ISDA Response to PRA Consultation on Withdrawal from the EU

On November 17, ISDA responded to a joint Bank of England/Prudential Regulation Authority (PRA) consultation paper on UK withdrawal from the EU and changes before the end of the transition period.

In the response, ISDA asks the PRA to retain the existing scope of qualifying indices for the purposes of detailed rules on liquidity horizons in the new market risk rules on the Fundamental Review of the Trading Book. In relation to the binding technical standards on risk-mitigation techniques, the response calls for the PRA to clarify the position regarding UK phase-in of phases five and six of the initial margin requirements, and raises concerns about the operation of the exemption for intragroup transactions. ISDA welcomes the transitional relief that permits firms subject to the UK margin requirements to continue to accept European Economic Area UCITS as initial margin until March 31, 2022. However, we believe this permission should be permanent.

Documents (1) for ISDA Response to PRA Consultation on Withdrawal from the EU

ISDA response to ESMA MiFIR Review Consultation

On July 11, ISDA submitted a response to the European Securities and Markets Authority's (ESMA) fourth package of Level 2 consultation under the Markets in Financial Instruments Regulation Review (MiFIR), on transparency for derivatives, package orders and input/output data for...

ISDA Presents Lock-Up Agreement Proposal

ISDA is pleased to present the proposed Lock-Up Agreements and CDS – Proposed Auction Solution. “Lock-Up Agreements” are market-wide arrangements, broadly standardized and predominantly integrated with court sanctioned restructuring or bankruptcy processes. Numerous end users will sign material Lock-Up Agreements...