2016年-FSB全球金融稳定委员会_Report_on_FSB_Members_Plans_to_Address_Legal_Barriers_to_Reporting_and_Accessing__OTC_Derivatives_Transaction_Data_47页_1mb

Summary of FSB Members' Plans to Address Legal Barriers to Reporting and Accessing OTC Derivatives Transaction Data

Executive Summary

In 2009, G20 Leaders mandated that OTC derivative contracts be reported to trade repositories (TRs). The FSB conducted a thematic peer review in November 2015, identifying legal barriers in member jurisdictions that hinder complete reporting to TRs and limit authorities' access to TR-held data. As a follow-up, FSB members agreed that by June 2018, all jurisdictions should remove these barriers and have legal frameworks in place to allow authorities' access to TR data, with a preference for direct access.

The FSB Chairman requested detailed reports from member jurisdictions by June 2016 on their planned actions to address the identified legal barriers. All member jurisdictions and the European Commission submitted responses. While some progress has been made, significant work remains in many jurisdictions to meet the 2018 deadline.

Core Content

1. Legal Barriers to Reporting Complete Information to TRs

• Recommendation 1: Jurisdictions should remove legal barriers to reporting complete transaction information (including counterparty information) to TRs by June 2018, whether under domestic or foreign requirements.
• Recommendation 2: Jurisdictions should permit transaction counterparties to provide standing consent for reporting to any domestic or foreign TR by June 2018.
• Recommendation 3: Once barriers to reporting are removed, masking of counterparty identifying information should be discontinued by end-2018.

2. Legal Barriers to Authorities' Access to TR-Held Data

• Recommendation 1: Jurisdictions should establish legal frameworks to allow both domestic and foreign authorities to access TR data in accordance with their mandates.
• Recommendation 2 and 3: Authorities and TRs should coordinate to create operational frameworks that support access to TR-held data, with a preference for direct access over indirect.

Main Findings

Reporting to TRs Pursuant to Domestic Requirements

• 13 Jurisdictions Identified: Argentina, Brazil, China, Hong Kong, India, Indonesia, Korea, Mexico, Russia, Saudi Arabia, Singapore, South Africa, and Turkey.
• Progress:
  • Singapore: Legislative amendments proposed to remove client consent requirements, expected to be tabled in 2016 and take effect in 2017.
  • Korea and Mexico: Action under consideration to address reporting barriers.
  • Other Jurisdictions: Most reported no legal barriers to reporting to domestic TRs, but noted that reporting to foreign TRs may be restricted or require further clarification.

Reporting to TRs Pursuant to Foreign Requirements

• 16 Jurisdictions Identified: Australia, Brazil, China, France, Netherlands, Spain, India, Indonesia, Japan, Korea, Mexico, Saudi Arabia, Singapore, South Africa, Switzerland, and Turkey.
• Progress:
  • France, Saudi Arabia, Singapore, and Turkey: Action taken or underway to address barriers.
  • EU and Mexico: Action under consideration.
  • China, Indonesia, and Turkey: Situation unclear or information not provided.

Authorities' Access to TR-Held Data

• Domestic Access:
  • 8 Jurisdictions Identified: Canada, India, US, China, Japan, Korea, Mexico, and Saudi Arabia.
  • Progress: Some jurisdictions have existing legal frameworks, while others have not yet taken action or are considering it.
• Foreign Access:
  • Progress Mixed: Most jurisdictions do not permit direct access, and only limited progress has been made in establishing cross-border arrangements.
  • EU and US: Have taken steps to address access conditions, but most jurisdictions are still not planning or considering direct access.

Key Recommendations and Actions

• Standing Consent: 11 out of 12 jurisdictions that require counterparty consent have permitted standing consent, with France still under consideration.
• Discontinuation of Masking: Jurisdictions that permit masking (Australia, Canada, Hong Kong, Singapore, US) have reported that their current relief will expire before end-2018, with Hong Kong awaiting legislative procedures and South Africa unlikely to permit masking.
• Cooperative Arrangements: Jurisdictions are encouraged to establish frameworks for authorities' access, but significant concrete action has not been reported.

Next Steps

• The FSB will publish a further progress report ahead of the G20 Summit in July 2017.
• Jurisdictions are expected to continue working on removing legal barriers and establishing cooperative arrangements to ensure full transparency and effective regulatory oversight of OTC derivatives markets.

Conclusion

While progress has been made in some jurisdictions, many FSB members still need to formulate concrete plans to remove legal barriers to reporting and access. The FSB emphasizes the importance of direct access to TR-held data and the discontinuation of masking once reporting barriers are resolved. Continued efforts and coordination among jurisdictions and authorities are necessary to meet the 2018 deadline and ensure the effectiveness of the OTC derivatives reporting regime.