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
Armenia
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
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