Europe

This section catalogues ISDA’s work across the European region, highlighting public policy efforts.

Click to visit the Eurozone Contingency Planning  page.

Click to visit the EMIR Focus page and MiFID Focus page.


DateTitle / DescriptionDocuments
June 1, 2015
JAC responds to FCA thematic review on product development and governance of structured products
On March 5, 2015, the UK Financial Conduct Authority (FCA) published a thematic review on the product development and governance of structured products. Firms need to ensure they design products that have a reasonable prospect of delivering economic value to end clients and promote their features in a clear and balanced way. The thematic review highlights further areas that firms need to work on. Given the firms are replying in detail to the FCA, the Joint Associations Committee’s (JAC) letter focuses on high-level issues.
JAC Response to FCA Structured Products Thematic.pdf
May 15, 2015
ISDA/FIA Europe publish Capital Markets Union position paper & response to the EC Green Paper on Building a Capital Markets Union
ISDA and FIA Europe have jointly published a position paper on the EU Capital Markets Union. The paper seeks to highlight the crucial role derivatives play in capital markets. And how it necessary that derivatives reforms in Europe governing clearing, margining and trading of derivatives are calibrated to a standard that also facilitates the efficient functioning of derivatives markets, and does not introduce new risks that damage liquidity.
ISDA FIA Europe CMU Green Paper Response.pdf ISDA FIA Europe CMU Position Paper.pdf
May 14, 2015
JAC responds to EC consultation on the Prospectus Directive
On February 18, 2014, the European Commission published a consultation paper relating to the review of the Prospectus Directive. The paper sought to identify the needs of prospectus users with regards to scope, form, content, comparability, the approval process, liability and issuers. Feedback was also requested on aspects that unduly hinder access to capital markets, liability and sanctions. The Joint Associations Committee on Retail Structured Products response focuses on the questions that are of particular interest to the structured securities industry.
PDIII - JAC response letter.pdf PDIII - JAC response form.pdf
March 23, 2015
ISDA response to ESMA’S MIFID II/MIFIR Addendum
ISDA submitted its response to an addendum on the revised Markets in Financial Instruments Directive and Regulation (MIFID II/MIFIR) on March 20, in response to a consultation published by the European Securities and Markets Authority on February 18, 2015.
ISDA - Addendum - final draft - 20 March 2015.pdf
March 2, 2015
ISDA response on MIFID II/MIFIR consultation
On March 2, 2015, ISDA submitted its response to the European Securities and Markets Authority’s consultation on the revised Markets in Financial Instruments Directive (MIFID II) and Markets in Financial Instruments Regulation (MIFIR).
MiFID II CP- ISDA Final Response 02-03-2015.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
February 17, 2015
JAC response to the Discussion Paper on Key Information Documents for Packaged Retail and Insurance-based Investment Product (PRIIPs)
In November 2014 the three European Supervisory Authorities (ESAs) issued a discussion paper that set out their early thinking regarding the drafting of the Level 2 Regulatory Technical Standards (RTS) to support the EU PRIIPs Regulation (Regulation (EU) No 1286/2014). Past experience suggests that this will be an important opportunity to influence the outcome of this process. The Joint Association Committee has prepared a detailed response to the discussion paper. The JAC response covers areas of significant importance to the industry including issues such as the approaches to measuring and disclosing risk, costs and product performance in the KIID and the rules relating to review, revision and republication of the KIID. A further Discussion Paper on the more complex methodological aspects of the RTS is expected later this Spring followed by further Consultation Papers on the text of the draft RTS once this has been prepared by the ESAs.
PRIIPS Response - Feb 2015.pdf
February 4, 2015
ISDA responds to Fair and Effective Markets Review
On January 30, ISDA responded to the UK Fair and Effective Markets Review (FEMR). ISDA raised the following issues: new rules should be considered after an assessment of the impact of current regulatory reforms; ill-considered cross-border regulation reduces competition and balkanizes markets; and standardization is more appropriate for some FICC markets than others. It would also not be appropriate to include undertakings to comply with a market code into contracts, as it could create market and legal risks.
ISDA response to FEMR consultation 30 Jan 2015.pdf
January 5, 2015
MIFID I – commodity derivatives: Joint ISDA/FIA Europe response to ESMA consultation on draft guidelines
ISDA and FIA Europe have jointly responded to draft guidelines from the European Securities and Markets Authority that aim to clarify the scope of financial instruments (commodity derivatives) under MIFID I – in particular, physically settled contracts traded on regulated markets (RMs) and multilateral trading facilities (MTFs), and other contracts not traded on RMs or MTFs that have the characteristics of financial instruments.
MiFID 1 – commodity derivatives – Joint ISDA FIA Europe response to ESMA consultation on draft guidelines.pdf
December 22, 2014
JAC response to ESMA CP on prospectus-related issues
On December 18, the Joint Associations Committee on Retail Structured Products (JAC) responded to a European Securities and Markets Authority (ESMA) consultation paper (CP) on draft technical standards for prospectus-related issues under the Omnibus II Directive. This CP addresses the procedures for the approval of prospectuses, incorporation of information by reference, publication of prospectuses and dissemination of advertisements relating to offers to the public and admissions to trading.
Omnibus II Draft RTS on prospectus related issues - Responses to CP.pdf