On 29 August 2018, FIA filed jointly with GFMA, ISDA and LBMA a response to IOSCO, asking for certain clarifications regarding the scope of the Sound or Good Practices and the provided examples.
IOSCO had published a consultation report on good practices called “Commodity Storage and Delivery Infrastructures: Good or Sound Practices”. This report built on a previous one from 2016, in which certain commodity storage and delivery situations were identified that could affect derivatives pricing if not properly addressed. The new report set out various good practices to address issues identified in five areas: oversight, transparency, conflicts of interest, fees and incentives, and operations.
The full response is available here.