EDM Council wishes to thank
and
for sponsoring the 2011 Industry Benchmarking Survey
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| Global Regulatory Activity |
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Global regulatory financial reform is underway with oversight and
monitoring of systemic risk as the top global priority; with the importance of
data infrastructure and comparability recognized across the board.
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Regulatory Working Group
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| The regulatory workstream has been initiated with the goal of assisting member firms in understanding the implication of the waves of regulation that are affecting the industry. Key deliverables will be a roadmap of up and coming legislation and its key dates, as well as analysis of the impact of legislative provision on members firms data management strategy.
To access the Regulatory Working Group resources please click here.
The Regulatory Working Group is open to EDM Council members only.
Don't have a web login? Register for web access.
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November 2011
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| Regulatory Workshop |
Presentation
by Mike Atkin at the Regulatory Data Workshop, Washington DC
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October 2011
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| Regulatory update |
Member Update: G-20 Communiqué
Issued by finance ministers and central bankers within G-20. It outlines their orientation and core principles on how to restore confidence, financial stability and growth. The G-20 group specifically endorsed the global legal entity identification recommendation (page 2). It makes for a positive indicator when we combine this statement with the onward activities from the Financial Stability Board meeting in Basle on steps to implement global governance associated with managing data as operational infrastructure.
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September 2011
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| Regulatory update |
OTC Derivatives via Semantics
Slides presented to global regulators on the use of semantics to achieve regulatory objectives (transparency, transactions monitoring, risk management, systemic oversight)
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| Regulatory update |
Presentation
by Barbara Ridpath, ICFFR
An update on European regulatory developments and their implications
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| Regulatory update |
OTC Semantic Use Cases
Examples of regulatory objectives that require precise contractual semantics
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August 2011
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| Regulatory update |
IOSCO Report on OTC Derivatives
The International Organization of Securities Commissioners (IOSCO) has released a new port on OTC derivatives reporting and data aggregation. The report endorses LEI and encourages international cooperation on OTC classification and instrument ID.
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| Regulatory update |
OTC Derivatives Proof of Concept
The Council developed a POC for the CFTC on the use of our Financial Industry Business Ontology (FIBO) to illustrate the potential of semantics to precisely define the contractual structure of derivative contracts; map the OTC ontology to various messaging protocols (including FpML); and use the analytical capabilities of semantic technologies to both classify swaps into asset classes and run complex queries about legal entity relationships for risk analysis. The above link is to the slide deck.
The demo is available here.
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July 2011
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| Regulatory update |
FSOC Annual Report
The US Financial Stability Oversight Council released its first annual report on the current state of the US financial system and some of the forces that will shape its development moving forward. The report focuses on heightened risk management and supervisory attention, reforms to address structural vulnerabilities and steps to strengthen the housing finance system.
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| Regulatory update |
Legal Entity Identifier Recommendation
This is the recommendation (and accompanying requirements document) to the OFR created by a coalition of global financial institutions and trade associations on LEI. The recommendation is for ISO 17442 as the new standard, SWIFT as the registration authority and DTCC/Avox as the facilities manager. The coalition strongly recommends coordination with the Association of National Numbering Agencies on QA process and implementation.
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March 2011
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| Regulatory update |
DFA and Data Implications
EDM Council has formed a working group of its Board to examine the specific data issues associated with Dodd-Frank implementation
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December 2010
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| Report |
Semantics Study by SEC/CFTC
Formal comment letter to SEC/CFTC in response to Dodd-Frank mandatory study on using semantics to describe the contractual structure of OTC derivative contracts
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| Report |
Report from Senior Supervisors Group
titled Observations on Developments in Risk Appetite Frameworks and IT Infrastructure. Pay particular attention to Section IV C (data aggregation for risk)
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| Regulatory update |
Regulatory Paper on Entity ID
A number of US regulatory agencies have released a concept paper on entity identification. The paper sets out the requirements and principles associated with the entity ID. This paper coincides with the policy release by the OFR and the draft rule on derivatives submitted by the SEC/CFTC
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| Regulatory update |
Feasibility Study on Semantics for Derivatives
Section 719(b) within Title VII of Dodd-Frank instructs the SEC and CFTC to conduct a feasibility study on the use of semantics to describe the attributes of OTC derivatives. This document lists the published questions from the SEC/CFTC for industry response. The deadline for comment is December 31, 2010.
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| Regulatory update |
Proposed Rule on Swaps
The CFTC published a comprehensive new regulatory framework for swaps and security-based swaps. Comments are due 60 days after publication. Information about unique counterparty identifiers is on page 104 of the posted document.
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November 2010
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| Regulatory update |
OFR Policy Statement on Entity ID
This is the first official act of the Office of Financial Research (OFR). The Council has been working with Treasury, SEC, CFTC and others on implementation of entity ID. This statement makes the process associated with implementation official. Comments are due 60 days (from November 24). Please note this line from the release …
"if a LEI is established to the satisfaction the Office by July 15, 2011, the Office, in consultation with the Chairperson of the Council, plans to issue a regulation mandating the use of such a standard for data reported to the Office."
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June 2010
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| Report |
Regulatory Reform Committee Version
Final text of the Dodd-Frank Conference Report
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| Report |
Regulatory Reform
- House/Senate Comparison. Side-by-side summary of the key regulatory reform proposals in both the House and Senate versions of regulatory reform legislation prepared by Davis Polk and Wardwell LLP
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| Presentation |
Presentation
by EDM Council at Regulator Data Workshop in Washington DC on industry initiatives and status
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May 2010
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| Report |
Restoring Financial Stability Act
Summary of the financial regulatory reform legislation passed by the Senate on May 20, 2010. The summary was prepared by DC law firm Davis Polk and Wardwell LLC.
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March 2010
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| Paper |
US Senate Financial Reform Analysis
Summary of key points contained in Senator Dodd's "Restoring American Financial Stability Act" including how it compares to the bill adopted by the US House of Representatives. This analysis was provided by the law firm Davis Polk & Wardwell LLP in Washington DC
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| Legislation |
Senate Regulatory Reform Bil
Senator Chris Dodd introduced "Restoring American Financial Stability Act." A copy of the legislation is posted. Sections 152-156 (pages 60-79) are about the creation of the Office of Financial Research
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January 2010
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| Document |
FSTC Article
Article by Michael Atkin on the data requirements for systemic risk. Scheduled to appear in the Financial Services Technology Consortia's magazine "The Innovator"
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| Document |
NAS Workshop Report
Final report from the National Academy of Sciences Workshop on the technical and data capabilities needed for systemic risk regulation held November 3, 2009 on the request of Senator Jack Reed
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December 2009
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| Document |
US House Financial Reform Analysis
Summary of key points contained in HR.4173 "Wall Street Reform and Protection Act." This analysis was prepared by the law firm Davis Polk Wardwell in Washington DC
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