Open Consultations Currently Under Review by ISLA

Advocacy is an extremely important part of the Association’s work, and since the start of 2020, ISLA has responded to a number of key consultations on behalf of its member firms across the region.

ISLA will be responding to the below open consultations that are currently in progress.


This Prudential Regulation Authority (PRA) Consultation Paper contains proposed changes to the Prudential Regulation Authority (PRAs) rules, supervisory statements, and statements of policy, to implement elements of the Capital Requirements Directive V (CRD V).

Consultation Details


The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, has launched a Consultation Paper reviewing the reference data and transaction reporting obligations under the Market in Financial Instruments Regulation (MiFIR).

Consultation Details

Bank Recovery and Resolution Directive (BRRD)

PRA sets out proposals relating to its Contractual Recognition of Bail-in (CROB) and Stay in Resolution (Stays) Rules. The purpose of the proposals is to support the UKs transposition of the Bank Recovery and Resolution Directive II (BRRD II), which amends the BRRD. The UK is required to transpose the BRRD II amendments by Monday 28 December 2020.

Consultation Details 

PRA proposal to extend, by one year, the dates by which firms are first required to submit a report of their assessment of their preparation for resolution, and to first publish a summary of that report under Rule 3.1(1) and Rule 4.1(1) respectively of the Resolution Assessment Part of the PRA Rulebook (Rules).

Consultation Details 

PRA sets out its proposals to revise its operational continuity in resolution (OCIR) policy. The purpose of the proposals is to improve firms resolvability and support the Bank of England’s approach to resolution as set out in the Statement of Policy The Bank of England’s approach to assessing resolvability.

Consultation Details


Review of the European Long-Term Investment Funds (ELTIF) Regulation and consultation document published by the EC. The current ELTIF Regulation imposes strict investment restrictions on securities lending: specifying that ELTIFs can only use 10% of the funds assets for securities lending/borrowing. So this is going an important first legislative battleground as to whether sec lending is welcome to the long-term investment and ESG debate.

Consultation Details

The EU Commission  has published it’s consultation on a proposal for an initiative on Sustainable corporate governance. The consultation highlights the aim to encourage businesses to consider environmental (including climate, biodiversity), social, human and economic impact in their business decisions, and to focus on long-term sustainable value creation rather than short-term financial value.

Consultation Details

Alternative Investment Fund Managers Directive (AIFMD)

The European Commission has published its consultation on the review of EU rules on AIFMD and consultation document.

Consultation Details


Public consultation on CSDR in progress. Estimated time of release – November.

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