As we navigate through the second half of 2023, the financial industry is witnessing ongoing regulatory developments that hold significant implications. As part of a <a href=”https://member.regtechanalyst.com/what-will-be-the-key-regulatory-developments-in-h2/” target=”_blank” rel=”noopener”>RegTech Analyst article</a>, <a href=”https://mapfintech.com/solutions/”>MAP FinTech</a>’s Senior Manager of the Compliance Support Department, George Markides, offers valuable insights into the expected developments for this period.
Markides underscores the paramount importance of preparation as global regulators gear up to implement updated reporting standards. This initiative follows meticulous work undertaken by international bodies like the International Organization of Securities Commissions and the Committee on Payments and Market Infrastructures, particularly addressing Critical OTC derivatives data elements.
The aftermath of the Great Recession prompted the G20 to establish a framework, necessitating market participants to <a href=”https://mapfintech.com/solutions/emir-reporting/”>report derivatives</a> to specialized Trade Repositories. However, the absence of a high-level consensus on common derivative data to be reported resulted in disparities across reporting jurisdictions.
Late in 2018, the IOSCO-CPMI released its initial harmonization paper on these data elements. Consequently, regulatory bodies from Australia, the EU, the UK, and Singapore revamped their reporting regulations to align with the new standards in late 2022 and early 2023. These new reporting requirements are scheduled to take effect in 2024.
Markides’ insights shine a light on the continued efforts toward transparency and uniformity in the financial sector’s reporting practices. These developments are poised to reshape how financial institutions report and disclose crucial data, fostering greater clarity and harmonization in the industry.
Read the full article <a href=”https://member.regtechanalyst.com/what-will-be-the-key-regulatory-developments-in-h2/” target=”_blank” rel=”noopener”>here</a>.
