CEE, Middle East, Africa

ISDA's CEE/Middle East/Africa work promotes the understanding of legal and documentation issues and advocates for improvements in the legal regime of jurisdictions across emerging markets in Europe, the Middle East and Africa.

Central & Eastern Europe: Particular emphasis is put on EU member states and candidate countries including Poland, Czech Republic, Slovakia, Hungary, Slovenia, Romania, Bulgaria, the Baltic states and Croatia. Russia, Kazakhstan, Ukraine are ISDA’s priority jurisdictions in the CIS region.

Middle East: ISDA focuses on the Gulf Cooperation Council (GCC) region, including Bahrain, UAE, Qatar and Saudi Arabia plus Pakistan in the wider Middle Eastern region. All jurisdictions in the GCC region need further improvements of their respective legal framework for derivatives transactions generally. The issues in question regard a wide range of topics from the areas of insolvency, property and contract law.

Africa: ISDA legal opinions currently cover South Africa and Mauritius. ISDA is working on a number of other jurisdictions in both sub-Saharan Africa (Nigeria) as well as Northern Africa (Egypt, Morocco).

Informal Country Updates: As part of ISDA’s work on law reform matters in a number of jurisdictions of growing relevance to the market ISDA has published several informal country updates that are available to ISDA members. Informal country updates have been published on the following jurisdictions:

Andorra
Angola
Bulgaria
Croatia
Czech Republic (collateral)
Denmark
Gibraltar
Hungary
Isle of Man
Israel
Kazakhstan
Lithuania
Malta (collateral)
Mauritius
Morocco
Nigeria
Northern Ireland
Pakistan
Poland

Romania
Russia
Serbia
Slovakia
Slovenia (collateral)
South Africa
Tanzania
UAE
Ukraine

These informal country updates are available to ISDA members. Please contact Peter Werner: pwerner@isda.org.

Click here to see the archive of CEE/EMEA documents.


DateTitle / DescriptionDocuments
July 19, 2011
Pakistan
Letter on Netting of Financial Contracts Act, 2006 – Version adopted by the Cabinet in 2009. Sent to Mr. Shahid Kardar, Governor, State Bank of Pakistan; Mr. Mohammad Ali Ghulam, Chairman, Securities and Exchange Commission of Pakistan
PK_ISDALtr_SBP_SECP_Jun11_Final.pdf
June 24, 2011
Croatia
Support for reform of netting and collateral legislation in Croatia. Letter to Martina Dalic, Ministry of Finance of Republic of Croatia
HR_ISDA_Ltr_MoF_CroatEngl_Jun11_Final.pdf
April 6, 2011
Russia
Introduction of Netting into Russian Legislation – FSFM Regulations. In February 2011, netting legislation was adopted for the first time in Russia (entry into force August 2011). In April 2011, ISDA submitted a comment letter to Russian authorities in order to highlight a number of outstanding issues. The letter was addressed to the following: Mr Vladimir Milovidov, Head, Federal Service for Financial Markets in Russia, and Mr Vladislav Reznik, Chairman, Committee on Credit Organizations and Financial Markets, Russian Federation State Duma.
RUS_ISDAComment_Letter_FSFM.pdf
March 28, 2011
Romania
Draft Amendment to Government Ordinance no. 9/2004 regarding financial collateral arrangements. Letter to: National Bank of Romania, Ministry of Public Finance, Ministry of Justice
ISDALetter_NBR_25march2011_EnglishRomanian.FINAL.pdf
October 29, 2010
Romania
Support for reform of netting and collateral legislation in Romania. Letter to: National Bank of Romania, Ministry of Public Finance, Ministry of Justice
RO_ISDA_Ltr_NBR_Oct10.pdf
April 26, 2010
Czech Republic
To Finance Ministry, re: New financial collateral law / definition of “eligible secured claims”
CZ-Ltr-MoF-Czech.pdf