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
Latest
ISDA Market Practice Note for the Rebasing of European Inflation Indices
ISDA Market Practice Note for Rebasing of the: FRC - Excluding Tobacco-Non-Revised Consumer Price Index EUR - Excluding Tobacco-Non-revised Consumer Price Index ITL - Inflation for Blue Collar Workers and Employees-Excluding Tobacco Consumer Price Index SEK – Non-revised Consumer Price...
Guidance for EU IM Model Application for ISDA SIMM®
EU financial and non-financial EU counterparties exchanging IM based on ISDA SIMM® should have already submitted an initial application for authorisation to their competent authority (CA), and ECB if applicable. If not, they should do so timely to ensure continued...
Joint Response on Stress Testing Framework
On February 23, ISDA, the Bank Policy Institute, the American Bankers Association, the Financial Services Forum, the Securities Industry and Financial Markets Association and the US Chamber of Commerce jointly responded to the US Federal Reserve’s consultation on the stress...
Joint Letter on Italian 2026 Budget Law
On February 23, ISDA, the Association for Financial Markets in Europe and the International Securities Lending Association jointly sent a letter to the Italian tax authorities about changes to withholding tax on dividends made in the 2026 budget law, which...