ISDA, along with a number of other trade associations, sent two letters to European Commission (EC) executive vice president Valdis Dombrovskis, European Securities and Markets Authority (ESMA) chairman Steven Maijoor, European Banking Authority (EBA) chairperson José Manuel Campa and European Insurance and Occupational Pensions Authority (EIOPA) chairman Gabriel Bernardino to request that existing time-related exemptions under the European Market Infrastructure Regulation (EMIR) be extended.
The first letter urges the EC and European supervisory authorities (ESA) to consider amending the margin regulatory technical standards (RTS) to permanently exempt single-stock equity option or index option transactions, or to significantly extend the period of deferred application to allow further observation of developments in other jurisdictions and to avoid an unlevel playing field for EU market participants.
The second letter emphasizes the importance of intragroup transactions and requests the following: that the necessary equivalence decisions be adopted in all jurisdictions that have implemented margin rules in line with the Basel Committee on Banking Supervision/International Organization of Securities Commissions framework; and the draft revised margin RTS should be amended by the EC and ESAs so the current temporary derogation from margin requirements for intragroup transactions with non-EU affiliates in other jurisdictions be extended for a further three years.
Documents (2) for Joint Association Letters on Margin Exemptions under EMIR
Latest
Why We Must Seize the Moment to Fix Reporting
From the retirement of LIBOR to the rollout of margin requirements for non-cleared derivatives, we’ve seen over the past decade how some of the thorniest challenges have been overcome through close collaboration between the industry and the public sector. We...
ISDA Launches RFQ for DRR Traceability Tool
ISDA has launched a request for quote (RFQ) for the development of a traceability tool for its Digital Regulatory Reporting (DRR) solution. The traceability tool is intended to provide enhanced transparency for users of the ISDA DRR by pinpointing why...
Hardship Request Form
Employees of nonprofit organizations, legal aid and government agencies, as well as law students can apply for a reduced conference registration fee (50% off the non-member conference registration fee.) Please complete the hardship request application form below to submit your...
ISDA Comments on Executive Order 14219
On October 23, ISDA’s North American Tax Working Group (NATWG) submitted comments in response to the US Department of the Treasury and Internal Revenue Service statement regarding taxpayer recommendations on regulations identified under Executive Order 14219, ensuring lawful governance and...