On April 7, 2021, ISDA and FIA submitted a joint response to the European Commission (EC)’s consultation on the draft delegated act and accompanying annex to specify the conditions under which the commercial terms for clearing services for over-the-counter derivatives are considered to be fair, reasonable, non-discriminatory and transparent (FRANDT). In the response, the associations thank the EC for the pragmatic changes and refinements they have made in a number of important areas of FRANDT, which will make the rules more proportionate. A number of critical issues are highlighted that should be considered before the FRANDT rules are finalized. These include questions on territorial scope, application of FRANDT to new/prospective clients only, the implementation period, proposed requirements on the refusal of clearing orders, and suspension, liquidation or close out of client positions and notice periods.
Documents (1) for ISDA and FIA Respond to EC’s Consultation on FRANDT Requirements
Latest
Joint Response to EBA Consultation
On August 12, ISDA and the Association for Financial Markets in Europe (AFME) responded to the European Banking Authority’s discussion paper on certain taxonomy key performance indicators (KPIs) and other aspects of the Disclosures Delegated Act under Article 8 of...
Response to JSCC on Clearing Fund Consolidation
On August 12, ISDA responded to the Japan Securities Clearing Corporation’s (JSCC) consultation on its proposal to consolidate clearing fund consumption, calculation and deposit segmentation across six clearing qualifications under the Financial Instruments and Exchange Act. ISDA members broadly support...
Response on CSDD Guidelines
On August 6, ISDA responded to the European Commission’s (EC) consultation on due diligence guidelines under the Corporate Sustainability Due Diligence Directive (CSDDD). While ISDA acknowledges that model contractual clauses can be a helpful resource for in-scope companies, there are...
Response to BoE on Extension of Settlement Hours
On August 6, ISDA responded to the Bank of England’s (BoE) consultation paper on the extension of settlement hours for RTGS and CHAPS, the UK’s high-value payment system. ISDA supports the BoE’s plan to extend RTGS and CHAPS settlement hours...