The Regulatory Committee evaluates and responds to proposals from international banking and securities regulators as well as individual country legislators. ISDA's primary objective is to help public policymakers arrive at a responsible and appropriate supervisory framework for a rapidly evolving financial marketplace in which derivatives are a fundamental component.

How to Join

ISDA REGULATORY DISCUSSION PAPERS
SUBJECT
DATE
Impact of Treasury's OTC Derivatives Legislation on the Foreign Exchange Market December 2009
AIG and Credit Default Swaps November 2009
Impact of Treasury's OTC Derivatives Legislation on Commodity Derivatives October 2009
Collateral Use for OTC Derivatives October 2009
Impact of Treasury's OTC Derivatives Legislation on End-Users: Clearing, Capital, Margin and Reporting Requirements September 2009
Treasury's Proposal Mandating Clearing of "Standardized" Swaps September 2009

US REGULATORY - COMMENT LETTERS
SUBMISSION DATE
ADDRESSED TO
TOPIC SUMMARY
4/8/2011
CFTC CFTC’s NPR: Processing, Clearing, and Transfer of Customer Positions
3/21/2011
CFTC CFTC’s NPR: Risk Management Requirements for Derivatives Clearing Organizations
3/8/2011
CFTC CFTC’s NPR: Core Principles and Other Requirements for Swap Execution Facilities
3/7/2011
CFTC CFTC’s NPR: Governance Requirements for Derivatives Clearing Organizations, Designated Contract Markets, and Swap Execution Facilities; Additional Requirements Regarding the Mitigation of Conflicts of Interest
2/28/2011
CFTC

CFTC’s NPR: Confirmation, Portfolio Reconciliation, and Portfolio Compression Requirements

2/22/2011
SEC

SEC’s Proposed rule: Trade Acknowledgment and Verification of Security-Based Swap Transactions

2/22/2011
CFTC & SEC

CFTC & SEC’s Joint Proposed Rule: Further Definition of “Swap Dealer,” “Security-Based Swap Dealer,’’ “Major Swap Participant,” “Major Security-Based Swap Participant’’ and “Eligible Contract Participant”

2/17/2011
CFTC

CFTC’s Notice of Proposed Rulemaking: Business Conduct Standards for Swap Dealers and Major Swap Participants With Counterparties

2/14/2011
SEC SEC’s Notice of Proposed Rulemaking: Process for Review of Security-Based Swaps for Mandatory Clearing
2/11/2011
CFTC CFTC’s Proposed Rulemaking regarding General Regulations and Derivatives Clearing Organizations
2/7/2011
CFTC

CFTC’s Proposed Rulemaking on:
1)  17 CFR Part 43 Real-Time Public Reporting of Swap Transaction Data;
2)  17 CFR Part 45 Swap Data Recordkeeping and Reporting Requirements; and
3)  17 CFR Part 23 Reporting, Recordkeeping, and Daily Trading Records Requirements for SDs and MSPs.

2/1/2011
CFTC CFTC’s Proposed Rulemaking on the Protection of Collateral of Counterparties to Uncleared Swaps
1/24/2011
CFTC

CFTC’s Proposed Rules Regarding Registration of Swap Dealers and Major Swap Participants

1/20/2011
FSOC

Financial Stability Oversight Council’s (FSOC’s) Advance Notice of Proposed Rulemaking: Authority to Designate Financial Market Utilities as Systemically Important

1/18/2011
CFTC

CFTC’s Proposed Regulations Regarding Protection of Cleared Swaps Customers Before And After Commodity Broker Bankruptcies

1/18/2011
SEC SEC’s Proposed Regulations Regarding Regulation SBSR - Reporting and Dissemination of Security-Based Swap Information
(Click here for the Study)

1/18/2011
CFTC

CFTC’s Implementation of Conflicts of Interest Policies and Procedures by Futures Commission Merchants and Introducing Brokers

1/11/2011
CFTC

ISDA/SIFMA Pre-Comment on Position Limits

1/11/2011
CFTC & SEC

CFTC/SEC’s Requirements for Derivatives Clearing Organizations, Designated Contract Markets, and Swap Execution Facilities Regarding the Mitigation of Conflicts of Interest & Ownership Limitations and Governance Requirements for Security-Based Swap Clearing Agencies, Security-Based Swap Execution Facilities, and National Securities Exchanges With Respect to Security-Based Swaps under Regulation

1/3/2011

CFTC

CFTC’s ANPR regarding Antidisruptive Practices Authority Contained in the Dodd-Frank Wall Street Reform and Consumer Protection Act

