On April 30, 2021, ISDA and the Association for Financial Markets in Europe (AFME) submitted a joint response to the Prudential Regulatory Authority (PRA) on its consultation on implementation of Basel standards.
The paper sets out the PRA’s proposed rules to implement – through a new PRA Capital Requirements Regulation (CRR) – those parts of the international standards that remain to be implemented in the UK. The paper sets out the proposed new PRA CRR rules in full, including parts of the onshored CRR that are not changing and so are not part of the consultation.
The industry appreciates the objective of the consultation is to leverage the existing regulations now entered into force in the EU. However, there are matters that we believe should be addressed to prevent significant impacts on capital requirements for specific product and risk categories, which could negatively affect the UK’s attractiveness as a venue for global derivatives activity. Furthermore, the industry argues for standards that, although aligned globally, should allow for targeted UK adaptations and improvements where necessary.
Documents (1) for ISDA and AFME Respond to PRA Consultation on Implementation of Basel Standards
Latest
Response to BoE on Systemic Stablecoins
On February 10, ISDA responded to the Bank of England’s (BoE) consultation on a proposed regulatory regime for sterling-denominated systemic stablecoins. In the response, ISDA highlights that any regulatory framework should be assessed through the lens of prudent risk management...
SwapsInfo Full Year 2025 and Q4 2025
Trading activity in interest rate derivatives (IRD) and credit derivatives increased in 2025, reflecting shifting monetary policy expectations and broader market conditions. IRD traded notional rose by about 46% year-on-year, led by an increase in overnight index swaps (OIS). Index...
ISDA ALF: Katherine Tew Darras Opening Remarks
ISDA Annual Legal Forum London, February 11, 2026 Opening Remarks Katherine Tew Darras ISDA General Counsel Good morning and welcome to ISDA’s Annual Legal Forum. Thank you for joining us today and thanks to our platinum sponsors – Cleary...
Maintaining Focus on Basel III Endgame Recalibration
In its original form, the US Basel III endgame proposal would have resulted in disproportionate increases in capital for trading book activities, forcing banks to make difficult choices about their participation in certain businesses. After two-and-a-half years, a revised proposal...