2025 OTC ISIN, UPI and CFI Service Provision Consultation

2025 DSB Main Terms and Policies (together the 'DSB Agreement')

Industry feedback on the 2025 DSB Main Terms, Subscription Forms and Policies (together the ‘DSB Agreement’) opened Friday 2nd August 2024 and closed Friday 30th August 2024. Final versions of the ‘DSB Agreement’ were published 25th September 2024. 

The amendments on which the DSB consulted on are a result of –

  • updating terms that were specific to the previous invoicing period,
  • consideration of feedback from users over the last 12 months (including feedback to the DSB annual Industry Consultation and via the DSB Industry Representative Groups),
  • ensuring compliance with the Digital Operational Resilience Act (DORA) in the European Union (which applies from 17 January 2025) – explained in further detail under section 3 below, and
  • editorial corrections.

The amendments are provided as a clean and redline version to the current Agreement and are available below. Amendments are applicable to both the OTC ISIN Service and the UPI Service unless stated otherwise.

In accordance with clause 1.2(a) and 1.2(b) of the DSB Main Terms, a Variation Notice was sent to users with fee-paying subscriptions.

Final Consultation Report

The Final Report on the annual consultation, related to the 2025 service provision, was published on 16 July 2024. The Final Report presents a final snapshot of changes to be taken forward in 2025 and should be read in conjunction with the Industry Consultation Questions document. 

 

Consultation Paper

This consultation opened on 30th April 2024 and closed on 31st May 2024, with a final consultation report published on 16th July 2024. 

The consultation paper sought to obtain industry views on several topics: Data Leakage Prevention (DLP), Data Classification & Data Labelling, Governance, Risk & Compliance (GRC) Tool, Extension of Intermediary Model to All User Types, DSB TOTV/uTOTV function, UPI Delivered as Part of the OTC ISIN Service and Global Agile Architecture (GAA) Phase 2. The document presented information for market participants’ review and feedback. 

A webinar to address consultation related queries took place on Wednesday 15th May 2024. The webinar set out the key themes in the DSB Consultation Paper of 2024. The purpose of the webinar was to provide industry with an opportunity to submit any questions following publication of the consultation paper. The webinar recording and the accompanying slide deck are available, designed to work in conjunction with the consultation document.

List of public and anonymized responses to consultation with links to PDF files:
Feedback received outside of consultation with link to PDF file:

Consultation Timeline

 

MilestoneDate
Publication of DSB OTC ISIN, UPI and CFI Consultation Paper (CP) Tue 30 Apr 2024
Webinar Wed 15 May 2024
Industry feedback on the CPTue 30 Apr – Fri 31 May 2024
Final Consultation Report publicationTue 16 Jul 2024
2025 Draft User Agreement (UA) publicationFri 2 Aug 2024
Deadline for industry feedback on proposed UA changesFri 30 Aug 2024
2025 Final User Agreement (UA) publicationWed 25 Sep 2024
User termination deadlineWed 2 Oct 2024
Annual User fees for 2025 calculatedFri 4 Oct 2024
2025 User fees publishedMon 7 Oct 2024

 
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