The EC has published a Report of the OTC Derivatives Regulators Group to the G-20 Meeting of Finance Ministers and Central Bank Governors of 18/19 April 2013.
The principals of the authorities with responsibility for the regulation of the over-the-counter (OTC) derivatives markets in Australia, Brazil, the European Union, Hong Kong, Japan, Ontario, Quebec, Singapore, Switzerland and the United States, have held four meetings to discuss reform of the OTC derivatives market.
Issues discussed include:
- Scope of regulation and recognition, equivalence or substituted compliance for cross border compliance;
- Bases for determinations of comparability of the applicable regime in a jurisdiction;
- Treatment of regulatory gaps;
- Understanding on timing;
- Understanding on sharing of information and supervisory and enforcement co-operation;
- Data access; and
- Next steps.