These FAQs address the Regulatory Technical Standards (RTS) published in the EU Official Journal in May 2018, which set out the procedures for excluding third-country non-financial counterparties (NFCs) from the Credit Value Adjustment (CVA) capital risk charge under the Capital Requirements Regulation (CRR).
We have divided the FAQs into three sections related to the scope of the RTS, the requirements applicable under the RTS and the potential effects resulting from the current review of the European Market Infrastructure Regulation (EMIR Refit) and Brexit.
The responses to these FAQs involve an assessment of the existing requirements and their implications for firms; but do not constitute exhaustive nor definitive answers.
Disclaimer: This page does not contain legal advice and merely is intended as an information resource to assist market participants in planning and assessing for the identification of non-EU NFCs for the purpose of CVA requirements under CRR. For a legal interpretation of the rules, market participants should take independent counsel advice on the points addressed in these FAQs.
Documents (1) for ISDA FAQs on the Procedures for Excluding Non-EU Non-financial Counterparties Under the Capital Requirements Regulation
Latest
ISDA, FIA and SIFMA Letter on Sunset of Swaps LTR Rules (Part 20)
On May 20, 2026, ISDA, FIA and SIFMA submitted a joint letter to U.S. Commodity Futures Trading Commission (CFTC) to request the CFTC to sunset large trader reporting rules (LTR) rules for physical commodity swaps pursuant to Regulation 20.9.
ISDA-SIFMA Letter – CFTC-SEC Harmonization
On May 19, 2026, ISDA and SIFMA submitted a joint letter to the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) on SEC and CFTC harmonization, as part of the agencies’ Joint Harmonization Initiative which...
ISDA AGM Studio: Jim Byrd, RBC Capital Markets
Jim Byrd, global head, macro products, at RBC Capital Markets, joins the ISDA AGM studio to discuss the main risks and opportunities in the current trading environment and what needs to be done to avoid liquidity squeezes during periods of...
ISDA AGM Studio: Michelle Beck, FCA
Michelle Beck, director for wholesale buy‑side oversight at the Financial Conduct Authority, speaks with ISDA’s global head of public policy, Steven Kennedy, about the regulatory approach to systemic risk in non‑bank financial intermediation after a panel discussion on how robust...