ISDA has today published the ISDA Master Regulatory Disclosure Letter (MRDL). The MRDL is a form of letter that is intended to allow market participants to exchange information regarding counterparty status as required under relevant regulatory regimes.

The MRDL currently provides for the exchange of counterparty status information in relation to EMIR (as amended by EMIR REFIT) by appending a modified form of the previous ISDA EMIR Classification Letter as Appendix A (European Union). It is anticipated that the MRDL will be updated or supplemented over time through the addition of new appendices to accommodate, for example, increased granularity of data or extension of asset class or geography.

The MRDL and accompanying guidance note can be found here.

A webinar explaining the impact of the EMIR REFIT from a buy-side perspective can be found here.

An explanatory note on the application of EMIR REFIT to Alternative Investment Funds can be found here.