ISDA and other industry associations have written to Timothy Geithner and Michel Barnier expressing their concerns about regulatory reform initiatives that may result in fragmented transatlantic capital markets. It notes particular concerns about:

  • the Dodd-Frank Act (specifically the Volcker rule and registration requirements for non-US swap dealers and participants);
  • FATCA;
  • MiFID; and
  • EMIR.

The response gives examples of duplicative and conflicting requirements, and requirements that may distort or restrict customer choice. It also looks at unintended impacts of the legislation, regulatory uncertainty and the compliance burden. Finally, it addresses lack of process for mutual recognition or comparability. (Source: ISDA Writes to Rulemakers on Extra-Territorial Legislation)