On September 18, 2014, the Financial Stability Board (“FSB”) published its report to G20 Finance Ministers and Central Bank Governors entitled “Jurisdictions’ability to defer to each other’s OTC derivatives market regulatory regimes.” The report summarizes the responses to the FSB’s request for jurisdictions to set out their OTC derivatives frameworks, in particular, the framework for deference to another jurisdiction’s regulatory requirements applicable to trade repositories, central counterparties, trading platforms and market participants.

Jurisdiction-specific information is detailed in annexes to the report. The FSB’s conclusions include, amongst others, that: (i) more jurisdictions have authority to exercise deference for infrastructure providers than for market participants; (ii) jurisdictions retain their authority by requiring entities to register or be licenced even if deference is a possibility; (iii) most jurisdictions consider the outcome of the foreign regulatory regime rather than requiring identical regulations; and (iv) although most jurisdictions have authority to make decisions deferring to another regime, few have determined to do so.

The report is available at:


and the annexes are available at: