On March 29, 2023, ISDA, the European Association of Corporate Treasurers, the Trade Association for the Emerging Markets, the Futures Industry Association and the Global Financial Markets Association submitted a joint response to the European Commission’s (EC) call for evidence on the review of the scope and third-country regime of the European Union (EU) Benchmarks Regulation (BMR).
The associations note that the reforms outlined in the call for evidence represent an opportunity to rebalance the BMR so it provides protection to investors on a proportionate basis in alignment with global standards, imposing the highest compliance burdens on the most systemically important benchmarks and ensuring EU investors have better visibility of the benchmarks they are permitted to use and those they are not. However, other reforms are needed to ensure end users do not face cliff-edge risks in respect of benchmarks they use that are prohibited for any reason.
Documents (1) for Joint Trade Associations Response to EC on EU Benchmarks Regulation
Latest
ISDA Response on Hedge Accounting Guidance
On August 14, ISDA responded to an exposure draft from the Financial Accounting Standards Board (FASB). ISDA broadly supports the FASB’s proposed targeted improvements to hedge accounting, including allowing interest rate hedging of held-to-maturity (HTM) debt securities, recognizing all Secured...
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...