IOSCO has issued a report which recommends high-level international standards for the regulation of market participants that are in the business of dealing, making a market or intermediating transactions in over-the-counter (OTC) derivatives. The Report follows on the commitment by G-20 leaders in 2009 to reform the OTC derivatives market in response to the crisis. It takes into account distinctions between the OTC derivatives market and the traditional securities markets, and the differences in jurisdictional approaches of international market authorities. The recommendations in the Report are intended to address: DMI obligations that should help mitigate systemic risks; Requirements intended to manage counterparty risk in the OTC derivatives markets; and Protecting participants in the OTC derivatives markets from unfair, improper or fraudulent practices. The recommendations are made regarding the following substantive areas: Registration/licensing standards; capital standards or other financial resources requirements for non-prudentially regulated DMIs; Business conduct standards; Business supervision standards; and Recordkeeping standards.