United States


DateTitle / DescriptionDocuments
March 28, 2016
ISDA Response to SEC Proposal on Use of Derivatives by Registered Investment Companies and Business Development Companies
ISDA appreciates the opportunity to submit these comments with respect to the notice of proposed rulemaking published by the Securities and Exchange Commission (SEC) regarding proposed Rule 18f-4 under the Investment Company Act of 1940 and the use of derivatives by registered investment companies and business development companies.
ISDA Comment -- SEC Asset Manager Proposal 032816 (002).pdf
March 16, 2016
ISDA Comments on Regulation Automated Trading; Proposed Rule: 17 CFR Parts 1, 38, 40
ISDA comment letter to the Commodity Futures Trading Commission (CFTC) on Proposed Rule, Regulation Automated Trading.
Regulation AT-comment-03-16-16 (002).pdf
February 24, 2016
Principles for US/EU Trading Platform Recognition
This paper analyzes the regulatory frameworks in the US and EU, with the aim of determining whether EU trading platforms should be deemed comparable with those in the US. Underpinning the analysis is the principle that regulators should focus on broad outcomes and similarities, rather than conduct a granular, rule-by-rule comparison of the two frameworks.
Principles for US-EU Trading Platform Recognition.pdf
January 21, 2016
ISDA/SIFMA Comments on CFTC Swap Dealer De Minimis Exception Preliminary Report
Description: ISDA/SIFMA Comment Letter to CFTC on the Swap Dealer De Minimis Exception Preliminary Report published by the CFTC regarding the definition of the term “swaps dealer” and the calculation of the de minimis threshold as required by Regulation 1.3(ggg)(4)(ii)(B).
ISDA SIFMA Comments on Swap Dealer De Minimis Exception Preliminary Repo   .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
July 13, 2015
ISDA Response to SEC Cross-Border Proposal
ISDA Comment Letter to the Securities and Exchange Commission's Application of Certain Title VII Requirements to Security-Based Swap Transactions Connected With a Non-U.S. Person's Dealing Activity That Are Arranged, Negotiated, or Executed by Personnel Located in a U.S. Branch or Office or in a U.S. Branch or Office of an Agent; Proposed Rules (RIN 3235-AL73).
ISDA-Comment-lttr (SEC Cross-Border Proposal 7-13-15).pdf
June 15, 2015
Petition for Rulemaking to Amend Parts 1 (General Regulations under the Commodity Exchange Act), 37 (Swap Execution Facilities) and 43 (Real-Time Public Reporting) of the Commodity Futures Trading Commission Regulations
ISDA respectfully petitions the Commodity Futures Trading Commission (CFTC) under Commission regulation 13.2 to amend certain provisions in Parts 1, 37 and 43 of the Commission’s regulations. ISDA requests that the Commission amend certain provisions of the Commission’s regulations to more closely adhere to Congressional intent to establish a swaps trading platform regime that allows for flexible execution of swaps, to reduce undesirable regulatory outcomes that threaten the efficient functioning of markets, and to achieve cross-border harmonization of execution rules.
ISDA CFTC Petition.pdf
April 1, 2015
Path Forward for Centralized Execution of Swaps: Key Principles
The execution of standardized derivatives on an exchange or electronic trading platform was a key objective from the G-20 summit in 2009, and regulations have either been implemented or are being developed in several key jurisdictions. However, ISDA and its members are concerned about the potential for divergences in how these rules are applied in each jurisdiction, which could lead to market fragmentation, low trading liquidity, duplicative compliance requirements and increased risk. This paper sets out common principles to help ensure regulatory consistency of centralized trading rules, and so facilitate equivalence and substituted compliance determinations.
Path Forward for Centralized Execution of Swaps FINAL.pdf
February 24, 2015
Public comment on the IOSCO Task Force on Cross-Border Regulation Consultation Report
ISDA appreciates the International Organization of Securities Commissions (IOSCO) Task Force on Cross-Border Regulation’s engagement with the industry throughout this consultation process. ISDA has previously submitted comments to the Task Force on a number of specific issues, and highlighted how OTC derivatives markets have been affected by a lack of effective cross-border regulatory harmonization. OTC derivatives markets have historically been the most global in nature of all financial markets, and the absence of consistency in regulatory reform is having a direct impact on these markets as a result. We appreciate the efforts of the Task Force, in this latest Consultation Report, to identify tools at a regulator’s disposal to address cross border regulation. In this letter, ISDA reiterates how cross-border regulatory harmonization could be achieved, and suggests ways in which IOSCO can reduce undesirable regulatory outcomes that threaten the efficient functioning of markets.
IOSCO Cross Border consultation response for submission.pdf