DSB: UPI mandate becomes EU law as part of EMIR Refit

The Unique Product Identifier (UPI) has become part of EU law after the European Union publication in the Official Journal The Derivatives Services Bureau (DSB) announced that it will provide a User Acceptance Test (UAT) environment for the UPI service in 2023 to assist prospective UPI users with their UPI implementation plans and budget setting. DSB is the global golden source of reference data for Over the Counter (OTC) derivatives.

The DSB is designated by the Financial Stability Board (FSB) as the sole UPI Service Provider to facilitate the creation and distribution of UPIs globally. The UPI is designed to facilitate the effective aggregation of over-the-counter (OTC) derivatives transaction reports on a global basis. Reporting parties will be mandated to incorporate the UPI into their reporting workflows and submit them to trade repositories once mandates come into effect, which in the EU will be from 29 April 2024, and anticipated shortly in the Americas, Asia-Pacific and Africa.

The DSB’s UPI Service leverages core components of the existing OTC ISIN Service, thereby minimizing implementation and running costs for the DSB as well as the technology burden for users already connected to the DSB.

The UAT environment to be made available in 2023 will enable users of the UPI Service to test the full service functionality, including search, retrieval and creation of UPIs. Further, the DSB will make available in the UAT environment its new Client Onboarding and Support Platform (COSP) for fee-paying UPI users. The COSP enables users to onboard to the service and to manage their account using self-service functions.

Emma Kalliomaki, managing director of the Association of National Numbering Agencies (ANNA) and the DSB, said in a statement: “The DSB welcomes the progress made by the EU on this important global initiative. The DSB will continue to work with the Regulatory Oversight Committee, the International Governance Body of the UPI System, as well as collaborating with industry stakeholders through the vital work of the Product Committee and Technology Advisory Committee to ensure the UPI Service is fit-for-purpose. This includes aligning the objectives of the Service with the DSB principles, such as cost recovery, reasonable and non-discriminatory (RAND) access, equal treatment through preserving the DSB common agreement, and efficiency in delivery of DSB Services.”

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