On 29 March 2012, the European Parliament adopted the legislative proposal for a regulation on OTC derivatives, central counterparties and trade repositories (see “Update Banking & Finance”, Issue 5, November 2011). The purpose of the regulation is to apply a strict regulatory regime to derivatives traded “over the counter” (OTC), comprising clearing obligations, reporting requirements and authorisation for central counterparties. In parallel with work on creating a European regulatory framework, the USA has introduced similar rules for OTC derivatives via the Dodd-Frank Wall Street Reform and Consumer Protection Act. A comprehensive presentation and comparison of the two systems is provided here: http://www.cmshs. com/Neue_Regulierung_OTCDerivate_ 0512