Once a covered OTC derivative trade is concluded, the work of providing its information to a trade repository begins. Compliance staff and the people who build reporting data systems check the provision deadline and the reporting items against the conditions of this regime.

What the regime requires

The Financial Instruments and Exchange Act (FIEA) requires financial instruments clearing organizations, etc. (hereafter "clearing organizations, etc.": the financial instruments clearing organizations and foreign financial instruments clearing organizations among central counterparties) and financial instruments business operators, etc. to provide information on OTC derivative trades to a trade repository. A clearing organization, etc. provides information on the trades that a Cabinet Office order specifies, among the trades for which it has assumed the obligations. Financial instruments business operators, etc. (financial instruments business operators and registered financial institutions) provide, as a rule, information on their trades other than those for which a clearing organization, etc. has assumed the obligations1. The trade repository prepares and keeps records of the information it receives and reports it to the Prime Minister2.

The law calls a financial institution's sending of information to a trade repository "provision" and a trade repository's sending of information to the Prime Minister "reporting". This page follows the law's terms. The guidelines of the Financial Services Agency (FSA) also call a financial institution's sending of information to a trade repository "reporting"3.

ProviderRepositoryPMProvideReport
Figure 1Flow of trade information provision and reporting
Figure description

The arrows show where information is sent. Information flows in one direction, from the provider through the trade repository to the Prime Minister (PM), who stands for the authority. In the figure, Provider is the party that provides information and Repository is the trade repository. The providers are the financial instruments business operators, etc. and the clearing organizations, etc.; the trade repository prepares and keeps records, and the records are submitted to the Commissioner of the Financial Services Agency.

The FSA describes the purpose of the regime as improving the risk management of financial institutions' OTC derivative trades, among other aims4. Internationally, the G20 Leaders agreed at the Pittsburgh Summit in September 2009 that OTC derivative contracts should be reported to trade repositories5.

The obligations to provide, keep, and report trade information are set out in Articles 156-63 to 156-66 of the FIEA, and the details are set by the Cabinet Office Order on the Regulation of Over-the-Counter Derivatives Transactions (the OTC Derivatives Order). The details of the reporting items are in the guidelines issued by the FSA.

Source Article or item Content
FIEA Article 156-63 Clearing organizations, etc. provide information on the trades that a Cabinet Office order specifies, among those for which they have assumed obligations (information on cleared trades, etc.)
FIEA Article 156-64 Financial instruments business operators, etc. provide information on trades other than cleared trades, etc. (information on non-cleared trades, etc.)
FIEA Articles 156-65 and 156-66 Trade repositories prepare and keep records, report, and publish figures such as the volume of trades
FIEA Articles 198-6 and 207 Penalties for failing to provide or report, among other violations
OTC Derivatives Order Articles 3 to 11-2 Trades covered, deadlines, reporting items, record keeping, postponement, and reporting
Guidelines Annex 1 and Annex 2 Definitions and allowed values of the reporting items; assignment and sharing of the UTI

The law names the Prime Minister as the recipient of reports, and the OTC Derivatives Order provides that records are submitted to the Commissioner of the Financial Services Agency6. The guidelines are issued by the Markets Division of the FSA's Strategy Development and Management Bureau and give the details of the reporting items under Article 4, paragraph 1 of the OTC Derivatives Order3.

The provisions were checked as of October 3, 2026, against the versions published at that date (last amended: the FIEA effective August 12, 2026, and the OTC Derivatives Order effective June 1, 2025).

Trades and entities covered

Trades covered

The regime covers the trades that Article 6, paragraph 1 of the OTC Derivatives Order lists among the OTC derivative trades defined in the FIEA. An OTC derivative trade is a trade made outside a financial instruments market and a foreign financial instruments market7.

