Featured Product

    LEI ROC Confirmed as Governance Body for OTC Derivatives Identifiers

    September 25, 2020

    FSB confirmed the Regulatory Oversight Committee (ROC) of the Global Legal Entity Identifier System (GLEIS) as the International Governance Body for the globally harmonized identifiers used to track over-the-counter (OTC) derivatives transactions, with effect from October 01, 2020. In a letter to the ROC Chair François Laurent, the FSB Chair Randal K. Quarles confirmed the transfer of all governance and oversight responsibilities for the harmonized derivatives identifiers and data elements to the ROC.

    Globally harmonized identifiers and data elements can help authorities to obtain a comprehensive global view of the OTC derivatives markets. The Unique Product Identifier (UPI) will identify the products reported to trade repositories consistently across FSB jurisdictions. The Unique Transaction Identifier (UTI) will identify transactions reported to trade repositories and allow authorities to follow their modifications during their whole lifecycle. The Critical Data Elements (CDE) will capture other important characteristics of the transactions. Reference to the Legal Entity Identifier (LEI) in the harmonized derivatives identifiers and data elements will allow consistent monitoring of legal entities’ trading activity, exposures, and interconnectedness in the global OTC derivatives markets. 

    ROC will be responsible for the governance of UPI, UTI, and CDE, which includes oversight of the UPI service provider designated by FSB, The Derivatives Service Bureau (DSB). The ROC has been tasked with finalizing the appropriately rigorous oversight arrangements of DSB. FSB asks ROC to update the FSB Plenary by January 2021 and, if necessary thereafter, on the progress in finalizing those oversight and contingency arrangements, given their relevance to the effective operation of the UPI and the UPI system and to the continued monitoring of financial stability risk.

     

    Related Links

    Effective Date: October 01, 2020

    Keywords: International, Banking, Securities, OTC Derivatives, Governance, LEI, UPI, Critical Data Elements, Trade Repository, UTI, DSB, Systemic Risk, LEIROC, FSB

    Related Articles
    News

    HKMA Finalizes Policy Modules on Group-Wide Approach and Remuneration

    The Hong Kong Monetary Authority (HKMA) revised the Supervisory Policy Manual module CG-5 that sets out guidelines on a sound remuneration system for authorized institutions.

    July 29, 2021 WebPage Regulatory News
    News

    EBA Guide to Monitor Threshold for Intermediate Parent Undertakings

    The European Banking Authority (EBA) published the final guidelines on the monitoring of the threshold and other procedural aspects on the establishment of intermediate parent undertakings in European Union (EU), as laid down in the Capital Requirements Directive (CRD).

    July 28, 2021 WebPage Regulatory News
    News

    PRA Finalizes Approach to Supervision of International Banks

    In a recent Market Notice, the Bank of England (BoE) confirmed that green gilts will have equivalent eligibility to existing gilts in its market operations.

    July 26, 2021 WebPage Regulatory News
    News

    FCA Issues PS21/9 on Implementation of Investment Firms Regime

    The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.

    July 26, 2021 WebPage Regulatory News
    News

    EBA Proposes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.

    July 26, 2021 WebPage Regulatory News
    News

    IOSCO Proposes Recommendations on ESG Ratings and Data Providers

    The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.

    July 26, 2021 WebPage Regulatory News
    News

    ESMA Group Issues Recommendations on RFR Switch in Interdealer Market

    The European Securities and Markets Authority (ESMA) published recommendations from the Working Group on Euro Risk-Free Rates (RFR) on the switch to risk-free rates in the interdealer market.

    July 26, 2021 WebPage Regulatory News
    News

    ECB Study Assesses Impact of Basel III Finalization Package

    The European Central Bank (ECB) published a paper as well as an article in the July Macroprudential Bulletin, both of which offer insights on the assessment of the impact of Basel III finalization package on the euro area.

    July 26, 2021 WebPage Regulatory News
    News

    ISDA Finds FRTB Results in Higher Capital Charges for Carbon Trading

    The International Swaps and Derivatives Association (ISDA) published a paper that explores the impact of the Fundamental Review of the Trading Book (FRTB) on the trading of carbon certificates.

    July 26, 2021 WebPage Regulatory News
    News

    PRA Updates Remuneration Policy Statement Templates and Tables

    The Prudential Regulation Authority (PRA) published the remuneration policy self-assessment templates and tables on strengthening accountability.

    July 26, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7311