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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.
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.
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).
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.
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.
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.
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.
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.
November 7, 2014
ISDA/FIA Europe response to the ESMA clearing obligation for FX NDFs CP
On November 6, ISDA and FIA Europe jointly responded to the European Securities and Markets Authority’s consultation on draft regulatory technical standards for the mandatory clearing of foreign exchange non-deliverable forwards.
October 20, 2014
ISDA response to IOSCO consultation on risk mitigation standards for non-cleared OTC derivatives
On October 20, ISDA submitted its response to a consultation by the International Organization of Securities Commissions (IOSCO) on risk mitigation standards for non-centrally cleared OTC derivatives. IOSCO developed these proposals in consultation with the Basel Committee on Banking Supervision and the Committee on Payments and Market Infrastructures. ISDA supports IOSCO’s intention to promote regulatory standards on risk mitigation techniques for non-cleared OTC derivatives that should be ‘sufficiently compatible across jurisdictions to limit regulatory arbitrage, maintain a level playing field and avoid situations where the same transactions are subject to conflicting rules’. This principle is of particular importance in OTC derivatives, the most global of financial instruments.