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On August 20, the European Securities and Markets Authority (ESMA) published a letter written jointly with the European Banking Authority (EBA) and addressed to the European Commission (EC) relating to cryptoassets. The letter responds to a letter from the Commission dated July 19.

The letter begins by welcoming the EC’s work responding to issues identified in the January 2019 reports by ESMA and the EBA on cryptoassets and initial coin offerings (for more information, see the January 11, 2019 edition of Corporate & Financial Weekly Digest). ESMA and the EBA agree that it is vital that further work progresses urgently to inform any actions taken by the new EC.
Continue Reading ESMA and EBA Respond to Letter From European Commission on Cryptoassets Work

On July 16, the Financial Stability Board (FSB) published a report on the work of the FSB and standard setting bodies on cryptoassets. The report was delivered to the G20 Finance Ministers and Central Bank Governors ahead of their meeting on July 21 – 22.

The standard setting bodies, whose work is summarized in the FSB’s report, are: (1) the FSB itself; (2) the Committee on Payments and Market Infrastructures (CPMI); (3) the International Organization of Securities Commissions (IOSCO); and (4) the Basel Committee on Banking Supervision (BCBS).
Continue Reading FSB Publishes Report on Cryptoassets

The Commodity Futures Trading Commission will host a roundtable on October 6 to gather feedback in relation to a report on central counterparty resilience and recovery recently published by the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO). Roundtable panelists will include US derivatives clearing organizations (DCOs), their…

On August 18, the Committee on Payments and Market Infrastructures (CPMI) and the International Organisation of Securities Commissions (IOSCO) published a second consultation report (Consultation) on the harmonization of the unique product identifier (UPI).
Continue Reading CPMI and IOSCO Publish Second Consultation on Harmonization of Unique Product Identifiers

The Committee on Payments and Market Infrastructures (CPMI) and the Board of the International Organization of Securities Commissions (IOSCO) published a report entitled Resilience and recovery of central counterparties (CCPs): Further guidance on the PFMI (Report), which seeks to clarify how CCPs should implement the CPMI-IOSCO Principles for Financial Market Infrastructures (PFMI). The PFMI strengthen the international standards for risk management for financial market infrastructures (FMI) and are designed to make FMI more resilient in financial crises.
Continue Reading CPMI and IOSCO Publish Report on CCP Resiliency Planning

On August 19, as part of a response to a request from the Financial Stability Board (FSB), the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a joint consultative report (Report) entitled “Harmonization of the Unique Transaction Identifier.” The Report represents a further stage in the ongoing reform of the over-the-counter (OTC) derivatives market being led by the G20 countries, which, as part of their continued commitment to improve transparency, mitigate systemic risk and protect against market abuse, previously agreed that OTC derivatives transactions should be reported to trade repositories (TRs) and that such data be aggregated to ensure that relevant authorities are able to obtain a comprehensive view of the OTC derivatives market generally and transaction activity specifically.
Continue Reading CPMI and IOSCO Publish Joint Consultative Report on the Global Harmonization of OTC UTI