Working Group to actively discuss and understand, across geographic regions an product types, the potential impact of sanctions on the operation of certain provisions of form ISDA contracts, and consider enhancements to contractual language, as well as to liaise with various regulators, as warranted, to further clarify the treatment of derivative transactions with respect to sanctions and related issues including BSA and AML compliance.

The ISDA Portfolio Reconciliation and Reporting Suggested Operational Practice Working Group will draft and publish regulatory portfolio reconciliation and reporting guidance.

Industry working group which oversees the development and maintenance of ISDA’s data standards, and facilitates industry implementation of global identifiers such as trade, product, and counterparty identifiers and related reporting workflows. The group drives the development, documentation, and advocacy of industry data standards for reporting, as well as responses to consultative papers on data standards for trade reporting.

The North American Tax Working Group monitors and addresses emerging issues in taxation.

ISDA launched a survey in April 2022 to assess the current state of the Sustainability Linked Derivatives (“SLD”) market. Respondents indicated that they engage in SLD transactions and use existing ISDA documentation to do so. Given the strong member interest in this product, ISDA is convening this Working Group to develop standardized provisions for documenting SLDs. We envision that such provisions would be added to the ISDA Clause Library. As there is currently no single approach to documenting SLDs, having a range of standardized provisions will allow market participants the flexibility to document bespoke SLDs using standardized components.

Exclusive to legal entities subject to UMR Phase 6 requirements, this group will serve as a resource for firms who are implementing documentation, risk management, and operational procedures to be compliant with UMR.

In response to member feedback related to the Covid-19 pandemic and recent global sanctions, this working group will consider changes or refinements to certain provisions under the ISDA Master Agreement, including: (1) the standard notices provisions of the ISDA Master Agreement, including review of permitted notice methods and whether to include provisions addressing the situation where the listed notice methods are impossible to use; and (2) force majeure language under the ISDA Master Agreement, including the English Law CSA and New York Law CSA based on treatment as a Credit Support Document and consequent application of a waiting period for non-delivery of collateral due to force majeure.

The objective of the Workstream is to create a new suite of CSA documentation to comply with margin requirements. The suite of documentation will include collateral support documentation for Japan, English and New York law arrangements, self assessment tools, segregation agreements, and protocols to migrate from old structures to new.

This working group will focus on producing new documentation to document securities financing transactions (SFTs) under the ISDA Master Agreement.

The U.S. Regulatory Distribution List’s primary objective is to educate and inform membership of U.S. public policy-related issues, such as CFTC and SEC activities, Congressional developments and ongoing litigation. The committee contributes to the development of ISDA’s policy positions and reviews and responds to initiatives from U.S. policymakers.