12/31/2010

CFTC

CFTC’s  study of the feasibility of requiring the derivatives industry to adopt standardized computer-readable algorithmic descriptions of complex and standardized financial derivatives

12/28/2010

CFTC

CFTC’s NPR implementing the CFTC’s new Anti-Manipulation Authority provided by Dodd-Frank and expanding and codifying the CFTC’s authority to prohibit manipulation under its general rulemaking authority

12/27/2010

CFTC

Business Affiliate Marketing and Disposal of Consumer Information (FCRA)

12/23/2010

SEC

Prohibition Against Fraud, Manipulation, and Deception in Connection with Security‐Based Swaps

12/22/2010

CFTC

CFTC’s  Process for Review of Swaps for Mandatory Clearing

12/22/2010

CFTC

Privacy of Consumer Financial Information; Conforming Amendments Under Dodd Frank Act & Business Affiliate Marketing and Disposal of Consumer Information Rules

12/10/2010

CFTC

Financial Resources Requirements for Derivatives Clearing Organizations

12/10/2010

SEC

Reporting of Security-Based Swap Transaction Data

12/7/2010

CFTC & SEC

Comment Periods and Implementation of New Derivatives Regulations

12/3/2010

CFTC

Investment of Customer Funds and Funds Held in Account for Foreign Futures and Foreign Options Transactions

11/23/2010

Department of the Treasury

Determination of Foreign Exchange Swaps and Forwards

11/23/2010

SEC

Ownership Limitations & Governance Requirements for Security-Based Swap Clearing Agencies

11/16/2010

CFTC

Mitigation of Conflicts of Interest

11/12/2010

CFTC

Reporting of Pre-enactment Swaps

10/27/2010

CFTC & SEC

Regulation of Agricultural Swaps

10/22/2010

CFTC & SEC

Business Conduct Standards

10/1/2010

CFTC & SEC

SEFs and Trading Determinations

9/20/2010

CFTC & SEC

Definitions Contained in Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act

US REGULATORY ISSUES
SUBJECT STATUS AVAILABLE DOCUMENTS
Joint Association Comment Letter on SEC Rule 144/145 Proposals
Submitted September 21, 2007
Joint Association Rule 144 Comment Letter
Prohibition of Energy Market Manipulation Submitted November 17, 2005 ISDA files Submission with FERC on Market Manipulation
Release No. IA-2266 (File No. S7-30-04) Submitted August 13, 2004 Request for extension of deadline for comment on SEC Hedge Fund Proposal
Interagency Proposed Guidelines on Complex Structured Finance Activities Submitted June 10, 2004 Joint Trade Association Extension Request Letter
ISDA urges the Senate Finance Committee and House Ways and Means Committee to preserve current law "qualified covered call" (QCC) treatment for OTC options.
Submitted May 19, 2004
ISDA heads coalition opposing Feinstein/Lugar/Levin energy market amendment Submitted November 04, 2003 ISDA Letter to The Honorable Bill Frist and the Honorable Tom Daschle
ISDA's Statement Before the United States House of Representatives Subcommittee on General Farm Commodities and Risk Management Committee on Agriculture Submitted June 19, 2003 Prepared statement
ISDA led coalition of trade associations in efforts to have the Senate table indefinitely Senator Feinstein Bill S 509 on June 11.   N/A
ISDA Opposition to Feinstein Energy Derivatives Amendment Submitted April 8, 2002 Industry Letter, Legal Analysis
Amicus Brief - Commodity Futures Modernization Act (Cary Oil Co. v. MG Refining and Marketing) Submitted February 22, 2002 Memo on United States District Court Southern District of New York
ISDA, Financial Industry Trade Associations, and Financial Regulators Urge Passage of Netting Provisions this Year Submitted November 14, 2001 Press Release, Industry Letters, Regulator Letter
Impact of OFHEO's Risk-Based Capital Rule on OTC Derivatives Submitted October 10, 2001 ISDA Comments on OFHEO's Risk-Based Capital Rule

EUROPEAN REGULATORY ISSUES
SUBJECT STATUS AVAILABLE DOCUMENTS
ISDA-AFME-ASSOSIM joint comment re EMIR   ISDA AFME ASSOSIM Comment re EMIR

AFME-ISDA-BBA joint response to European Commission consultation on revision of Market Abuse Directive

Submitted July 28, 2010

AFME-ISDA-BBA response to EC MAD consultation

ISDA, AFME and BBA joint response to the European Commission’s Public Consultation on Derivatives and Market Infrastructure

Submitted July 9, 2010

ISDA, AFME and BBA joint response to the European Commission’s Public Consultation on Derivatives and Market Infrastructure

ISDA final submissions to CPSS-IOSCO on CCPs and Trade Repositories.

