The Regulatory Oversight Committee (ROC), and the Derivatives Service Bureau (DSB) which was founded by the Association of National Numbering Agencies (ANNA), to facilitate the allocation and maintenance of standardised identifiers, classification codes and associated reference data for OTC derivatives, have finalised a Memorandum of Understanding (MOU), on the implementation of the governance arrangements for the globally harmonised Unique Product Identifier (UPI).
In October 2020, the ROC expanded its mandate to become the International Governance Body of the UPI and the Financial Stability Board (FSB) transferred to the ROC all governance and oversight responsibilities in relation to the UPI. 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 in close cooperation with the ROC to reach a common understanding of the expected division of responsibilities for overseeing the UPI system.
François Laurent, ROC Chair, says: “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, says: “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.”