ISDA and AFME respond to PRA on policy approach

Article summary

The International Swaps and Derivatives Association (ISDA) and the Association for Financial Markets in Europe (AFME) have responded to the Prudential Regulation Authority (PRA)'s consultation paper on its approach to policy. The associations support the continuation of structured policy development in dialogue with the industry, while also advocating for the enhancement of the PRA’s stakeholder engagements, and greater industry cooperation during the initiation phase of the policy cycle. In the response, the associations made several suggestions on clustering regulatory principles and recommended improvements to the cost-benefit analysis and data collection processes to achieve greater transparency.