Report on FSB Members’ Plans to Address Legal Barriers to Reporting and Accessing OTC Derivatives Transaction Data
This report summarises FSB member jurisdictions’ planned actions to remove legal barriers to reporting complete transaction information to trade repositories and to authorities’ access to data held in trade repositories. Authorities have raised concerns that restrictions on reporting complete data limits the usefulness of data held by trade repositories (TR) to authorities in carrying out their regulatory mandates, including monitoring and analysing systemic risk and market activity. Barriers to authorities’ access to data held in trade repositories also limit the ability of authorities to make full use of trade reporting data.
The report finds that while some work is in progress to remove barriers to both reporting of, and access to, complete OTC derivatives transaction information, significant work remains across FSB member jurisdictions to achieve this, including that concrete plans to address the barriers have yet to be formulated in a number of cases. Further significant planning and implementation efforts will be needed in order to meet the agreed June 2018 deadlines.
The FSB had published a thematic peer review of OTC derivative trade reporting in November 2015, which identified a number of remaining legal barriers in FSB member jurisdictions in this regard. FSB members had therefore agreed as a follow up that, by June 2018, all jurisdictions should remove barriers to full reporting of trade information and have a legal framework in place to permit authorities’ access to data in accordance with their mandates. This report sets out jurisdictions’ plans to achieve this.
A further progress report on plans to remove legal barriers will be published ahead of the G20 Leaders’ Summit in July 2017.
Individual responses from members are available here: