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The EDM Council provides consultation and advice to members, regulators and market authorities on the data implications associated with legislative and regulatory obligations.  Our goal is to help all financial industry participants understand the practical data and standards implications and support regulatory implementation that is applicable to the business and operational needs of financial institutions as well as the oversight requirements of market authorities.  The Council is providing facilitation among financial institutions, regulators, market authorities, vendors and infrastructure companies to adopt the standards required to implement a “data control environment” and address the core challenges of data harmonization, flexible classification, consistent aggregation, data validation and linked-risk analysis.
The Council works closely with global regulators and market authorities to align regulatory oversight objectives with data reporting requirements.  Council staff are currently members of the Office of Financial Research’s (OFR) Financial Research Advisory Committee (FRAC) and Chair of the FRAC Data and Technology Subcommittee; member of the Financial Stability Board’s LEI Private Sector Participatory Group; member of the LEI Steering Committee within GFMA, member of the CFTC’s Data Standardization Subcommittee; and a member of the Board of Advisors for the Data Transparency Coalition.

If you would like to discuss any aspect of the EDM Council regulatory and legislative activities please contact Mike Atkin

Financial Stability and Transparency

Data precision and harmonization (on meaning) across the global financial industry have been elevated as essential objectives for regulators and market authorities.  Regulators are now under legislative requirement to be able to aggregate data from diverse financial participants, create links and relationships to help them better map and understand transitive relationships, unravel process flows, compute state-contingent cash flow and perform scenario-based risk analysis.   Implementation of the new data mandate to meet the twin goals of financial stability analysis and financial process transparency is being framed based on the Principles of Risk Data Aggregation (BCBS 239) and via derivatives transparency regulation – but is integrated in a host of regulatory and legislative initiatives (see description below)

Federal Reserve 14 Q Reporting Forms for capital assessment and stress testing.

Key Documents

DCAM comparison to BCBS 239 >
BCBS 239 Alignment with DCAM v1.1 (July 2015) >
BCBS 239: Risk Data Aggregation >
IOSCO Consultation on Derivatives >
CPMI Consultative Document on UTI >
Regulatory Analytics and Data Architecture (RADAR) -Kingsley Jones >
Office of Financial Research Annual Report (2014) >
Regulatory Technical Standards on MiFID II/MiFIR >
FIBO Briefing (Sept 2014) >
FRAC (US Treasury’s OFR) recommendation for the adoption of ontology >
Progress Report on Counterparty Data >
Basel RDA Progress Analysis >
Global Regulatory Reforms Proposals >
Australia Risk Data Guidelines >
OFR’s LEI Responses to FAQ >
Council Summary of RDA Principles >
NY Fed Financial Stability Plan >
FSB Report on LEI to G20 >
CCAR Methodology >
SEC Swap Reporting >
CFTC Final Rulemaking for Data Reporting >
European Legislative and Regulatory Update >
FSOC 1st Annual Report >
FPML Derivatives Product Registry >
SEC/CFTC Study 719(b) on Derivatives >
IOSCO: Regulators Role in Mitigating Systemic Risk >
Report from Senior Supervisors Group >
Response to SEC/CFTC >
CFTC Questions on Standards for Derivatives (719 (b) Frank Dodd) >
NSF & Pew: Workshop Report >
Data for Financial Risk Management >
Davis Polk Analysis (Slides): Dodd-Frank Regulatory Reform Legislation >
Davis Polk Analysis (Report): Dodd-Frank Regulatory Reform Legislation >
Dodd-Frank Legislation >
CESR: MiFID Transaction Reporting >
NIF: Senate Bill on Data (S.3005) >
NIF: Letter of Submission >
NAS Workshop Report >
NIF Executive Summary >
Data Requirements for Financial Oversight >
G30: Global Clearing and Settlement Monitoring Report >