Submitted June 25, 2010

ISDA Response CCPs

ISDA Response TRs

AFME, BBA and ISDA Joint Response to Committee of European Securities Regulators (CESR) Technical Advice to the European Commission in the Context of the MiFID Review: Non-equity markets transparency Submitted June 4, 2010 AFME, BBA and ISDA Joint Response to Committee of European Securities Regulators (CESR) Technical Advice to the European Commission in the Context of the MiFID Review: Non-equity markets transparency
ISDA Response to CESR/09-768 on Consultation on guidance to report transactions on OTC derivative instruments Submitted April 14, 2010 ISDA Response to CESR/09-768 on Consultation on guidance to report transactions on OTC derivative instruments
Joint Association (ISDA/BBA/AFME) Response to FSA’s CP09/30 on Capital Planning Buffers Submitted to Piers Haben, FSA on March 31, 2010 Joint Association Response to FSA’s CP09/30 on Capital Planning Buffers
Joint Association (ISDA/BBA/AFME) Response to CEBS CP31 Guidelines on the management of concentration risk under the supervisory review process Submitted to Committee of European Banking Supervisors (CEBS) on March 31, 2010 Joint Association Response to CEBS CP31 Guidelines on the management of concentration risk under the supervisory review process
Joint Association (ISDA/BBA/AFME) Response to CEBS CP32 draft revised Guidelines on Technical Aspects of Stress Testing under the Supervisory Review Process Submitted to Committee of European Banking Supervisors (CEBS) on March 31, 2010 Joint Association Response to CEBS CP32 draft revised Guidelines on Technical Aspects of Stress Testing under the Supervisory Review Process
Joint Association (ISDA/BBA/AFME) Response to CEBS consultation paper on Implementing Guidelines regarding Instruments referred to in Article 57 (a) of Directive 20006/48/EC recast (CP 33) Submitted to Committee of European Banking Supervisors (CEBS) on March 31, 2010

Joint Association Response to CEBS consultation paper on Implementing Guidelines regarding Instruments referred to in Article 57 (a) of Directive 20006/48/EC recast (CP 33)

ISDA comment on Proposal for a Directive on Alternative Investment Fund Managers (AIFMD) Submitted 21 October 2009 ISDA comment on Proposal for a Directive on Alternative Investment Fund Managers (AIFMD)

CESR consultation on classification and identification of OTC derivative instruments for the purpose of the exchange of transaction reports

Document submitted 6 October 2009

Final ISDA response to CESR consultation on classification and identification of OTC derivative instruments for the purpose of the exchange of transaction reports

CDWG response to EC derivatives consultation

Submitted 3 September 2009

CDWG response to EC derivatives consultation

EU Commission June 2009 consultation on OTC derivatives

Joint associations’ response completed – August 2009

Response Document

Commodity Derivatives Working Group (CDWG) response to EC Call for Evidence on Market Abuse Directive review. Note: the CDWG represents the views of commodity firm members of ISDA, the FOA and EFET, and has served, for several years, as a forum for commodity firms to engage with policymakers on issues pertaining to financial regulation of commodity firms. Submitted 16 June 2009 CDWG response to MAD CfE
LIBA-ISDA-SIFMA-ISLA response to FSA CP 09/15 on short selling disclosure regime Submitted 15 June 2009 Joint associationsí response to FSA CP 09/15 on short selling disclosure regime
SF-ESF-ISDA-SIFMA response to IOSCO paper on unregulated markets and products Submitted 15 June 2009 Joint associationsí response to IOSCO consultation paper on unregulated markets and products
LIBA-ISDA-SIFMA-ISLA response to EC Call for Evidence on Market Abuse Directive review. Submitted 11 June 2009 Joint associations’ response to MAD CfE (Call for Evidence) (Response)
Letter from Commodity Derivatives Working Group to European Commission on central clearing of commodity derivatives.  Note: the CDWG represents the views of commodity firm members of ISDA, the FOA and EFET, and has served, for several years, as a forum for commodity firms to engage with policymakers on issues pertaining to financial regulation of commodity firms.       Submitted 29 May 2009

