The Regulatory Oversight Committee (ROC), and the Derivatives Service Bureau (DSB) announced the finalization of a Memorandum of Understanding (MOU), on the implementation of the governance arrangements for the globally harmonized Unique Product Identifier (UPI).
In October 2020, 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, ROC has taken forward the FSB’s work to set up appropriately rigorous oversight arrangements.
DSB as the designated UPI service provider has worked in close cooperation with ROC to reach a common understanding of the expected division of responsibilities for overseeing the UPI system.
Emma Kalliomaki, managing director of the DSB, said in a statement, “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.”