Regulatory reforms for derivatives market intermediaries are generally on track, according to a report published Wednesday by the International Organization of Securities Commissions (IOSCO).

The report sets out the findings of a review of the progress jurisdictions have made in adopting legislation and regulation for derivatives trading firms in the six key areas identified by IOSCO. These areas for reform, which were developed in response to the financial crisis, include: registration; licensing standards; capital rules; conduct standards; business supervision; and recordkeeping.

In general, jurisdictions have made “significant progress” in adopting legislation, regulation or policy in the areas covered by the new standards, the review finds. Many jurisdictions are still in the process of amending their regimes, and the development of regulatory frameworks is expected to be completed, or at least well under way, by 2016.

However, jurisdictions may also continue to implement OTC derivatives reforms beyond 2016, the report says. For example, in Canada, the Canadian Securities Administrators’ (CSA) are developing a registration regime that isn’t due until the first half of 2017, the IOSCO report notes.

Based on the findings of the review, the report recommends that follow up examinations should not be undertaken before the end of 2016.

The review was conducted by a team co-chaired by representatives from the Ontario Securities Commission (OSC) and the Australian Securities and Investments Commission (ASIC), along with representatives from IOSCO’s over-the-counter (OTC) derivatives task force, its assessment committee, and the IOSCO secretariat.