Jurisdictions' ability to defer to each other's OTC derivatives market regulatory regimes
This report summarises information on FSB member jurisdictions’ frameworks for deferring to other jurisdictions’ OTC derivatives regulatory regimes. A key aim of this report is to assist authorities’ and other stakeholders’ understanding of the legal capacities and processes jurisdictions have in place, or have proposed, to defer to one another in cross-border contexts. The report finds that most jurisdictions have some capability to defer in such situations, but to date only a small number of jurisdictions have made such determinations and are already deferring to other jurisdictions. While there are some broad similarities in how jurisdictions approach the application of “deference”, there are nevertheless still differences in the circumstances under which deference would be applied, and how it would be applied.