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    FSB Publishes Questionnaire for Prospective UPI Service Providers

    July 16, 2018

    FSB published a self-assessment questionnaire for prospective Unique Product Identifier (UPI) service providers. FSB is seeking responses from entities that wish to be designated by FSB as a service provider for the UPI. Responses should be submitted, using the response template, by September 04, 2018.

    Each respondent is asked (by answering specific questions or selectively providing additional documents) to present a business and self-governance plan that explains how the respondent would follow the UPI Technical Guidance and meet the key governance criteria and provide for the relevant governance functions. FSB has issued two consultation documents on aspects of the governance arrangements for the UPI and intends to designate one or more UPI service provider(s) to assign UPIs and maintain a corresponding UPI reference data library to facilitate the unique assignment of a UPI code to each OTC derivatives product.

    The primary purpose of the UPI is to identify the product that is the subject of an over-the-counter (OTC) derivatives transaction. CPMI and IOSCO published their finalized technical guidance on the UPI in September 2017. Under the technical guidance, a unique UPI code would be assigned to each distinct OTC derivative product and would map to reference data elements with specific values that together describe the product. To use the data from trade reporting effectively, it is important for authorities to be able to aggregate reporting not only to consider institution-specific risks but also to consider system-wide risks.

     

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    Comment Due Date: September 04, 2018

    Keywords: International, Securities, UPI, Governance Arrangements, Self Assessment, Questionnaire, OTC Derivatives, UPI Service Provider, FSB

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