EU financial and non-financial EU counterparties exchanging IM based on ISDA SIMM® should have already submitted an initial application for authorisation to their competent authority (CA), and ECB if applicable. If not, they should do so timely to ensure continued use of SIMM.
Until an EU counterparty becomes subject to CA authorisation, the data in the pro-forma model application to CA/ECB should be updated annually by the end of March each year. Therefore, counterparties which have already submitted an initial application for the use of SIMM should submit an updated application by March 31, 2026, using a 2025 AANA figure and IM amounts based on SIMM 2.8+2506.
ISDA is providing guidance to ISDA SIMM® users to promote awareness and facilitate a consistent approach to preparing data their initial and updated applications. At the request of SIMM users, ISDA has also developed a generic template for the initial and updated application. Use of the template is optional and at the discretion of each applying entity. A timeline for EU SIMM validation and authorisation is also provided. These documents are subject to change.
Questions may be directed to isdasimmtechsupport@isda.org
ISDA EU EMIR IM Model Application Guidance
ISDA EU EMIR IM Model Application Template
EU SIMM Validation and Authorisation Timeline
Latest
Safe, Efficient Markets for SFTs
Securities financing transactions (SFTs) – including repurchase agreements (repo), securities lending, buy/sell backs and margin lending – are foundational to the functioning of modern financial markets. They support the day-to-day distribution of liquidity, enable collateral to move efficiently across cash...
ISDA, GFXD, UK Finance, LMA Respond to HMT on UK BMR Reform
On March 11, ISDA, the Global Foreign Exchange Division of the Global Financial Markets Association, UK Finance and the Loan Market Association responded jointly to a consultation from His Majesty’s Treasury on the future regulatory regime for benchmarks and benchmark...
ISDA Recommendations to Simplify EU Regulation
On March 9, ISDA submitted a paper to the European Commission setting out focused proposals to improve the functioning of the EU regulatory framework for derivatives. The paper comprises eight targeted recommendations to simplify selected Level 1 provisions in a...
New Selection Process for Standard Reference Obligations (SROs) FAQs
This Frequently Asked Questions (“FAQ”) document gives information about the new selection process for Standard Reference Obligations (SROs). Note that ISDA may update these FAQs on occasion. Please check back periodically for new versions.