Category in Article 2, paragraph 22 of the FIEA Scope covered
Items 1 and 2 (forward trades and cash-settled trades) Excludes trades with 2 business days or fewer from the trade date to the delivery date
Items 3 and 4 (option trades) Excludes trades with an exercise period of 2 business days or fewer
Item 5 (swap trades) No exclusion provided
Item 6 (credit derivative trades) Only trades that refer to events such as the credit condition of a corporation

The category names in the table paraphrase the definitions in each item8. Trades in items 2, 4, and 5 that refer to a financial indicator, such as a figure from weather observations or an economic statistic, are also excluded9.

Trades with the following counterparties are not covered. They are the national government, local governments, the Bank of Japan, foreign governments, and international organizations designated by the Commissioner of the Financial Services Agency. Also excluded are the parent company, etc., the subsidiaries, etc., and the subsidiaries, etc. of the parent company, etc. of the financial instruments business operator, etc. making the trade (excluding that financial instruments business operator, etc.)10.

Examples of determining coverage

Consider a hypothetical example in which Bank E and Company F make three trades. Bank E (fictional) is a bank that is a registered financial institution, so it is a financial instruments business operator, etc. and a party that prepares trade information. Company F (fictional) is an operating company and is not a financial instruments business operator, etc. None of the trades goes through a clearing organization, and each is made outside a financial instruments market and a foreign financial instruments market.

Bank E and Company F enter into a swap referencing an interest rate (item 5). Item 5 has no exclusion and Bank E is a party that prepares trade information, so the trade falls within the scope of the regime. If the trade is concluded on a Monday with no non-business day in between, the information is provided by Wednesday. However, if the exemption for a party that prepares trade information with an average balance below 300 billion yen applies, the record keeping and reporting of interest rate trades are exempted.

Bank E and Company F enter into a forward trade (item 1) with 2 business days from the trade date to the delivery date. Trades in items 1 and 2 are excluded when the period from the trade date to the delivery date is 2 business days or fewer, so this trade is not covered by the provision obligation.

Bank E enters into a swap referencing an interest rate with its own parent company as the counterparty. A trade whose counterparty is the parent company, etc. of the financial instruments business operator, etc. making the trade is excluded, so this trade is not covered by the provision obligation either.

Entities that provide information

Financial instruments business operators, etc. provide information on trades in which a party that prepares trade information (a Type I financial instruments business operator or certain registered financial institutions, as defined by the OTC Derivatives Order) is a party.

Provider Trade information to provide
Clearing organizations, etc. Information on the trades that a Cabinet Office order specifies, among those for which they have assumed the obligations (information on cleared trades, etc.)11
Financial instruments business operators, etc. Information on trades other than cleared trades, etc. (information on non-cleared trades, etc.). Only trades in which one or both parties are parties that prepare trade information9

Trades for which a central counterparty assumes the obligations overlap with the trades subject to the clearing obligation. The content of that obligation is covered in Mandatory Clearing.

The parties that prepare trade information are financial instruments business operators that engage in Type I financial instruments business. Among registered financial institutions, they are banks, Shoko Chukin Bank, Ltd., the Development Bank of Japan Inc., federations of shinkin banks whose district is the whole country, the Norinchukin Bank, and insurance companies12. When both parties are financial instruments business operators, etc. and either one is a party that prepares trade information, the other financial instruments business operator, etc. does not have to provide the information13.

A party that prepares trade information and whose average month-end balance of OTC derivative trades in the previous fiscal year was under 300 billion yen can be exempted for some trades. To be exempted, it reports that fact to the Commissioner of the Financial Services Agency and to the trade repository. The exemption covers the record-keeping and reporting obligations for interest rate and currency asset class trades that arise from July 1 of the year to the end of June of the following year14.

What is required

Deadlines and changes

Information on covered trades is provided by the deadlines below.

