Emerging Markets across Europe, the Middle East and Africa

ISDA's Europe, Middle East & Africa (EMEA) Steering Committee 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 (CEE)/South Eastern Europe (SEE)/Commonwealth of Independent States (CIS) (former Soviet Union): 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 plus other states in the Balkans. Russia, Kazakhstan, Ukraine are ISDA’s priority jurisdictions in the CIS region. Jurisdictions around the southern and eastern regions of the Mediterranean are also covered by this committee.

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 sub-Saharan Africa (Nigeria).

Committee structure

Europe, Middle East & Africa (EMEA) Steering Committee - Chair: N.N. Click here to join.

This steering committee covers all of the high level issues faced for all three regions/committees outlined below.

                The committees below are specific to the relevant regions.

CEE/SEE/CIS Committee - Chair: Dominic Cooper (Citi). Click here to join.

Middle Eastern Committee - Chair: Karl Rogers (Standard Chartered). Click here to join.

Africa Committee - Chair: Justin Ridl (ABSA). Click here to join.

Legal Opinions: For a full list of Legal Opinions & Legal Opinions under the ISDA IIFM Tahawwut Agreement (available to members only) – please click here

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 (countries listed in bold have some documents posted in the table below):

Andorra 
Angola
Austria
Azerbaijan
Bahrain
Botswana
Bulgaria
Croatia
Czech Republic (collateral)
Denmark
Egypt
France
Ghana
Gibraltar 
Hungary
Isle of Man

Israel
Italy
Kazakhstan
Kenya
Liberia
Liechtenstein
Lithuania
Malta (collateral)
The Marshall Islands
Mauritius
Monaco 
Montenegro
Morocco
Netherlands
Nigeria
Northern Ireland
Pakistan

Poland
Portugal
Qatar
Romania

Russia
Serbia
Seychelles
Slovakia
Slovenia (collateral)
South Africa
Spain
Tanzania 
UAE
Uganda
Ukraine
Zambia

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

Click here to see the archive of documents.


DateTitle / DescriptionDocuments
October 31, 2016
Serbia – Comment letter regarding review of Insolvency Act
ISDA and the European Bank for Reconstruction and Development have jointly submitted comments (in English and Serbian) to highlight the need to align provisions in the Insolvency Act with netting provisions in proposed Law on Collateral as drafted by the National Bank of Serbia (cf. EBRD/ISDA submission dated October 18, 2016), which includes provisions on financial collateral arrangements and netting.
SRB_MoE_ ISDA_EBRD_Letter_Insolvency_161025_(ENG SRB).pdf
October 18, 2016
Serbia – Comments of Draft Law on Collateral
ISDA and the European Bank for Reconstruction and Development have jointly responded with comments on a draft law proposed by the National Bank of Serbia, which includes provisions on financial collateral arrangements and netting. Attached is the English and Serbian version.
ISDA EBRD Letter to SRB NBS - 18.10.2016.pdf
September 2, 2014
Romania
On September 2, ISDA wrote to the National Bank of Romania (NBR) to highlight certain issues in the context of the local implementation of the EU Bank Recovery and Resolution Directive (BRRD) in light of the recently amended netting legislation in Romania. These observations take into account the ISDA briefing note on Art.77(1) BRRD that is intended to assist EU member states in implementing the relevant provisions of that directive.
RO_NBR_ ISDALetter_BRRD_Aug14_v1_FINAL_Combined.pdf EU_BRRD_ ISDA_Briefing_Note_Art_77_Aug14.pdf
February 26, 2014
Additional ISDA/NAUFOR submission to Central Bank of Russia re trade reporting requirements
On 26 February 2014, ISDA & the National Association of Securities Markets Participants (NAUFOR) submitted a letter to the Central Bank of Russia on behalf of their members regarding reporting obligations under the Russian securities legislation and rules of the Federal Financial Markets Service. This letter comes in view of the second compliance deadline under the Russian trade reporting regime in June and addresses a number of new and remaining issues. Both the English and Russian versions are available.
ISDA - Letter to CBR (February 2014).pdf ISDA - Letter to Russian Regulator - February 2014 (Rus).pdf
September 30, 2013
ISDA/NAUFOR submission to Central Bank of Russia re trade reporting requirements
On September 30, ISDA & the National Association of Securities Markets Participants (NAUFOR) submitted a letter to the Central Bank of Russia on behalf of their members regarding reporting obligations under the Russian securities legislation and rules of the Federal Financial Markets Service. Attached is the English and Russian version.
http___assets.isda.org_media_2a50ebf7_074ef5c5.pdf http___assets.isda.org_media_dd9a1a77_d1f55b39.pdf
September 20, 2013
Romania
On September 20, ISDA wrote to the Romanian Ministry of Justice to propose amendments to the new Draft Pre-Insolvency and Insolvency Act.
RO_ISDA_Ltr_MoJ_20Sep13.pdf
June 19, 2012
South Africa
ISDA submission to the South African Treasury regarding the Hague Securities Convention.
RSA_HSC_ISDA_Letter_Jun12.pdf
June 18, 2012
Slovakia
ISDA letter to Slovak Ministry of Justice, Ministry of Finance, Central Bank regarding reform of netting and collateral legislation
SK_ISDA-Letter_Slovak-English_June12.pdf
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