CDWG letter to EC central clearing commodity derivatives

ISDA response to consultation on draft Recommendations for CCPs including CCPs clearing OTC derivatives Submitted 21 April 2009 ISDA response to CESR ESCB draft Recommendations on CCPs inc OTC derivatives
Central Clearing of CDS Submitted 17 February 2009 ISDA letter and commitment by leading dealer firms to clear CDS trades in European CCP
Hedge funds regulation Submitted 8 February 2009 ISDA response to EC consultation on hedge funds

ISDA-FOA-EFET submission to Committee of European Securities Regulators (CESR) - European Regulators' Group for electricity and gas (ERGEG) consultation on their draft advice to the European Commission on record-keeping, transparency and exchange of information

Submitted 25 November 2008 ISDA-FOA-EFET response to CESR ERGEG draft advice (3rd Energy Package) 

ISDA-FOA submission to CESR-ERGEG consultation on their draft advice to the European Commission on a bespoke market abuse regime for electricity and gas markets

Submitted 1 September 2008 ISDA FOA response to CESR ERGEG draft advice
ISDA/FOA/EFET submission to CESR/CEBS consultation on commodities business Submitted 5 august 2008 ISDA-FOA-EFET response to CESR-CEBS consultation may 2008 final version 5 aug
Food and Oil Price Rises – ISDA letter to European Commission Submitted 3 July 2008 ISDA letter to European Commission regarding food and oil price rises (and role of non-commercial participants in markets) and annex
Financial Services Authority Short-Selling Instrument Submitted 3 July 2008 ISDA letter to FSA on short-selling Instrument
CDWG (ISDFA-FOA-EFET) response to CESR (Committee of European Securities Regulators)- ERGEG (European Regulators' Group for Electricity and Gas) Call for Evidence on Record-Keeping and Transparency in Electricity and Gas Wholesale Markets Submitted 26 March 2008 CDWG (ISDFA-FOA-EFET) response to CESR-ERGEG Call for Evidence on Record-Keeping and Transparency in Electricity and Gas Wholesale Markets
CDWG (ISDFA-FOA-EFET) response to UK Discussion Paper on Commodities (with view to UK approach at EU level in discussions in CESR and CEBS) Submitted 14 March 2008 CDWG (ISDFA-FOA-EFET) response to UK Discussion Paper on Commodities (Annex 2 and Annex 3)
CDWG (ISDA-FOA-EFET) response to CESR-CEBS call for Evidence on Commodities Submitted 3 March 2008 CDWG (ISDA-FOA-EFET) response to CESR-CEBS call for Evidence on Commodities
Submission on European Commission draft Code of Conduct for Interest Representatives. Sent 15 February 2008. ISDA submission to consultation on European Commission Code of Conduct for Interest Representatives
ISDA letter on global regulatory convergence issues in advance of IOSCO Technical Committee meeting in Tokyo, 8 and 9 November 2007. Sent October 19, 2007 ISDA letter on global regulatory convergence issues
ISDA, in cooperation with 5 other trade associations, has urged EU Energy Commissioner Piebalgs to reconsider upcoming proposals for transparency requirements and transaction reporting in wholesale (physical and derivative) markets in electricity and gas. ISDA and the other associations involved (the FOA, BBA, EFET, LIBA and SIFMA) believe that the proposals (scheduled for adoption on 19 September) might damage these markets by imposing a disproportionate regulatory burden on participants in these markets, and has called for a more thorough review of the issue (which the associations believe has not been subject to sufficiently wide or through consultation or impact assessment). The associations also point out that the proposals (originating in the Energy Directorate-General of the European Commission) would contradict the findings of a recent review by the Internal Market Directorate-General on transparency requirements in markets other than equities (including commodity derivatives). Submitted August 14, 2007 ISDA-FOA-BBA-EFET-LIBA-SIFMA letter and annex detailing concerns regarding upcoming proposals for transparency and transaction reporting requirements in electricity and gas wholesale (physical and derivative) markets.
Industry Warns Against Inappropriate Regulation of Commodity Derivatives Submitted June 20, 2007 Call for Evidence - Review of Commodity and Exotic Derivatives and Related Business as Required by MIFID and Recast CAD
ISDA-FOA-EFET Response to Call for Evidence on Commodity and Exotic Derivatives Submitted May 22, 2007 Joint ISDA-FOA-EFET Response to Call for Evidence on Commodity and Exotic Derivatives
Response to FSA Consultation Paper 06/14: Implementing MIFID for Firms and Markets Submitted October 31, 2006 ISDA Joins with Other Trades In Response to FSA CP06/14 -Implementing MIFID for Firms and Markets
