On February 22, 2023, ISDA sent a letter to the Security Minister, Rt Hon Tom Tugendhat MP, about provisions for a foreign influence registration scheme in the UK’s National Security Bill. In the letter, ISDA expresses concern that certain provisions appear to extend beyond the aim of improving national security and instead risk capturing ordinary commercial and industry interactions with key public sector stakeholders that are crucial to ensuring the ongoing safety and efficiency of financial markets. The letter also highlights ISDA’s support for amendments tabled in the House of Lords, which would ensure that the provisions for organizations controlled by foreign governments would be retained but remove the onerous registration requirements for any entity that carries out political influence activities in the UK. If the provisions are kept, ISDA requests that exemptions are included for ordinary commercial and industry activities carried out by trade associations and their members from the requirements in the scheme.