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UK Looks To Align Derivatives Rules With Global Standards – Law360

By Najiyya Budaly (November 26, 2021, 11:44 AM GMT) — Britain’s finance watchdogs have proposed changes to the way in which traders report derivatives transactions to trade repositories as the country seeks to align itself with international standards after leaving the European Union’s regulatory hold.

The Financial Conduct Authority and the Bank of England have set out proposed changes to reporting requirements for counterparties to a derivatives contract under the U.K.’s rulebook for over-the-counter trading.

The European Markets Infrastructure Regulation requires counterparties based in the bloc to report details of every derivative transaction they have concluded or terminated to registered trade repositories — bodies that centrally collect and maintain the records of over-the-counter…