Situation What is required
A clearing organization, etc. has assumed obligations Provide the information within 3 business days counting from the day it assumed the obligations15
A financial instruments business operator, etc. has made a trade Provide the information within 3 business days counting from the day the trade was concluded16
A reporting item changes after the information was provided Within 3 business days counting from the day of the change, notify the change or provide trade information that reflects it17
The deadline cannot be met for unavoidable reasons A financial instruments business operator, etc. can postpone provision with the approval of the Commissioner of the Financial Services Agency18
Provision is impossible, for example because no trade repository is available A financial instruments business operator, etc. instead prepares records and keeps them for 5 years19

The application for postponement is submitted with a statement of reasons by the original deadline. The information is then provided within 3 business days counting from the day the reason ceases18. When records are prepared instead, each week's trade records are submitted to the Commissioner of the Financial Services Agency by electromagnetic means within 3 business days counting from the first business day of the following week or later19.

The reasons that make provision impossible are a disaster, the absence of a trade repository, the suspension of all trade repository business, a failure of the telecommunication line used for provision with no prospect of recovery, and other unavoidable reasons set by the Commissioner of the Financial Services Agency20.

"Within 3 business days counting from" counts the day the trade was concluded as day 1. The guidelines give April 3 as the reporting deadline for a counting start date of April 1, 2024,21 and Annex 2 describes this deadline as T+2 business days (up to 2 business days after the trade date)22.

The OTC Derivatives Order has no article that deals only with correcting errors23. The guidelines distinguish report action types: "Correct" for correcting erroneous data and "Error" for canceling an entire trade that was reported by mistake although it does not exist24. The procedure for correcting errors and the reconciliation of reported data are covered in Regulatory Reporting.

Reporting items and recipients

Article 4, paragraph 1 of the OTC Derivatives Order sets the reporting items in 11 categories: date and time, the parties and the reporting party, the assumption of obligations, settlement, and trade identification by a clearing organization, etc. (one category), payments, valuation and collateral, trade price, notional amount, whether the trade is new, a change, or a termination (one category), the underlying, the type of contract, and other matters the Commissioner of the Financial Services Agency deems necessary25.

Annex 1 of the guidelines gives the definition and allowed values of the items in each category. Annex 1 of the version revised in November 2023 lists 138 items26. A note in Annex 1 says that the items and allowed values may be revised in the future in light of international developments27.

The FSA's Q&A dated July 3, 2014 answers how to determine the notional amount. For a trade whose notional amount is hard to fix as a single figure, report the largest of the estimated future notional amounts. For a trade whose payments are leveraged, report the notional amount before leverage multiplied by the leverage ratio. Report the absolute value, regardless of the direction of the payments. For a trade with no concept of a notional amount, the total of the fixed future cash flows, for example, is treated as the notional amount28.

Information is provided to a trade repository or to a designated foreign trade repository, which is an entity that does the same kind of business abroad and has been designated by the Prime Minister. The method of provision is set by the recipient organization15. A trade repository submits its records to the Commissioner of the Financial Services Agency by the business day after the day it received the information29.

Penalties

A clearing organization, etc. or a financial instruments business operator, etc. that fails to provide trade information or provides false trade information is punishable by imprisonment for up to 1 year or a fine of up to 3 million yen, or both30. The same applies to failing to prepare or keep records, or preparing false records, when provision is impossible, and to failing to report or making a false report.

When an employee or other person commits a violation in connection with the business of a legal entity, a fine of up to 200 million yen is imposed on the entity as well as on the offender31.

Effective dates and amendments

The OTC Derivatives Order took effect on November 1, 2012. Trades concluded before that date are outside its scope under a transitional measure32.

Date Type Content
November 1, 2012 Effective The OTC Derivatives Order takes effect. Trades concluded on or after this date are covered
April 3, 2013 End of transitional period Deadline for providing information on trades concluded from November 1, 2012 to March 31, 2013 (financial instruments business operators, etc.)33
August 5, 2022 Promulgated, effective Cabinet Office Order No. 49 of 2022 is promulgated. It takes effect on the date of promulgation, and the amendment to Article 4, paragraph 1 takes effect on April 1, 202434
December 9, 2022 Established The FSA establishes the guidelines35
November 21, 2023 Revised The FSA revises the guidelines. Provision of the UPI (Unique Product Identifier) and delta starts on April 7, 202535
April 1, 2024 Effective The amended Article 4, paragraph 1 takes effect. Trade repositories submit the records they keep at least once a month36
April 1, 2024 Operation begins The guidelines begin to operate. The guidelines call this date "the effective date of these guidelines"37
April 7, 2025 Operation begins Provision of the UPI and delta, as set by the guidelines, starts38

