Regulatory Reporting Working Group

Group Information

Mission:
  • Support international regulatory reporting by analyzing new requirements, provide feedback and guidance to regulators; further develop and enhance the Recordkeeping (Trade Repository reporting) and Transparency (Public reporting) views to support new regulations.
  • Provide a consistent technical reporting framework covering regulatory reporting legislation, and rule development in various jurisdictions, as well as global data harmonization developments (FSB/IOSCO).

Chairs of Working Group

Brian Lynn (Global Electronic Markets)

Participants

See section 1 of a particular Recommendation for the list of contributors.

Group Charter

Scope: Enhance the standard to provide support for new regulatory reporting requirements and facilitate industry implementation of the reporting requirements. Book of Work
  1. Support changes in reporting regulations
    1. ESMA EMIR REFIT
      • In Europe, the European Securities and Markets Authority (ESMA) is updating the EMIR regulations.
      • The RPTWG will review to ensure coverage in FpML of the changes to regulatory reporting related to EMIR refit changes in reporting requirements. This will involve an analysis of the new ESMA technical standards and might require changes to the regulatory reporting messages (existing messages and/or redesigned reporting messages)
      • Review of the ISO 20022 message changes related to EMIR refit.
    2. CFTC rewrite
      • In the US, the US Commodity Futures Trading Commission is looking to streamline the regulatory reporting requirements. This includes considering the CPMI-IOSCO work on CDE.
      • The RPTWG will review to ensure coverage in FpML of the changes to regulatory reporting related to any new CFTC regulatory reporting requirements. This will involve an analysis of the revised part 43 and 45 and might require changes to the regulatory reporting messages (existing messages and/or redesigned reporting messages).
    3. SEC SBSR
      • In the US, the US Securities and Exchange Commission is looking to release SBSR regulations.
      • The RPTWG will review to ensure coverage in FpML of the changes to regulatory reporting related to upcoming SEC regulatory reporting requirements. This might require changes to the regulatory reporting messages.
    4. Support CPMI-IOSCO Critical Data Elements (CDE).
  1. Further develop the global regulatory spreadsheet
    1. Add analysis for the new regulations expected under #1.
    2. Enhance access and presentation. Fine tune the web application that exposes the analysis.
  1. Support other working groups (e.g. XAPWG) in areas related to regulatory reporting, e.g. SFTR collateral, possible impact from FRTB, etc.
Meeting Schedule: The group meets Tuesdays at 10am New York time, for up to 90 minutes, conference calls primarily. Rules of Operation: The working group will adopt the FpML Working Group Rules of Operation. These outline best-practices for meetings, managing member participation, reaching group consensus and voting. Estimated time commitment from Participants: Members should be prepared to commit approximately 1 to 4 hours per week, depending on the role of the participant, for meeting participation and document review. Full members must have the agreement and support of their management before signing up to the Working Group. Target Participants: Business analysts, technical architects, business specialists.

Milestones

Date for completion

Initial kick-off meeting
February 2020

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