On February 9, 2022, ISDA submitted a response to HM Treasury’s consultation on the Financial Services Future Regulatory Framework Review. The consultation sets out the UK government’s proposals for important changes to the UK’s financial services regulatory framework, building on the UK’s existing model of regulation established by the Financial Services and Markets Act. In the response, ISDA focuses on the proposals to create a new Designated Activities Regime to cover activities, products and conduct that currently sit within retained EU law but outside the perimeter of the UK’s Regulated Activities Order – for example, entering into certain types of derivatives contracts. ISDA welcomes the creation of the Designated Activities Regime, but highlights some key issues that should be addressed, such as the careful definition of the territorial scope of the powers, consistent and fair treatment of firms across the regimes and transparent processes and consultation.
Documents (1) for ISDA Responds to HM Treasury on Financial Services Future Regulatory Framework
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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...