Secondary

progress-report

Reporting Requirements for OTC Derivatives

The Registrar of Securities Services published a draft Trade Reporting Obligation Board Notice on Over-the-Counter (OTC) Derivatives for a second round of public consultation.

“Establishing a harmonised reporting framework is an important aspect to transform the OTC derivatives space and will provide regulators with the basis to carry out their mandates by having a comprehensive view in order to monitor risks in the OTC derivatives markets. Accordingly, South African Regulators are committed to meeting these objectives and have in their approach incorporated the recommendations made by the CPSS-IOSCO working group and the FSB, and will be continuously updating the framework as outputs from various workstreams on TR reporting requirements are finalised.”

“Through the working group that includes representatives from the South African Reserve Bank, the Financial Services Board and the National Treasury, draft requirements have been proposed in order to implement the central reporting framework. The trade reporting obligations notice was first published for public consultation in July 2015 and comments were received but not published during the consultative process in July 2016.”

“South Africa is already lagging behind most jurisdictions, and in order to fast track implementation of trade reporting obligations, this will be achieved as per timelines proposed in the explanatory memorandum published in July 20161 , which proposes the second half of 2017 for implementation.”

Affected parties can download the full media release here which also contains links to related documentation.

1 Explanatory memorandum: Regulating OTC Derivative Markets in SA available at http://www.treasury.gov.za/otc/

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