The OSCE commissioned DCAF to analyze the responses provided by OSCE participating States to the Annual Information Exchange on the Code of Conduct on Politico-Military Aspects of Security. The analysis paper focuses on OSCE participating States’ efforts in the regulation and oversight of PMSCs and identifies additional avenues to support States’ reporting. The paper also aims at filling the research gap in understanding States’ experiences and how they have reported on PMSCs in the Information Exchange.