Trades concluded before April 1, 2024 and not yet matured on that date (the guidelines' "existing trades") are deemed to have had a change in their reporting items on that date. The supplementary provisions of the OTC Derivatives Order require the provision of this change "without delay", and the guidelines require the new items for trades already provided to be provided within 180 days. Items the entity does not hold may be left blank39.

The FSA page lists this November 21, 2023 revision as the guidelines40.

Differences from other jurisdictions

In the US, Commodity Futures Trading Commission (CFTC) rules for swaps, and in the EU, the European Market Infrastructure Regulation (EMIR)41, require trade information to be reported to trade repositories (the US and EU rules also call the sending that corresponds to Japan's "provision" "reporting"). The differences from Japan lie in how the party that provides or reports is determined and in the deadline.

Item Japan US swaps EU
Who provides or reports Clearing organizations, etc., and financial instruments business operators, etc. for trades in which a party that prepares trade information is a party One reporting counterparty per trade. It is determined in the order of swap dealer, major swap participant, and financial entity, and parties in the same category decide by agreement42 Both counterparties and the central counterparty each report, and reporting can be delegated43
Deadline Within 3 business days counting from the day the trade is concluded (up to 2 business days after the trade date) By the end of the next business day after the execution date if the reporting counterparty is a swap dealer or similar, otherwise by the end of the second business day44 By the business day after the conclusion, modification or termination of the contract45

The rule for determining the US reporting counterparty has exceptions. In a trade between parties that are not swap dealers or similar, when only one party is a US person, that party is the reporting counterparty. For cleared swaps, the clearing organization that is a party is the reporting counterparty. In the EU, a financial counterparty (an EMIR category) reports on behalf of both parties for contracts with a non-financial counterparty (also an EMIR category) that does not meet the EMIR conditions43.

Practical implications

Once a covered trade is concluded, a financial instruments business operator, etc. arranges its work so that it can provide the reporting items within 3 business days, counting the day the trade was concluded as day 116. When it expects to miss the deadline for unavoidable reasons, it must decide whether to apply for approval of a postponement. When it cannot provide the information, for example because no trade repository is available, it must decide whether to switch to preparing records1819.

What this page does not cover

How to build the reporting data is not covered on this page.

Notes

  1. "金融商品取引法" (Financial Instruments and Exchange Act, in Japanese; English translation: Japanese Law Translation), Article 156-63, paragraph 1 (provision by clearing organizations, etc.), paragraph 3 (scope of trade information and information on cleared trades, etc.), Article 156-64, paragraph 1 (provision by financial instruments business operators, etc.), and Article 34 (financial instruments business operators, etc. are financial instruments business operators and registered financial institutions). ↩

  2. "金融商品取引法" (Financial Instruments and Exchange Act, in Japanese; English translation: Japanese Law Translation), Article 156-65, paragraphs 1 and 2. ↩

  3. Financial Services Agency, "店頭デリバティブ取引等の規制に関する内閣府令第４条第１項で定める作成・保存・報告事項 ガイドライン" (Guidelines on the items to be prepared, retained, and reported under Article 4, paragraph 1 of the Cabinet Office Order on the regulation of OTC derivatives transactions, our translation) (established December 2022, revised November 2023), the cover page and the introductory explanation (page 1; PDF page 2) (in Japanese). ↩ ↩2

  4. Financial Services Agency, "取引情報の保存・報告制度等に係るＱ＆Ａ" (Q&A on the trade information retention and reporting regime, our translation) (July 3, 2014), answer to question 1 under "報告の調査表関連" (Questionnaire for reporting), page 5 (PDF page 5) (in Japanese). ↩

