eteridvalishvili commented 8 months ago

Regulation Innovation SIG

Date

December 05 2023 - 12pm EST / 5pm GMT

Untracked attendees

Fullname, Affiliation, (optional) GitHub username
...

Meeting notices

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Agenda

[x] Convene & roll call (5mins)
[x] Display FINOS Antitrust Policy summary slide
[x] Review Meeting Notices (see above)
[ ] Approve past meeting minutes
https://github.com/finos/open-regtech-sig/issues/59
[ ] ESG hackathon and next steps
[x] Women in RegTech New York RegRoundtable Luncheon to wrap up 2023!
[ ] 1. Inventory of upcoming regulations across domains (Pre-Trade, Post, Trade, ESG, Capital etc.)
Can we maintain one centrally and distribute to members?
We can plan for sharing commentaries and regular information sessions on upcoming regulations based on interest
[ ] 2. Post-Trade regulation compliance: stories from the field (RI) Survey members on priorities and willingness to work on defining rules and data models for the following upcoming regulations:
EMIR Refit - 2024
MIFID TR Changes - 2025
HKMA Rewrite - 2025
US Securities Lending Markets - 2025
Others (UPI) etc. We are missing a lot of regulations and we should ask other members if they have a comprehensive list
[ ] 3. T+1 reporting Requirements: a case for collaborative component development (RI)
Use of CDM for T+1
How does CDM made it easy to model and report trade events intraday?
Collateral and margin reporting
- Data Controls for T+1
[ ] 4. Overview of DRR and progress made on CFTC and EMIR - We should ask ISDA if they can share an update.
[ ] 5. BCBS 239 Controls Standards and Trends – We can ask one of the consulting firms to speak about them. I know folks at both EY& Deloitte who will be happy to present. All upcoming ESG Regulations are complying with these Standards. Having a list of Critical Data Elements (CDE’s) agreed for each regulation will help members maintain a consistent data control environment.
[ ] 6. Prescriptions for data dictionaries and data models for Reg. Reporting use cases – Is there an appetite to maintain these centrally. We are doing this with CDM for Post-Trade, can we expand to other domains?6
[ ] 7. Data Strategy (latest trends) – Data products etc. (some of our consulting & technology partners can provide regular updates)
[ ] 8. Cloud Concentration risks for regulatory reporting
[ ] AOB, Q&A & Adjourn (5mins)

Meeting Minutes

Key points highlighted:

Involvement of Morgan Stanley and Goldman Sachs: Both institutions are actively participating in open-source initiatives.
The RegTechCouncil recently incorporated, with a focus on post-trade and pre-trade areas identified during FINOS events in London and NY.

Agenda Item - Inventory of Upcoming Regulations:

The need for a centralized inventory of upcoming regulations across domains (Pre-Trade, Post-Trade, ESG, Capital, etc.) was discussed. The goal is to establish a gold standard and create an API that supports banks, fintech, and regtech organizations by providing interpretations and use cases.
Understanding Regulators' Needs: Emphasized the need for understanding the different sources, formality levels, and use cases regulators employ to facilitate a tailored response.
Central Repository: The proposal to maintain a central repository of upcoming regulations by domains, with interest levels across member organizations, was discussed. The framework would be documented and maintained as part of FINOS.

Agenda Item - Use of CDM T+1 Reporting Requirements:

A case for collaborative component development was discussed, and plans were made to involve ISDA partners in future meetings as the DRR project was identified as a good use case.

Agenda Item - BCBS 239 Controls Standards and Trends:

Plan to dedicate a session next year to this topic, with input from E&Y and Deloitte.

Stakeholder Prioritization:

Everyone to take the discussed topics back to stakeholders and identify items to prioritize. Building a Calendar:
Discussions on building a calendar to publish to stakeholders, compliance experts, and regulators for feedback.

Action Items

[ ] Establishment of Central Repository:
- [ ] Establish a central repository of all upcoming regulations by domains with interest levels across member organizations.
- [ ] Document and maintain this framework as part of FINOS.
[ ] Use of CDM T+1 Reporting Requirements:
- [ ] Reach out to ISDA team and schedule something for January's session.
[ ] BCBS 239 Controls Standards and Trends:
- [ ] Dedicate a session next year to BCBS 239 Controls Standards and Trends.
- [ ] Have EY and Deloitte present early next year.
[ ] Prioritization and Stakeholder Engagement:**
- [ ] Everyone to take the list of initiatives back to stakeholders and to establish specific urgencies from the community regarding regulations and prioritize accordingly.
[ ] Building a Calendar:
- [ ] Build a calendar to publish it to stakeholders, compliance experts, and registry experts for feedback.