Shearman & Sterling LLP | FinReg | Financial Stability Board Launches Survey on Legal Barriers to Reporting OTC Derivatives Trades
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  • Financial Stability Board Launches Survey on Legal Barriers to Reporting OTC Derivatives Trades

    03/23/2018
    The Financial Stability Board has launched a survey seeking feedback from financial institutions and other reporting entities on legal barriers that prevent or hinder them from reporting full transaction information on over-the-counter derivatives trades to Trade Repositories.

    Legal barriers that can prevent full trade reporting include blocking laws, client confidentiality laws, data protection laws and related requirements or restrictions. Trade reporting is an important component of the comprehensive reforms of OTC derivatives markets agreed by the G20 in 2009.  A thematic peer review of derivative trade reporting conducted by the FSB in 2015 revealed a number of legal barriers to trade reporting. These barriers can hamper national regulators in carrying out their regulatory obligations, such as monitoring and analyzing systemic risk and market activity. The FSB has previously published progress reports in 2016 and 2017 setting out steps FSB member jurisdictions have taken and are planning to take. FSB member jurisdictions have committed to take action to remove legal barriers by June 2018.

    The FSB will be reporting to the G20 Summit on November 30 – December 1, 2018 on progress on the implementation of the OTC derivatives reforms. The information collected from the survey will enable the FSB to report on the extent to which member jurisdictions have met their commitments to remove the legal barriers to trade reporting.

    Survey responses are requested by April 25, 2018.

    View the survey.

    View the guidance on completing the survey.
    TOPIC: Derivatives