  5. Financial Stability Board, "Implementing OTC Derivatives Market Reforms" (October 2010), Foreword, page iii (PDF page 3). It quotes the relevant sentence of the G20 Pittsburgh statement. ↩

  6. "店頭デリバティブ取引等の規制に関する内閣府令" (Cabinet Office Order on the Regulation of Over-the-Counter Derivatives Transactions, in Japanese; English translation: Japanese Law Translation), Article 5, paragraph 1 and Article 9, paragraph 1 (submission to the Commissioner of the Financial Services Agency), and Article 11, paragraph 1 (submission by trade repositories). ↩

  7. "金融商品取引法" (Financial Instruments and Exchange Act, in Japanese; English translation: Japanese Law Translation), Article 2, paragraph 22 (the introductory part). ↩

  8. "店頭デリバティブ取引等の規制に関する内閣府令" (Cabinet Office Order on the Regulation of Over-the-Counter Derivatives Transactions, in Japanese; English translation: Japanese Law Translation), Article 6, paragraph 1, item 1 (items 1 and 2 of Article 2, paragraph 22 of the FIEA), item 2 (items 3 and 4 of the same paragraph), item 3 (item 5), and item 4 (item 6, limited to trades referring to the events in sub-item (a) of that item). The content of each item is in "金融商品取引法" (Financial Instruments and Exchange Act), Article 2, paragraph 22, items 1 to 6. ↩

  9. "店頭デリバティブ取引等の規制に関する内閣府令" (Cabinet Office Order on the Regulation of Over-the-Counter Derivatives Transactions, in Japanese; English translation: Japanese Law Translation), Article 7, paragraph 1, parenthetical (for clearing organizations, etc., Article 6-2 of the same Order). The excluded financial indicators are in "金融商品取引法" (Financial Instruments and Exchange Act), Article 2, paragraph 25, item 2 (figures from weather observations), item 3 (statistical figures that a Cabinet Order specifies, among others), and item 4 (limited to the parts relating to items 2 and 3). ↩ ↩2

  10. "店頭デリバティブ取引等の規制に関する内閣府令" (Cabinet Office Order on the Regulation of Over-the-Counter Derivatives Transactions, in Japanese; English translation: Japanese Law Translation), Article 6, paragraph 2, items 1 to 6. ↩

  11. "店頭デリバティブ取引等の規制に関する内閣府令" (Cabinet Office Order on the Regulation of Over-the-Counter Derivatives Transactions, in Japanese; English translation: Japanese Law Translation), Article 3, paragraph 1. "金融商品取引法" (Financial Instruments and Exchange Act), Article 156-63, paragraph 3. ↩

  12. "店頭デリバティブ取引等の規制に関する内閣府令" (Cabinet Office Order on the Regulation of Over-the-Counter Derivatives Transactions, in Japanese; English translation: Japanese Law Translation), Article 2, paragraph 4, item 4, sub-item (a). The same definition appears on the FSA page "店頭デリバティブ取引規制関連" (Regulation of OTC derivative trades) (in Japanese). ↩

  13. "店頭デリバティブ取引等の規制に関する内閣府令" (Cabinet Office Order on the Regulation of Over-the-Counter Derivatives Transactions, in Japanese; English translation: Japanese Law Translation), Article 7, paragraph 4, and Article 8, paragraph 5 (preparation of records). ↩

  14. "店頭デリバティブ取引等の規制に関する内閣府令" (Cabinet Office Order on the Regulation of Over-the-Counter Derivatives Transactions, in Japanese; English translation: Japanese Law Translation), Article 7, paragraph 3, and Article 8, paragraph 4. Financial Services Agency, "店頭デリバティブ取引規制関連" (Regulation of OTC derivative trades) (checked on October 3, 2026), "一部の取引情報の保存・報告義務の免除について" (Exemption from the obligation to keep and report some trade information) (in Japanese). The page describes the exempted trades as "アセットクラス IR（金利）及びアセットクラス FX（通貨）" (asset class IR (interest rates) and asset class FX (currencies)). ↩

