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
July 29, 2015
Testimony of ISDA CEO Scott O’Malia Before the US House of Representatives Committee on Agriculture
Written Testimony
Testimony of Scott O'Malia July 29 2015 FINAL.pdf
July 21, 2015
ISDA Audio Webinar: Dodd-Frank Five years On
ISDA Chief Executive Officer Scott O’Malia summarizes the progress made in implementing Dodd-Frank derivatives reforms, and highlights the areas where further work is needed.

Dodd-Frank Five Years On Audio Webinar
Dodd-Frank 5th Year Anniversary Webcast Slides FINAL.pdf
July 20, 2015
Dodd-Frank Five Years On: Significant Progress and Outstanding Challenges
Five years on from the Dodd-Frank Act being signed into law, significant progress has been made in implementing derivatives market reforms, but a number of outstanding issues need to be resolved.
Dodd-Frank FINAL.pdf
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