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Those measures will lead to far-reaching conse- quences for financial services providers, by en- forcing their internal rules, documents and advisory processes in order to protect themselves against abusive or not justified claims. They will also en- sure high quality protection towards the investors through a wider range of legal measures increasing their protection. What’s next? The consultation period opened by the Swiss Fed- eral Council has ended on October 17th, 2014. The FFSA will considerably change the landscape of the Swiss financial industry, namely the financial ser- vices providers may have to review their internal organization, services offering, internal rules and processes in order to comply with these new meas- ures required by the FFSA. WORLD OTC DERIVATIVES - IOSCO updates Information Repository for

IOSCO first made the repository public in August 2014. What’s in there? On 28 October 2014, IOSCO released an update of its information repository for central clearing requirements for OTC derivatives, which provides regulators and market participants with consoli- dated information on the clearing requirements of different jurisdictions. THE INFORMATION REPOSITORY IS AVAILABLE HERE. What’s next? The information in the repository will be updated quarterly. IOSCO welcomes suggestions from the public on how to improve the information repository and on other areas that should be covered. OTC DERIVATIVES

In September 2013, the G20 Leaders welcomed a set of understandings reached by the ODRG princi- pals on cross-border issues relating to OTC deriva- tives reforms at the St. Petersburg Summit. What’s in there? The report consolidates for the G20 Leaders the substance of previous reports made during 2014 to the G20 Finance Ministers and Central Bank Gov- ernors and covers developments in the following areas: « ODRG reports to the G20 since the 2013 Leaders’ Summit; « Identified cross-border issues the ODRG has ad- dressed or intends to address; « Identified cross-border issues on which ODRG members continue to work to implement under- standings reached previously; and « Progress on issues identified by the ODRG as ap- propriate for other fora or bilateral engagement. The ODRG continues to develop approaches in a range of areas, such as the treatment of organised trading platforms (“OTPs”) and the implementation of the G20 trading commitment. A framework for early consultation among authorities on mandatory trading determinations continues to be subject to discussion. The ODRG, G20 Leaders, Finance Ministers and Central Bank Governors agreed that “jurisdictions and regulators should be able to defer to each other when it is justified by the quality of their respective regulatory and enforcement regimes, based on sim- ilar outcomes, in a non-discriminatory way, paying due respect to home country regulatory regimes”.

- Report of the OTC Derivatives Regulators Group (ODRG) to G20 Leaders on Cross-Border Implementation Issues Background

Central Clearing Requirements for OTC Derivatives Background

Thus, deference to foreign regimes remains im- portant.

The International Organisation of Securities Com- mission ("IOSCO") seeks to assist authorities in their rule-making and help participants comply with the relevant regulations in the OTC derivatives market. The repository sets out central clearing re- quirements on a product-by-product level, and any exemptions from them.

FOR MORE DETAILS, THIS REPORT IS AVAILABLE HERE. What’s next? The ODRG Principals remain committed to address- ing identified cross-border issues.

Jurisdictions have been implementing the G20 OTC derivatives reform agenda through legislative and regulatory action. Since 2011, the OTC Derivatives Regulators Group (“ODRG”) has sought to identify and resolve cross-border issues associated with this implementation.

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