  15. "店頭デリバティブ取引等の規制に関する内閣府令" (Cabinet Office Order on the Regulation of Over-the-Counter Derivatives Transactions, in Japanese; English translation: Japanese Law Translation), Article 3, paragraph 1 (clearing organizations, etc.) and Article 7, paragraph 1 (financial instruments business operators, etc.). ↩ ↩2

  16. "店頭デリバティブ取引等の規制に関する内閣府令" (Cabinet Office Order on the Regulation of Over-the-Counter Derivatives Transactions, in Japanese; English translation: Japanese Law Translation), Article 7, paragraph 1. ↩ ↩2

  17. "店頭デリバティブ取引等の規制に関する内閣府令" (Cabinet Office Order on the Regulation of Over-the-Counter Derivatives Transactions, in Japanese; English translation: Japanese Law Translation), Article 3, paragraph 2 (clearing organizations, etc.) and Article 7, paragraph 2 (financial instruments business operators, etc.). ↩

  18. "店頭デリバティブ取引等の規制に関する内閣府令" (Cabinet Office Order on the Regulation of Over-the-Counter Derivatives Transactions, in Japanese; English translation: Japanese Law Translation), Article 7, paragraphs 5 to 8. There is no provision of the same kind for clearing organizations, etc. ↩ ↩2 ↩3

  19. "金融商品取引法" (Financial Instruments and Exchange Act, in Japanese; English translation: Japanese Law Translation), Article 156-64, paragraph 2. "店頭デリバティブ取引等の規制に関する内閣府令" (Cabinet Office Order on the Regulation of Over-the-Counter Derivatives Transactions), Article 7-2, Article 8, paragraph 2 (5-year retention, counted from the date of preparation), Article 9, paragraph 1 (each week runs from Monday to Sunday), and paragraph 3 (electromagnetic means). The same provisions for clearing organizations, etc. are Article 3-2, Article 4, paragraph 2, and Article 5 of the Order. ↩ ↩2 ↩3

  20. "金融商品取引法" (Financial Instruments and Exchange Act, in Japanese; English translation: Japanese Law Translation), Article 156-64, paragraph 2. "店頭デリバティブ取引等の規制に関する内閣府令" (Cabinet Office Order on the Regulation of Over-the-Counter Derivatives Transactions), Article 7-2, items 1 to 4. ↩

  21. Financial Services Agency, "店頭デリバティブ取引等の規制に関する内閣府令第４条第１項で定める作成・保存・報告事項 ガイドライン" (established December 2022, revised November 2023), "既存取引の取扱いについて" (Treatment of existing trades), item 3, page 2 (PDF page 3) (in Japanese). ↩

  22. The same document, Annex 2, 4(1), page 5 (PDF page 54). ↩

  23. "店頭デリバティブ取引等の規制に関する内閣府令" (Cabinet Office Order on the Regulation of Over-the-Counter Derivatives Transactions, in Japanese; English translation: Japanese Law Translation). The word "訂正" (correction) does not appear in any article of the Order (the version retrieved from e-Gov on October 3, 2026). ↩

  24. Financial Services Agency, "店頭デリバティブ取引等の規制に関する内閣府令第４条第１項で定める作成・保存・報告事項 ガイドライン" (established December 2022, revised November 2023), Annex 1, item 101 "Action type" (PDF page 31) (in Japanese). ↩

  25. "店頭デリバティブ取引等の規制に関する内閣府令" (Cabinet Office Order on the Regulation of Over-the-Counter Derivatives Transactions, in Japanese; English translation: Japanese Law Translation), Article 4, paragraph 1, items 1 to 11. The records of financial instruments business operators, etc. cover the same items (Article 8, paragraph 1 of the Order), as do the records of trade repositories (Article 10, paragraph 1). ↩

