The European Commission recently prepared a brief report of the OTC Derivatives Regulators Group that sets out the progress to date made among international regulators with regards to dealing with the extra-territorial aspects OTC derivatives regulation.

Specifically, the report considers such issues as (i) the scope of regulation and recognition, equivalence or substituted compliance for cross-border compliance; (ii) the bases for determinations of comparability of the applicable regime in a jurisdiction; (iii) the treatment of regulatory gaps; (iv) the understanding among regulators on the timing of new regulatory requirements; (v) the understanding on sharing of information and supervisory and enforcement cooperation; and (vi) data access.

The report also sets out the expected issues to be considered in the upcoming months, including with respect to identifying issues regarding the provision of information to trade repositories, as well as regulators' access to such trade repositories.