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
September 18, 2014
ISDA/FIA Europe submission on the ESMA clearing obligation for credit derivatives CP
On September 18, ISDA/FIA Europe responded to the ESMA consultation paper on the draft regulatory technical standards ("RTS") establishing a clearing obligation on certain credit OTC derivative classes.
September 2, 2014
ISDA response to ACER consultation on reporting under the REMIT
On September 2, ISDA responded to the public consultation by the European Agency for the Cooperation of Energy Regulators (ACER) Transaction Reporting User Manual (TRUM) and Registered Reporting Mechanism (RRM) Requirements for transaction reporting under the regulation on Energy Market Integrity and Transparency (REMIT) which was launched in early August. The response addresses the definition of a market participant particularly in the case of clearing flows; the obligations on clearing broker and executing broker as they execute transactions for their clients and on their own behalf; availability of execution data under Markets in Financial instruments directive (MiFID) for the purpose of the REMIT reporting; timeline for implementation and back loading/back reporting of transactions.
20140902_REMIT_Consultation _ISDA-FIAE_Response.pdf
August 18, 2014
ISDA/FIA response to the ESMA CP on clearing obligation for interest rate derivatives
On August 18, ISDA and the Futures Industry Association (FIA) responded to the European Securities and Markets Authority (ESMA) clearing obligation consultation on interest rate derivatives. Key issues in the response include the application of the frontloading requirement, phase-in periods and counterparty categorisation.
ISDA_FIA_Europe_CO_CP Response1.pdf
July 31, 2014
JAC response to the ESMA CP on MiFID II/MiFIR
On July 31, the Joint Associations Committee on Retail Structured Products (JAC) responded to the ESMA consultation paper on MiFID II/MiFIR. This response addresses questions from the consultation that are specific to retail structured products; it was submitted alongside the ISDA response to the ESMA CP & DP addressing other questions from the ESMA consultation.
JAC MiFIR response.pdf
July 31, 2014
ISDA response to the ESMA DP and CP on MiFID II/MiFIR
On July 31, ISDA responded to the ESMA discussion paper and consultation paper on MiFID II/MiFIR. The executive summary signposts the key issues which include our recommendations on the assessment of liquidity, commodity derivatives markets, transaction reporting, systematic internalisers and indirect clearing.
ISDA MiFID CP Submission.pdf ISDA MiFID DP Submission.pdf
July 2, 2014
ISDA comment paper on EU bank structural reform proposal
ISDA has submitted a comment paper to EU decision-makers on the EC proposal for a Regulation on Bank Structure. ISDA largely limits its comments to proposed provisions most relevant to OTC derivatives.
Final  Version  ISDA comments EC Bank Structure proposal 020714.pdf
June 30, 2014
Benchmarks: ISDA comments on the agenda for Council Working Group meeting
Benchmarks ISDA comments on the agenda of the 24 July Council Working Group meeting (Italian Presidency)_30.06.14.pdf
June 13, 2014
Benchmarks: ISDA comments on the Greek Presidency note on benchmarks - June 2014
ISDA comments on the Greek Presidency note on benchmarks, dated 6 June 2014_13.06.14.pdf
May 30, 2014
ISDA/AFME response to ESMA consultation on draft RTS on the revised Transparency Directive
On May 30, ISDA and AFME responded to the ESMA consultation paper Draft Regulatory Technical Standards on major shareholdings and indicative list of financial instruments subject to notification requirements under the revised Transparency Directive. The response highlights positive developments including the aggregation principle, which allows the inclusion of a break down by type of financial instrument (i.e. distinction between cash-settled and physically-settled derivatives) in notifications. The exemptions from notifications for market-making activities (under Article 9.5) and trading books (under Article 9.6) are also positive developments.
May 29, 2014
IOSCO Task Force on Cross-Border Regulation invitation for industry submissions
ISDA appreciates the IOSCO Task Force on Cross-Border Regulation’s engagement with the industry at meetings in Hong Kong on April 7, London on April 25 and Washington, DC on April 28, 2014. Further to discussions during those meetings, ISDA wishes to comment on a number of specific issues, and highlight 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. This also affects other product areas and, more importantly, threatens the efficiency with which ‘real economy’ end-users can manage and transfer business risk to financial markets.
IOSCO Letter Cross Border 5 29.pdf