On September 8, ISDA responded to consultation by the European Securities and Markets Authority (ESMA) on a draft regulatory technical standard on clearing fees and associated costs (article 7c(4) of the European Market Infrastructure Regulation (EMIR)). In the response, ISDA highlights that clearing service providers are already subject to existing disclosures to clients under the Markets in Financial Instruments Directive (MIFID) and articles 4(3a) and 38 of EMIR. ISDA proposes that clearing service providers should be able to meet the new requirements under article 7c by referring to existing disclosures. If there are any perceived gaps, ESMA should consider specific, targeted changes that will introduce meaningful benefits for clients rather than the proposed approach that leads to multiple overlapping disclosure requirements. ISDA also asks for an appropriate implementation period to give firms sufficient times to adapt their disclosures.
Documents (1) for ISDA Response to ESMA on Clearing Costs
Latest
Expanding Legal Agreement Coverage in the CDM
This paper examines the recent extension of the Common Domain Model (CDM)1 to represent two of the most significant, and previously undeveloped, areas of its legal agreement model: umbrella agreements and contract amendments. Umbrella agreements are widely used to document...
ISDA Omnibus Canadian Representation Letter
On September 2, ISDA published the Omnibus Canadian Representation Letter, which combines previously published representation letters drafted to assist firms in compliance with Canadian trade reporting, business conduct, regulatory margin and clearing classification rules. The Omnibus Canadian Letter is designed...
Joint Response on Cross-margining
On August 31, ISDA and FIA submitted a letter to the US Commodity Futures and Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) on the agencies’ joint request for comment on the implementation of portfolio margining and cross-margining...
Accounting for Carbon Credits: Latest Developments
This paper updates and extends the analysis set out in ISDA’s October 2023 paper on accounting for carbon credits. While preserving the original focus on the accounting treatment of voluntary carbon credits (VCCs) and compliance carbon credits (CCCs), it expands...