ISDA has responded to a consultation by the UK Financial Conduct Authority (FCA) to introduce a new mechanism to officially recognize industry written codes of conduct in unregulated markets and on the extension of FCA Principle 5 for Businesses (a firm must observe proper standards of market conduct) to cover unregulated activities.
ISDA welcomes the FCA’s intent to encourage codes of conduct, but highlights several concerns with the recognition framework as proposed – for example, on the need to clarify the FCA approach to supervision and enforcement, as well as on the voluntary nature of codes of conduct.
Click on the PDF to read the full response.
Documents (1) for ISDA Responds to FCA Consultation on Codes of Conduct
Latest
Updated OTC Derivatives Compliance Calendar
ISDA has updated its global calendar of compliance deadlines and regulatory dates for the over-the-counter (OTC) derivatives space.
10 Years of the ISDA SIMM
As the derivatives industry prepared for the September 2016 implementation of initial margin requirements for non-cleared derivatives, one challenge stood out: counterparties needed to agree on the amount of initial margin to be exchanged. But if each firm developed its...
Expanding the Universe of Eligible VM
ISDA conducted a series of interviews with buy- and sell-side firms to understand the drivers of a growing use of non-cash assets as variation margin (VM) for non-cleared over-the-counter (OTC) derivatives and the barriers that remain to expanding the use...
ISDA Response on Hedge Accounting Guidance
On August 14, ISDA responded to an exposure draft from the Financial Accounting Standards Board (FASB). ISDA broadly supports the FASB’s proposed targeted improvements to hedge accounting, including allowing interest rate hedging of held-to-maturity (HTM) debt securities, recognizing all Secured...