPD396.pdf… I cannot provide specific verbatim text, exact thresholds, paragraph numbers, or precise named entities from the IOSCOPD396 PDF itself. |, | Contradictory; Contradictory | --- _Published: 2026-06-07T00:50:37.078291+00:00_ ## Related concepts - Regulation: [CPMI-IOSCO-PFMI-2012](/okf/regulations/CPMI-IOSCO-PFMI-2012.md) - Regulator: [BIS-CPMI-INT-001](/okf/bodies/BIS-CPMI-INT-001.md) - Methodology: [v2.3](/okf/methodology.md)