Overview

• Market Infrastructure Institutions (MIIs) must conduct annual internal audits covering critical operations, compliance, risk management, and business development.
• Independent audit firms will be appointed under policies approved by audit committees and governing boards, ensuring unbiased oversight.
• Audit committees will exclude executive directors, including managing directors, to maintain impartiality and independence.
• Internal auditors must report semiannually to audit committees on critical issues, with management absent during these discussions.
• The framework, issued on May 19, 2025, will take effect in August 2025, with MIIs preparing policies and structures to comply.