Regulators around the world are revising their rules to incorporate globally agreed data standards to improve the cross-border consistency of what is reported and the format in which it is submitted. While more aligned, the rules won’t be identical – variations will continue to exist, meaning firms cannot take the work completed for one jurisdiction and apply it to another. Each set of requirements will need to be individually reviewed, interpreted and then applied, but there’s no guarantee each firm will interpret the requirements in the same way, leading to errors, inconsistencies and the potential for regulatory censure for those firms that get it wrong.
ISDA’s Digital Regulatory Reporting initiative addresses this by establishing a golden-source interpretation of each rule set, reviewed and agreed by an industry committee. The Common Domain Model – a free-to-use data standard for financial products, trades and lifecycle events – is used to convert this mutualized interpretation into free, machine-readable code.
Click here to read the factsheet.
Latest
Updated OTC Derivatives Compliance Calendar
ISDA has updated its global calendar of compliance deadlines and regulatory dates for the over-the-counter (OTC) derivatives space.
ISDA Publishes Saudi Arabia Netting Opinions
ISDA has published new legal opinions that recognize the enforceability of close-out netting under regulations published by the Saudi Central Bank (SAMA) earlier this year. SAMA’s netting regulations were published in February, meaning all Group-of-20 jurisdictions now recognize the enforceability...
Get Ready for the ISDA Notices Hub
No one wants to have to terminate a derivatives trading relationship – that usually means a counterparty has failed to make a payment or has become insolvent. At an already stressful time, the last thing anyone needs is to experience...
ISDA Publishes Paper on SFDR Review
On June 23, ISDA and the Association for Financial Markets in Europe (AFME) published a position paper on the review of the Sustainable Finance Disclosure Regulation (SFDR). The paper acknowledges that the SFDR needs to be revised in line with...