ISDA, the Asia Securities Industry and Financial Markets Association, the FIA, the Global Foreign Exchange Division and the Global Financial Markets Association recommended significant reforms to the European Union Benchmarks Regulation.
In its Annual Economic Report, dated June 23, 2019, the Bank for International Settlements urged regulators to implement policies and regulations that address the emergence of "big tech" in financial markets.
The European Supervisory Authorities made final revisions to report on bilateral Margin Regulatory Technical Standards requirements in order to align with the Basel Committee and IOSCO international framework.
The CFTC voted to propose amending its uncleared swap margin regulations to (i) extend the implementation date of initial margin requirements, and (ii) exempt certain transactions from uncleared margin requirements.
SIFMA recommended a new approach to strengthen cross-border cooperation among regulators to "enhance the coherence of their respective regulations" and "enshrine cooperation within legally binding trade agreements."
The FDIC and the European Banking Union's Single Resolution Board agreed to a "Cooperation Arrangement" to facilitate the exchange of information and coordination in resolution planning efforts for banks with cross-border operations.
ISDA added a Japanese jurisdictional module to its Resolution Stay Jurisdictional Modular Protocol. The new module is intended to facilitate compliance with Japanese regulations that require contractual stays to be included in certain financial contracts that are not governed by Japanese law.
Several trade associations submitted comment letters responding to the FDIC's proposed rulemaking to restrict the contractual provisions of qualified financial contracts entered into by certain FDIC-supervised institutions.