The ROC and the DSB finalise a Memorandum of Understanding
By Joy Dumasia
The Regulatory Oversight Committee (ROC) and the Derivatives Service Bureau (DSB), which the Association of National Numbering Agencies founded to facilitate the allocation and maintenance of standardised identifiers, classification codes and associated reference data for OTC derivatives, both announced today the finalisation of a Memorandum of Understanding (MOU), on the implementation of the governance arrangements for the globally harmonised Unique Product Identifier (UPI).
The ROC expanded its mandate to become the International Governance Body of the UPI. The Financial Stability Board (FSB) transferred all governance and oversight responsibilities concerning the UPI to the ROC. Since then, the ROC has taken forward the FSB’s work to set up appropriately rigorous oversight arrangements.
The DSB, the designated UPI service provider, has worked closely with the ROC to reach a common understanding of the expected division of responsibilities for overseeing the UPI system.
François Laurent, ROC Chair, said, “This MOU sets the basis for a fruitful cooperation between the ROC and DSB to ensure that the UPI system operates smoothly and effectively. I highly appreciate the great working relationship that has developed between the ROC and DSB in establishing this MOU.”
Emma Kalliomaki, Managing Director of the DSB, said, “DSB and ROC are successfully collaborating and engaging broader stakeholders in the implementation stage of the UPI to assist industry with fulfilling their forthcoming UPI reporting requirements. We are working hard to ensure that the UPI governance principles outlined in the MOU are enshrined in the UPI service so that all stakeholders will have the most effective UPI service from next July 2022.”
The Association of National Numbering Agencies (ANNA) is a global member association seeking to foster standardisation within the financial industry by upholding the International Organization for Standardization (ISO) principles and promoting ISIN, FISN and CFI codes for financial instruments. This is achieved through ongoing, collaborative work with market participants, regulators and other standards bodies.
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July 19, 2024
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