2018年-FSB全球金融稳定委员会_FSB_survey_of_reporting_entities_on_legal_barriers_to_OTC_derivatives_trade_reporting_3页_257kb

Legal Barriers to Reporting OTC Derivatives Trade Data Summary

Core Content

The Financial Stability Board (FSB) is evaluating the progress made by member and non-member jurisdictions in removing legal barriers to the reporting of OTC derivatives trade data. This evaluation is intended to be presented ahead of the Argentine G20 Leaders' Summit in 2018. The goal is to assess whether these legal barriers—such as blocking laws, client confidentiality laws, data protection laws, and related restrictions—have been sufficiently addressed to enable full and accurate reporting of transaction information to trade repositories (TRs).

Main Objectives

• To monitor the progress of jurisdictions in removing legal barriers to OTC derivatives trade reporting.
• To evaluate whether the actions taken so far are sufficient to eliminate or mitigate these barriers.
• To identify any remaining concerns and provide clarity on the nature of these legal barriers.
• To gather input from market participants to better understand the scope and impact of the legal barriers.

Key Legal Barriers

The following legal barriers are identified as potentially preventing or hindering the complete reporting of OTC derivatives transaction data:

• Blocking Laws: Laws that restrict or limit the disclosure of information related to a transaction or its counterparty.
• Client Confidentiality Laws: Laws that impose confidentiality obligations, preventing market participants from sharing information about identifiable entities with TRs or other authorities.
• Data Protection Laws: Laws that restrict the sharing of data about counterparties with TRs or other entities.
• Masking: The practice of not revealing full identifying information of counterparties, such as central counterparties, trading venues, custodians, or beneficiaries, through redaction or other means.
• Masking Relief: Jurisdictional permissions that allow entities to mask trade data when required by a reporting obligation.

Key Definitions

• Blocking Law: Any official requirement that limits disclosure of transaction or counterparty information.
• Client Confidentiality: Any official requirement that restricts sharing information about an identifiable entity with a TR or other entity.
• Consent: Any governmental or other consent required for reporting trade data to a TR or other entity.
• Data Protection: Any law, rule, or guideline that restricts sharing data about counterparties with TRs or other entities.
• Masking: The act of withholding full identifying information of counterparties in trade data.
• Masking Relief: Jurisdictional allowance for masking trade data under official requirements.
• Official Requirement: Any statute, law, rule, or decree that applies within a jurisdiction.
• Reporting Requirement: A domestic or foreign official requirement that mandates the reporting of trade data to a TR.
• Standing Consent: A consent that is provided once and applies to all future transactions between the same counterparties.
• Trade Repository (TR): An entity authorized to receive and maintain trade data for OTC derivatives.
• TR-like Entity: An entity that is not an authorized TR but is used by market participants to report OTC derivatives data or provides similar services.
• Trade Data: Information related to OTC derivatives transactions.

Survey Instructions

• Due Date: Wednesday, 25 April 2018.
• Submission Format: Excel template (not PDFs or other formats).
• Confidentiality: Individual responses will not be publicly available, but aggregated information may be shared if approved.
• Group-Wide Response: Each question should be answered in relation to the firm as a whole. Differences within a group may be noted if relevant.
• As-At Date: Responses should reflect the current conditions applicable to new OTC derivatives transactions at the time of submission.

Importance of Market Participant Input

The views of market participants are crucial in assessing whether the legal barriers have been adequately addressed. Their input will help the FSB's OTC Derivatives Working Group (ODWG) understand the jurisdictions that still pose concerns and the specific legal issues that may affect the completeness of trade data reporting.

This evaluation will support the FSB's overall progress report on the implementation of trade reporting requirements, which is due for submission to the G20 Leaders' Summit in November 2018.