ISDA Letter on EMIR Review

On October 3, 2022, ISDA wrote to the European Commission, the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority to urge them to take the opportunity while working on the revision of the European Market Infrastructure Regulation (EMIR) to remove unnecessary barriers to clearing in Europe and avoid market fragmentation. In the letter, ISDA asks for the removal of equivalence as a pre-condition to the availability of the intragroup transaction exemption from margining, clearing and credit value adjustment under the EU Capital Requirements Regulation. ISDA recommends that EMIR article 13 equivalence is revisited – in particular, the requirement that one of the relevant group entities be ‘established’ in the third-country jurisdiction concerned, so EU firms can avoid duplicative and conflicting margin, clearing and reporting requirements under EU and third-country rules. ISDA has also proposed a revision of the initial margin eligibility rules so third-country money markets funds meeting strict criteria are eligible collateral.

Documents (1) for ISDA Letter on EMIR Review

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...

Response to SEC on FICC Guaranty Fund

On September 1, ISDA and FIA submitted a joint response to the US Securities and Exchange Commission (SEC), supporting the Fixed Income Clearing Corporation’s (FICC) proposal to establish a dedicated guaranty fund at its government securities division (GSD). FICC had...