  26. Financial Services Agency, "店頭デリバティブ取引等の規制に関する内閣府令第４条第１項で定める作成・保存・報告事項 ガイドライン" (established December 2022, revised November 2023), Annex 1, "報告事項 一覧" (List of reporting items) (PDF pages 5 and 6). The items are numbered 1 to 138 (in Japanese). ↩

  27. The same document, Annex 1, "報告事項 一覧" (List of reporting items), the note "事項・許容値については国際動向を踏まえて今後修正する可能性がある。" (The items and allowed values may be revised in the future in light of international developments, our translation) (PDF page 6). ↩

  28. Financial Services Agency, "取引情報の保存・報告制度等に係るＱ＆Ａ" (July 3, 2014), answers to questions 1, 2, 3, and 4 under "報告の調査表関連" (Questionnaire for reporting), pages 5 and 6 (PDF pages 5 and 6) (in Japanese). ↩

  29. "店頭デリバティブ取引等の規制に関する内閣府令" (Cabinet Office Order on the Regulation of Over-the-Counter Derivatives Transactions, in Japanese; English translation: Japanese Law Translation), Article 11, paragraph 1. ↩

  30. "金融商品取引法" (Financial Instruments and Exchange Act, in Japanese; English translation: Japanese Law Translation), Article 198-6, item 17-2 (failing to prepare or keep records, or preparing false records), item 17-2-2 (failing to provide trade information, or providing false information), and item 17-3 (failing to report, or making a false report). ↩

  31. "金融商品取引法" (Financial Instruments and Exchange Act, in Japanese; English translation: Japanese Law Translation), Article 207, paragraph 1, item 4 (violations of Article 198-6, except items 8, 9, 12, 13, and 15). Items 17-2, 17-2-2, and 17-3 above are not excluded. ↩

  32. "店頭デリバティブ取引等の規制に関する内閣府令" (Cabinet Office Order on the Regulation of Over-the-Counter Derivatives Transactions, in Japanese; English translation: Japanese Law Translation), Supplementary Provisions, Article 1 (effective date of November 1, 2012) and Article 2, paragraph 1 (trades made before the effective date are not covered). ↩

  33. "店頭デリバティブ取引等の規制に関する内閣府令" (Cabinet Office Order on the Regulation of Over-the-Counter Derivatives Transactions, in Japanese; English translation: Japanese Law Translation), Supplementary Provisions, Article 3 ("平成二十五年四月三日まで" (until April 3, 2013)). The article numbers in that provision follow the numbering of the Order before the amendment. The provision also sets April 4 as the date for trade repositories' submission and April 10 as the date for financial instruments business operators, etc.'s weekly submission. ↩

  34. "店頭デリバティブ取引等の規制に関する内閣府令" (Cabinet Office Order on the Regulation of Over-the-Counter Derivatives Transactions, in Japanese; English translation: Japanese Law Translation), Supplementary Provisions of the amendment by Cabinet Office Order No. 49 of August 5, 2022 (Reiwa 4), Article 1 (the date of promulgation, except that the amendment to Article 4, paragraph 1 takes effect on April 1, 2024 (Reiwa 6)). ↩

  35. Financial Services Agency, "店頭デリバティブ取引等の規制に関する内閣府令第４条第１項で定める作成・保存・報告事項 ガイドライン" (established December 2022, revised November 2023), the closing line "令和４年12 月９日 制定、令和５年11 月21 日 改訂" (established December 9, 2022 (Reiwa 4), revised November 21, 2023 (Reiwa 5)) and "固有商品識別子（UPI）及びデルタについて" (On the Unique Product Identifier (UPI) and delta), page 2 (PDF page 3) (in Japanese). ↩ ↩2

  36. "店頭デリバティブ取引等の規制に関する内閣府令" (Cabinet Office Order on the Regulation of Over-the-Counter Derivatives Transactions, in Japanese; English translation: Japanese Law Translation), Supplementary Provisions of the amendment by Cabinet Office Order No. 49 of August 5, 2022 (Reiwa 4), Article 1 (the amendment to Article 4, paragraph 1 takes effect on April 1, 2024 (Reiwa 6)) and Article 3 (the submission at least once a month under Article 11, paragraph 3 does not apply until the day before that date). ↩

