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.
Latest
FRTB Impact on Correlation Trading
The capitalization of the correlation trading portfolio (CTP) under the Fundamental Review of the Trading Book will have an adverse economic impact for users of these instruments. In particular, there is a lack of clarity and consistency in the application...
ISDA In Review – September 2025
A compendium of links to new documents, research papers, press releases and comment letters published by ISDA in September 2025.
A Path to Greater CFTC-SEC Alignment
Earlier this week, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) held a roundtable on regulatory harmonization – an initiative we wholeheartedly support. The US regulatory framework has evolved over time to facilitate financial markets...
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.