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
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
November 26, 2012
Comment Letter on Margin for Uncleared
Comment Letter to the US Prudential Regulators regarding Margin for Uncleared
Margin for Uncleared Letter.pdf
October 25, 2012
Comment Letter on the Reporting of “Post-Priced” Swaps
Letter to the Commodity Futures Trading Commission (CFTC) regarding the Reporting of “Post-Priced” Swaps
CFTC Letter PRS final - 102512 (3).pdf
October 1, 2012
Dodd-Frank Act v. EMIR - Confirmation, reconciliation, compression and documentation rules: October 2012
This paper summarises and compares: CFTC rules: the final rules adopted by the U.S. Commodity Futures Trading Commission (CFTC) in August 2012 under section 4s(i) of the Commodity Exchange Act (CEA) (added by section 731 of the Dodd-Frank Act) prescribing standards for swap dealers (SDs) and major swap participants (MSPs) related to the timely and accurate confirmation, reconciliation, compression and documentation of swaps (17 CFR §23.500 through §23.505); and Draft EU rules: the corresponding provisions of the draft regulatory technical standards (RTS) specifying the requirements of Article 11(1) of the EU Regulation on OTC derivatives, central counterparties and trade repositories (EMIR) requiring financial counterparties (FCs) and non-financial counterparties (NFCs) to have appropriate procedures and arrangements to measure, monitor and mitigate operation risk and counterparty credit risk. The draft RTS were adopted by the European Securities and Markets Authority (ESMA) and submitted to the European Commission for endorsement in September 2012 This paper is not intended to be comprehensive or to provide legal advice.
Dodd-Frank Act v. EMIR.pdf
September 14, 2012
Comment Letter on Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
Letter to the Commodity Futures Trading Commission (CFTC) regarding Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
ISDA-SIFMA-CFTCMarginCommentLetter091412.pdf
September 12, 2012
Regulation of OTC derivatives markets: A comparison of EU and US initiatives
Prepared by Clifford Chance in September 2012. This paper is not intended to be comprehensive or to provide legal advice.
CliffCh-ISDA regulatory comparison of EU and US initiatives (Sept 2012).pdf
September 6, 2012
Comment Letter on the Clearing Requirement Determination under Section 2(h) of the CEA
Letter to the Commodity Futures Trading Commission (CFTC) regarding NPR Clearing Requirement Determination under Section 2(h) of the CEA
CFTC Proposed Clearing Determination - ISDA Comment Letter %28703017939_10%29.pdf