On June 22, the International Swaps and Derivatives Association, the Investment Association, FIA Europe, the Managed Funds Association and the Alternative Investment Management Association submitted a letter to the European Commission regarding the importance of EMIR Article 13 and MiFIR Article 33 equivalence in the context of clearing, margin, reporting and trading requirements for derivatives transactions. The letter highlighted the potential negative impact on access to non-European Union (EU) markets by EU institutions that could result in the absence of equivalence decisions.