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05 July 2018

ISDA(国際スワップ・デリバティブ協会)、欧州議会ECON(経済通貨委員会)による第三国金融サービスへの規制・監督に関する市中協議へコメント、現行の同等性評価は不十分と指摘


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ISDA’s comment paper supports a risk-based approach to the evaluation and recognition of the comparability of regulatory regimes in third-country jurisdictions, in line with its September 2017 white paper on the issue.


ISDA’s paper also supports the work of the rapporteur, making a number of additional remarks, including:

  • The current equivalence framework was not designed with the UK in mind and it is appropriate to apply a risk-sensitive approach to the relationship between the EU and such third countries in order to fulfil European Union (EU) objectives in the financial services area.
  • The current concern to address the future relationship between the UK and other high-impact third countries should not result in a framework that makes all engagement in cross-border derivatives business more challenging.
  • European Commission equivalence determinations should generally be focused on the outcomes resulting from non-EU jurisdictions’ regulatory frameworks.
  • The current process for granting equivalence is insufficiently scalable.
  • Existing equivalence mechanisms come with a number of challenges, including potential for withdrawal at short notice, inconsistency across different pieces of legislation, and the lack of a clear process for consultation with third countries.
  • Equivalence is crucial to the ability of firms to operate effectively in non-EU markets.

Response 



© ISDA - International Swaps and Derivatives Association


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