ICMA, ISDA and TBMA Jointly Respond to FSA Discussion Paper Implementing MiFID’s Best Execution Requirements Submitted July 14, 2006 MiFID: FSA Discussion Paper on Best Execution (DP 06/3): Response From BMA/ICMA/ISDA: Summary
Joint Associations response to CESR Call for evidence on Consolidation of Market Transparency Data Submitted April 24, 2006 Joint Associations response to CESR Call for evidence on transparency consolidation
ISDA Letter regarding CESR's Advice on Clarification of Definitions concerning Eligible Assets for Investments of UCITS - 2nd Consultation Paper
Submitted December 05, 2005 ISDA Letter re CESR consultation on eligible assets for investment of UCITS
ISDA Letter regarding FSA Discussion Paper on Trading transparency in the UK secondary bond markets Submitted December 05, 2005 ISDA Letter regarding FSA Discussion Paper on Trading transparency in the UK secondary bond markets
Joint Association response to CESR Paper on Mediation Mechanism Submitted December 05, 2005 Joint Association response to CESR Paper on Mediation Mechanism
ISDA comment letter to FSA regarding FSA Quarterly consultation (No.5) Submitted September 14, 2005 ISDA comment letter regarding FSA Quarterly consultation (No.5)
ISDA Comment Letter to Department for Work and Pensions on the draft Occupational Pension Schemes (Investment) Regulations 2005
Submitted June 20, 2005 ISDA Letter to Department for Work and Pensions on Investment Requirements for Pensions
ISDA Comment Letter to CESR regarding CESR's Advice on Clarification of Definitions concerning Eligible Assets for Investments of UCITS
Submitted June 09, 2005 ISDA Letter to CESR on Clarification of Definitions concerning Eligible Assets for Investments of UCITS
Joint Associations’ response to CESR's March 2005 consultation on draft technical advice on possible implementing measures of the Directive 2004/39/EC on Markets in Financial Instruments (MIFID): Investment advice, best execution, market transparency, Second consultation paper
Submitted April 04, 2005
Joint Associations’ response to CESR consultation on best execution and market transparency
Joint Associations response to CESR on its draft technical advice on possible implementing measures of the Directive 2004/39/EC on Markets in Financial Instruments ("MFID") regarding admission to trading
Submitted March 03, 2005 Joint Associations response to CESR consultation on admission to trading
Joint Associations response to CESR on its draft technical advice on possible implementing measures of the Directive 2004/39/EC on Markets in Financial Instruments ("MFID") regarding professional client agreements (ref: CESR/04-689, December 2004)
Submitted February 18, 2005 Joint Associations response to CESR consultation on professional client agreements
ISDA paper on Regulations vs Directives
ISDA paper discussing Regulations vs Directives implementing measures in regard to the Directives on Markets in Financial Instruments (MiFID)
Regulations vs Directives, October 2004
Joint Association response to CESR consultation on MiFID, Parts 1 and 2 Part 1 Submitted September 17, 2004;
Part 2 Submitted October 4, 2004
Part 1 response; Part 2 response
European Commission's Communication on a European contract Law Consultation Text of the Communication

ISDA's submission
Review of the Investment Services Directive Second reading in the Parliament and Council Council common Position

Coreper Compromise Package to the Parliament second reading

Joint Associations position

EMAC second reading accepted amendments proposed by ISDA on commodity derivatives


Text of the proposal

Joint Associations position
ISD: level II implementing measures -Commission mandates to CESR and -CESR consultation Commission provisional mandate to CESR

CESR concept paper on transaction reporting and cooperation

Joint Association Comments on CESR's call for evidence
Market Abuse Directive Adopted

Member States to transpose it by 12 October 2004

Drafting level 2 measures
Text of the proposal

ISDA's letter to the European Commission
Collateral Directive Adopted

Member States to transpose it by 27 December 2003

ISDA response to European Commission consultation on the evaluation of the implementation of the EU collateral directive (April 03, 2006)

Text of the directive

Status of implementation

Extension of Lamfalussy procedure to banking and insurance In discussion

Joint European Associations' Response to Lamfalussy Inter-Institutional Monitoring Group

ISDA's letter to the Economic and Financial Committee

UK FSA CP 153 on Alternative Trading Systems Provisions expected to take effect on 1 January 2004 CP 153

ISDA's response

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 Last Updated: March 8, 2011