  37. Financial Services Agency, "店頭デリバティブ取引等の規制に関する内閣府令第４条第１項で定める作成・保存・報告事項 ガイドライン" (established December 2022, revised November 2023), "既存取引の取扱いについて" (Treatment of existing trades), "本ガイドラインの施行日（令和６年４月１日）" (the effective date of these guidelines (April 1, 2024 (Reiwa 6))), page 2 (PDF page 3) (in Japanese). ↩

  38. Financial Services Agency, "店頭デリバティブ取引等の規制に関する内閣府令第４条第１項で定める作成・保存・報告事項 ガイドライン" (established December 2022, revised November 2023), "固有商品識別子（UPI）及びデルタについて" (On the Unique Product Identifier (UPI) and delta), page 2 (PDF page 3) (in Japanese). ↩

  39. The same document, "既存取引の取扱いについて" (Treatment of existing trades), items 1 and note 1, 2, and 3, page 2 (PDF page 3). "店頭デリバティブ取引等の規制に関する内閣府令" (Cabinet Office Order on the Regulation of Over-the-Counter Derivatives Transactions), Supplementary Provisions of the amendment by Cabinet Office Order No. 49 of August 5, 2022 (Reiwa 4), Article 2, paragraphs 1 and 2. ↩

  40. Financial Services Agency, "店頭デリバティブ取引規制関連" (Regulation of OTC derivative trades) (checked on October 3, 2026), the "（参考）" (Reference) link under "取引情報保存・報告制度" (Trade information retention and reporting regime) (in Japanese). ↩

  41. Financial Services Agency, "欧州証券市場監督機構との清算機関(CCP)監督協力枠組みに係る覚書の改定について" (Revision of the memorandum on the supervisory cooperation framework for central counterparties (CCPs) with the European Securities and Markets Authority, our translation) (retrieved on October 3, 2026). The text refers to "欧州市場インフラ規則の改正(EMIR2.2)" (the amendment of the European Market Infrastructure Regulation (EMIR2.2)) (in Japanese). ↩

  42. 17 CFR § 45.8(a) to (d) (eCFR as of October 1, 2026). Paragraph (e) is the exception for parties that are not swap dealers, major swap participants, or clearing organizations, when only one is a US person. Paragraph (f) is the exception when neither is a US person. Paragraph (i) provides that for cleared swaps the clearing organization that is a party is the reporting counterparty. ↩

  43. EMIR Article 9, paragraph 1 (reporting by both counterparties and the central counterparty), paragraph 1a (reporting by a financial counterparty on behalf of both parties), and paragraph 1f (delegation). European Securities and Markets Authority, Interactive Single Rulebook (retrieved on October 3, 2026). ↩ ↩2

  44. 17 CFR § 45.3(b)(1) (swap dealers, major swap participants, and derivatives clearing organizations: by the end of the next business day after the execution date) and (b)(2) (all others: by the end of the second business day). For swaps executed on a platform such as an exchange, § 45.3(a): by the end of the next business day after the execution date. ↩

  45. EMIR Article 9, paragraph 1 ("no later than the working day following the conclusion, modification or termination of the contract"). ↩

  46. Financial Services Agency, "取引情報の保存・報告制度等に係るＱ＆Ａ" (July 3, 2014), answer to question 1 under "法第 156 条の 64 並びに府令第 6 条等関連" (Article 156-64 of the Act and Article 6 of the Order), page 4 (PDF page 4) (in Japanese). ↩

  47. The same document, answer to question 2, page 4 (PDF page 4). ↩

  48. Financial Services Agency, "店頭デリバティブ取引等の規制に関する内閣府令第４条第１項で定める作成・保存・報告事項 ガイドライン" (established December 2022, revised November 2023), Annex 1, item 7 "Counterparty 1" and item 8 "Counterparty 2" (PDF page 9) (in Japanese). ↩