ISDA Releases Self-disclosure Letter In Connection With Global Uncleared Swap Margin Rules

The Regulatory Margin Self-Disclosure Letter, published on June 30, 2016, by the International Swaps and Derivatives Association, Inc. ("ISDA") (the "Letter"), represents one of the first major steps taken by the derivatives industry towards facilitating compliance with the rules of various regulatory regimes for the exchange of margin for non-cleared derivatives. These rules have been proposed or adopted in the U.S., Canada, the EU, Japan and Switzerland, and are based on the framework jointly published by the Basel Committee on Banking Supervision and the International Organization of Securities Commissions. Other regulators around the globe, such as those in Hong Kong and Australia, are expected to follow suit.