This report is the first review undertaken following the publication of the FSB’s recommendations to guide reforms of OTC derivatives market regulatory frameworks. The report notes that implementation is still in its early stages, but that jurisdictions need to take substantial, concrete steps toward implementation immediately. Recognising that ultimately there likely will be a range of jurisdictional approaches taken, the FSB recommends that the focus in assessing progress going forward should be on: (i) assessing the degree to which the commitments and objectives set by the G20 are being met; (ii) highlighting areas where coordination of future steps toward achieving G-20 objectives are needed; and (iii) flagging where differences in approaches may foster or facilitate opportunities for regulatory arbitrage or subject market participants and infrastructures to conflicting regulatory requirements.