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February 4, 2015
ISDA responds to Fair and Effective Markets Review
On January 30, ISDA responded to the UK Fair and Effective Markets Review (FEMR). ISDA raised the following issues: new rules should be considered after an assessment of the impact of current regulatory reforms; ill-considered cross-border regulation reduces competition and balkanizes markets; and standardization is more appropriate for some FICC markets than others. It would also not be appropriate to include undertakings to comply with a market code into contracts, as it could create market and legal risks.
January 5, 2015
MIFID I – commodity derivatives: Joint ISDA/FIA Europe response to ESMA consultation on draft guidelines
ISDA and FIA Europe have jointly responded to draft guidelines from the European Securities and Markets Authority that aim to clarify the scope of financial instruments (commodity derivatives) under MIFID I – in particular, physically settled contracts traded on regulated markets (RMs) and multilateral trading facilities (MTFs), and other contracts not traded on RMs or MTFs that have the characteristics of financial instruments.
December 22, 2014
JAC response to ESMA CP on prospectus-related issues
On December 18, the Joint Associations Committee on Retail Structured Products (JAC) responded to a European Securities and Markets Authority (ESMA) consultation paper (CP) on draft technical standards for prospectus-related issues under the Omnibus II Directive. This CP addresses the procedures for the approval of prospectuses, incorporation of information by reference, publication of prospectuses and dissemination of advertisements relating to offers to the public and admissions to trading.
November 7, 2014
ISDA/FIA Europe response to the ESMA clearing obligation for FX NDFs CP
On November 6, ISDA and FIA Europe jointly responded to the European Securities and Markets Authority’s consultation on draft regulatory technical standards for the mandatory clearing of foreign exchange non-deliverable forwards.
October 20, 2014
ISDA response to IOSCO consultation on risk mitigation standards for non-cleared OTC derivatives
On October 20, ISDA submitted its response to a consultation by the International Organization of Securities Commissions (IOSCO) on risk mitigation standards for non-centrally cleared OTC derivatives. IOSCO developed these proposals in consultation with the Basel Committee on Banking Supervision and the Committee on Payments and Market Infrastructures. ISDA supports IOSCO’s intention to promote regulatory standards on risk mitigation techniques for non-cleared OTC derivatives that should be ‘sufficiently compatible across jurisdictions to limit regulatory arbitrage, maintain a level playing field and avoid situations where the same transactions are subject to conflicting rules’. This principle is of particular importance in OTC derivatives, the most global of financial instruments.
October 15, 2014
ISDA response to ESMA CP on implementing rules for MAR
On October 15, ISDA submitted its response to the European Securities and Markets Authority (ESMA) consultation paper (CP) on draft technical standards and draft technical advice on possible delegated acts for the Market Abuse Regulation (MAR)
September 22, 2014
Benchmarks: Joint Association letter on EU benchmark regulation - extraterritoriality
September 18, 2014
ISDA/FIA Europe submission on the ESMA clearing obligation for credit derivatives CP
On September 18, ISDA/FIA Europe responded to the ESMA consultation paper on the draft regulatory technical standards ("RTS") establishing a clearing obligation on certain credit OTC derivative classes.
September 2, 2014
ISDA response to ACER consultation on reporting under the REMIT
On September 2, ISDA responded to the public consultation by the European Agency for the Cooperation of Energy Regulators (ACER) Transaction Reporting User Manual (TRUM) and Registered Reporting Mechanism (RRM) Requirements for transaction reporting under the regulation on Energy Market Integrity and Transparency (REMIT) which was launched in early August.
The response addresses the definition of a market participant particularly in the case of clearing flows; the obligations on clearing broker and executing broker as they execute transactions for their clients and on their own behalf; availability of execution data under Markets in Financial instruments directive (MiFID) for the purpose of the REMIT reporting; timeline for implementation and back loading/back reporting of transactions.
August 18, 2014
ISDA/FIA response to the ESMA CP on clearing obligation for interest rate derivatives
On August 18, ISDA and the Futures Industry Association (FIA) responded to the European Securities and Markets Authority (ESMA) clearing obligation consultation on interest rate derivatives. Key issues in the response include the application of the frontloading requirement, phase-in periods and counterparty categorisation.