ISDA Responds to ESAs on Taxonomy-related Sustainability Disclosures

On May 12, 2021, ISDA responded to question four of a joint consultation paper by European Supervisory Authorities on taxonomy-related sustainability disclosures. ISDA recommends the inclusion of derivatives in the proposed key performance indicators (KPIs) for disclosing the extent to which investments are aligned with the taxonomy, but only where they are used to attain the environmental or social characteristics promoted by the financial product or the sustainable investment objective of the financial product. Additionally, ISDA suggests this approach should be applied consistently across all relevant calculation KPIs in respect of Non-Financial Reporting Directive entity reporting under article 8 of the Taxonomy Regulation, as differing interpretations could create investor confusion, result in fragmented outcomes and minimize the potential for evolution of risk management practices in the environmental, social and governance space going forward.

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ISDA/IIF Responds to the PRA Consultation

On July 30th, ISDA and IIF responded to the PRA consultation (CP10/25) on enhancing banks’ and insurers’ approaches to managing climate-related risks, which proposes updates to the Supervisory Statement 3/19 on climate-related risk management for banks and insurers. ISDA and...

ISDA Board Appoints New Chair

ISDA has announced that its Board of Directors has elected Amy Hong as its new Chair. Ms. Hong is Head of Strategy, Investments and Partnerships in the Global Banking & Markets division at Goldman Sachs, responsible for leading strategic initiatives...

Response on Scope of BMR

On July 28, ISDA and the Global Foreign Exchange Division of the Global Financial Markets Association responded to the European Commission’s (EC) consultation on the need to exempt spot foreign exchange (FX) benchmarks under Article 18a of the EU Benchmarks...