What is the function of the GAC and why is it needed?
The newly formed GAC will enable ongoing and regular in-depth discussions with stakeholders on governance related matters, generally covered by the annual industry consultation, which do not fit within the remit of the existing industry representation groups-the Product Committee (PC), which supports the evolution of the DSB’s product definitions, and the Technology Advisory Committee (TAC), which supports the evolution of the DSB’s technology and operations.
The GAC will provide recommendations to the DSB board on governance in key areas such as the DSB fee model, policies and subscription terms, whilst considering the ISO principles, such as cost recovery and reasonable and non-discriminatory access to data, as well as the Memorandum of Understanding in place with the Regulatory Oversight Committee.
Why now?
Over the last year the EU, UK, US, Australia, Singapore and Japan have published their rules to implement the Unique Product Identifier (UPI) to enhance regulatory reporting requirements and enable global aggregation of OTC derivative data reported to trade repositories. These compliance dates will go live through 2024 and 2025 expanding the DSB’s user base beyond firms fulfilling EU and UK reporting requirements, to those of G20 jurisdictions. The DSB is responsible for the creation and distribution of both the ISIN and the UPI, and their associated reference data sets, making available a range of integration options.
Following the launch of the UPI Service on 16th October 2023, the GAC will have access to data available from initial user onboarding, UPI volumes and generation patterns, workflows, connectivity, and interactions that may arise with the launch of the UPI Service to factor into their considerations regarding the evolution of the DSB, ensuring the model for each service remains fit for purpose.
Who is eligible to be a GAC member?
GAC membership will be open to users of the DSB and will reflect the variety of organisational types and sizes engaging with the DSB. This includes trade association representatives and third-party service providers/intermediaries. Members of the existing industry representation groups can also apply to join the new GAC and, given the G20 endorsement for UPI adoption, representation from a wide range of geographies is encouraged to ensure that recommendations support the best interests of all market participants globally.
How do I apply/next steps?
GAC membership applications are welcomed from the broad range of market participants within the global OTC derivatives ecosystem. The timeline for the GAC establishment is as follows:
- 17 Jan 2024: Call for participation and publication of the GAC Charter
- 14 Feb 2024: Closure of applications
- 12 Mar 2024: Publication of the GAC membership
- 28 Mar 2024: Inaugural GAC meeting
Following the receipt of applications, formal appointments will be undertaken by the DSB Board.
If you have any questions, please email secretariat@ANNA-DSB.com
