The Final Report on the DSB Legal Terms and Conditions consultation as well as the proposed draft 2023 DSB Main Terms and Policies, collectively known as the ‘Agreement’, were published on 12 April 2022.The changes are primarily the result of the requirement to incorporate provisions for the UPI Service into the legal documentation and policies. A summary of industry feedback received on the consultation paper as well as the legal provisions and associated mechanisms to be taken forward with respect to DSB legal documentation are outlined in the DSB Legal Terms and Conditions Final Report.
The UPI Service will be incorporated into the existing DSB legal framework that is utilized for the OTC ISIN Service, such that there is a Common Agreement. The revisions to the legal documentation are largely structural and process related to ensure that they are fit-for-purpose for both the OTC ISIN and UPI Services. They affect the way in which User’s contract with the DSB and the way in which the resulting agreements are documented.
To aid existing Users of the OTC ISIN Service, a Summary of Amendments document has been produced to outline changes compared to the existing Agreement. Existing OTC ISIN Users have been transitioned to the new document structure, via a Variation Notice. The Variation Notice and details of the transition were provided to each user who has a DSB Access and Usage Agreement on 28 September 2022.
The consultation closed on 2nd September 2022.
The final 2023 DSB Agreement and the associated Policies were published on 28th September 2022.
Following two UPI fee model consultations, a further DSB industry consultation was undertaken on the user terms and conditions for DSB provision of the UPI service. Industry feedback received to the DSB Legal Terms and Conditions consultation has been considered in the drafting and publication of the UPI Access and Usage Agreement. The consultation paper can be accessed by clicking the button on the right.
The DSB hosted two explanatory webinars on Tuesday 9th and Wednesday 10th November 2021. To access the webinar presentation pack and the webinar recordings please select the relevant buttons on the right.
This consultation closed at 5pm UTC on 19 January 2022.
The DSB received 8 responses, representing a total of 10 institutions and are available below.
The DSB UPI Legal Terms and Conditions Consultation timeline is outlined below:
|Publication of DSB UPI Legal Terms and Conditions Consultation Paper||Tue 2 Nov 2021|
|Explanatory Webinar 1 (timing preferable for Australia & Asia)||Tue 9 Nov 2021|
|Explanatory Webinar 2 (timing preferable for EMEA & Americas)||Wed 10 Nov 2021|
|Industry feedback deadline||Wed 19 Jan 2022|
|Publication of DSB UPI Legal Terms and Conditions Consultation Final Report and draft 2023 DSB Agreement and the associated Policies||Tue 12 Apr 2022|
|Industry feedback deadline||Tue 2 Sep 2022|
|Publication of final 2023 DSB Agreement and the associated Policies||Wed 28 Sep 2022|
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