On 5 May 2021, the Regulatory Oversight Committee (ROC) of the Global Legal Entity Identifier (LEI) System published a consultative document, Harmonisation of critical OTC derivatives data elements – revised CDE Technical Guidance.
The Technical Guidance for the Harmonisation of critical OTC derivative data elements (Technical Guidance) provides technical guidance on the definition, format and allowable values of critical data elements, other than the Unique Transaction Identifier (UTI) and Unique Product Identifier (UPI), reported to trade repositories (TRs).
The ROC is planning to update the Technical Guidance in two steps:
- Introducing corrections that will facilitate the implementation of the Technical Guidance by jurisdictions.
- Revising the Technical Guidance with certain other revisions such as to the list of allowable values or to the list of harmonised data elements.
The consultative document proposes amendments to the Technical Guidance in order to facilitate its jurisdictional implementation. The proposed amendments do not change the substance of the data elements but instead seek to eliminate factual errors and typos, align the format specifications with the ISO 20022 standard and clarify the content of the elements thereby avoiding ambiguities.
The deadline for comments on the consultative document is 26 May 2021.
