ISDA Focus: Dodd-Frank

The rule-making process and ISDA's views

ISDA supports regulatory efforts to increase the safety and soundness of financial and OTC derivatives markets. The Association has actively participated in the Dodd-Frank rule-making process by providing statistics, studies and comment letters to members of Congress, the SEC and the CFTC.

Click here to learn about the Dodd-Frank Documentation Initiative and ISDA Amend.

Click here to visit the page for ISDA August 2012 Dodd-Frank Protocol Management.

Recent comment letters from ISDA are below.

DateTitle / DescriptionDocuments
February 4, 2014
Reference Materials - ISDA Protocol and EU/US Comparison
Overview_of_USEU_Reforms_Final.pdf Protocol_Relevance_Final.pdf
October 11, 2013
Dodd-Frank March 2013 Protocol (DFP2) to EMIR Top Up Agreement
**ISDA has updated the DFP2 to EMIR Top Up Agreement as of 11th October 2013 to correct some minor typographical errors. The updated version and blackline are posted here**. On September 10, ISDA published the DFP2 to EMIR Top Up Agreement. This document seeks to allow for EMIR-compliant documentation for parties that have adhered to the Dodd-Frank March Protocol (“DFP2”) and do not wish to adhere to the ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol (“EMIR Protocol”) in addition to this. The explanatory memo is provided to assist in your consideration of the DFP2 to EMIR Top Up Agreement. This document is designed to facilitate compliance with EMIR and Dodd Frank - this document extends DFP2 to cover EMIR compliance “add-ons”.
EMIR PORTFOLIO RECONCILIATION, DISPUTE RESOLUTION AND DISCLOSURE_Explanatory_Note.pdf DV - ISDA top up Sept vs Oct.doc ISDA DF2_EMIR_top_up_bilateral_agreement_Final - Oct correction.doc
March 1, 2013
Survey of Buy-Side Members on Request for Quotes (RFQs)
Joint survey by SIFMA Asset Management Group, ISDA and MFA
RFQ Asset Mgmt Survey Results.pdf
February 6, 2013
Comment Letter on CFTC’s Further Proposed Cross-Border Guidance
Comment Letter to the CFTC regarding Further Proposed Guidance Regarding Compliance with Certain Swap Regulations
Cross-border comments FINAL-020613.pdf
January 23, 2013
Comment Letter on Margin Requirements
Comment Letter to the SEC regarding Capital, Margin, and Segregation Requirements for Security-Based Swap Dealers and Major Security-Based Swap Participants and Capital Requirements for Broker-Dealers
ISDA Margin Response to the SEC.pdf
January 17, 2013
Real-Time Reporting FAQ
The start of real-time reporting of interest rate and credit default swaps has raised some questions regarding the information that needs to be real-time reported with respect to swaps allocated after execution. This document provides guidance around some of the issues raised.
Real Time reporting FAQ v4-clean.pdf
January 7, 2013
Letter to CFTC on CME Amended Request to Adopt New Chapter 10 and New Rule 1001
Chicago Mercantile Exchange Inc. Amended Request to Adopt New Chapter 10 and New Rule 1001 (IF 12-014). Letter to Commodity Futures Trading Commission.
CME 1001.pdf
December 27, 2012
By When? – The CFTC’s Dodd-Frank Compliance Dates
Mayer-Brown has prepared this matrix to catalog the “by when” dates presently found in many of the final and proposed regulations published by the Commodity Futures Trading Commission, as modified by recent moderating actions of the CFTC and its staff.
DF Effectiveness Timelines.pdf
December 19, 2012
Implementing Dodd-Frank: The CFTC’s Moderating Actions - ISDA’s Requests (updated December 19, 2012)
Presentation by Joshua Cohn and Curtis Doty, Mayer Brown LLP. This is an update of the presentation originally dated December 16, 2012.
CFTC No Action - Mayer Brown ISDA slides 121912.pdf
November 26, 2012
Re-Opening of Comment Period re: Margin and Capital Requirements for Covered Swap Entities – Comments on Margin Requirements
Letter to OCC, Federal Reserve, Federal Housing Finance Agency, Farm Credit Administration and Federal Deposit Insurance Corporation
Margin for Uncleared Letter.pdf