On May 23, ISDA sent a comment letter in response to a draft statutory instrument (SI) from His Majesty’s Treasury (HMT) that establishes a new regulatory framework for digital assets. In the letter, ISDA recommends a review of the proposed ‘safeguarding’ activity, noting that the current definition and scope, particularly on ‘control’ and acting ‘on behalf of another’, could unintentionally capture standard collateral arrangements in the derivatives market, including both security interest and title transfer structures. ISDA recommends clarifying definitions, limiting scope and aligning the new rules with existing regulatory structures to avoid operational burdens and unintended consequences.
Documents (1) for ISDA Response to HMT SI on Digital Assets
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