How has the world moved as regards the implementation of the recommendations of the various Committees? The deadline for implementing over the counter (OTC) Derivatives market reforms was December 2012. Various jurisdictions are in different stages of implementation of the reform recommendations.
Delays in adopting legislative and regulatory frameworks are contributing to regulatory uncertainty which is further compounded by the potential for conflicts, inconsistencies, duplication and gaps in the application of jurisdictions’ rules to cross-border activity.