EUROPE: Meeting of the Principals of the OTC Derivative Regulators Group

Monday October 7 2013

The European Securities and Markets Authority (ESMA) has released a Public Statement on the meeting of the Principals of the OTC Derivative Regulators Group, held on 20 September 2013. At the meeting, principals and senior representatives of authorities responsible for the regulation of the over-the-counter (OTC) derivatives markets in Australia, Brazil, the European Union, Hong Kong, Japan, Ontario, Québec, Singapore, Switzerland and the United States discussed a number of topics at the headquarters of ESMA in Paris.

The Principals discussed generally:

the application of clearing requirements to foreign branches and affiliates;risk mitigation techniques for non-centrally cleared derivatives transactions, such as timely confirmation, portfolio reconciliation, portfolio compression, valuation and dispute resolution;the need to co-operate in the implementation of internationally agreed standards on margin for non-centrally cleared derivatives transactions;co-operation on equivalence and substituted compliance assessments among the relevant authorities; andco-operation between authorities in the supervision of registered foreign entities;

The Principals agreed to meet again in February to continue the discussion of the above points.

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