ISDA response to HMT consultation on Secondary Legislation for Non-Bank Resolution Regimes

On November 21, ISDA responded to the HMT consultation that seeks to widen the Special Resolution Regime (SRR) established by the Banking Act 2009 to include central counterparties, among others, as provided by the Financial Services Act 2012.

ISDA additionally submitted a response specific to investment firms and banking group companies. The draft secondary legislation accompanying the consultation will be laid before Parliament. Once Parliament has approved those instruments that require approval, the secondary legislation will be made and the new SRR powers will come into force shortly after.

The responses can be found on ISDA’s Risk Management Page