Internal and External conduct of business issues in SEC Title VII implementation

This contact list will receive information on ISDA’s industry initiative to draft, review and publish revisions to existing ISDA documentation as well as the development of new documentation to facilitate compliance with regulatory requirements.

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

Policy and legal questions regarding the UK regulatory framework are the focus of this working group.

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.

The SIMM Governance Forum is responsible for updating and maintenance of SIMM by agreeing model changes, conducting annual backtesting, calibration and benchmarking and quarterly monitoring cycles. This form allows member firms to discuss broad issues regarding the ISDA SIMM and consider requests and comments from regulators and market participants regarding the SIMM methodology.

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

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 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.

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