ISDA Letter on EMIR Review

On October 3, 2022, ISDA wrote to the European Commission, the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority to urge them to take the opportunity while working on the revision of the European Market Infrastructure Regulation (EMIR) to remove unnecessary barriers to clearing in Europe and avoid market fragmentation. In the letter, ISDA asks for the removal of equivalence as a pre-condition to the availability of the intragroup transaction exemption from margining, clearing and credit value adjustment under the EU Capital Requirements Regulation. ISDA recommends that EMIR article 13 equivalence is revisited – in particular, the requirement that one of the relevant group entities be ‘established’ in the third-country jurisdiction concerned, so EU firms can avoid duplicative and conflicting margin, clearing and reporting requirements under EU and third-country rules. ISDA has also proposed a revision of the initial margin eligibility rules so third-country money markets funds meeting strict criteria are eligible collateral.

Documents (1) for ISDA Letter on EMIR Review

ISDA AGM Studio: David Bailey

David Bailey, executive director, prudential policy, at the Bank of England, speaks with ISDA CEO Scott O’Malia about the UK’s approach to Basel 3.1, the impact of the revised US Basel III endgame on cross‑border consistency and the role of the...

ISDA AGM Studio: Scott O'Malia and Chris Edmonds

Christopher Edmonds, president, fixed income & data services, at Intercontinental Exchange, speaks with Scott O’Malia, ISDA CEO, about how market volatility, regulatory change and technological transformation are reshaping global markets. The discussion explores what recent volatility has meant for participation,...

ISDA AGM Studio: Bill Borden, Microsoft

Bill Borden, corporate vice president, worldwide financial services, at Microsoft, speaks with Mark New, ISDA’s co-head of digital transformation and senior counsel, about how artificial intelligence (AI) is shaping the future of financial markets and the key factors firms should...