The International Regulatory Strategy Group (IRSG) has submitted its response to the Financial Conduct Authority (FCA)'s consultation on aligning listed issuers' sustainability disclosures with international standards. The consultation includes proposals for introducing UK Sustainability Reporting Standards (UK SRS) that align with the International Sustainability Standards Board standards. The IRSG supports replacing the existing TCFD-aligned rules with mandatory UK SRS S2 climate-related disclosures, provided that adequate transition periods are offered. Additionally, the group endorses a 'comply or explain' approach for scope 3 emissions and non-climate disclosures under UK SRS S1.

Incident Response Team

An Individual Savings Account (ISA) is a tax-favoured savings account introduced on 6 April 1999 which replaced Personal Equity Plans (PEPs) and Tax-exempt special savings accounts (TESSAs). ISAs are not an investment in their own right; they are a tax-free ‘wrapper’ in which an individual can shelter investments.

The Incorporated Society of British Advertisers (ISBA) and the Institute of Practitioners in Advertising (IPA) have released an updated version of their Creative Services Framework Agreement, developed in collaboration with Lewis Silkin. The 2025 template—first published in 1998 and last overhauled in 2015—introduces new clauses addressing generative artificial intelligence (AI) as well as reconciliation processes. In addition, the update includes revised general terms and supplementary materials designed to reduce ambiguity in advertiser-agency relationships.

The International Standard Banking Practice for the examination of documents under documentary credit transactions developed by the ICC

International Swaps and Derivatives Association—the international trade association for privately negotiated derivative contracts.

What does this Practice Note cover? This Practice Note provides a clause by clause guide to the ISDA 2016 Credit Support Annex for Variation Margin (2016 CSA VM), which facilitates compliance with the variation margin requirements for uncleared swaps under EU EMIR (Regulation (EU) 648/2012) in the EU, the Assimilated Regulation (EU) 648/2012 (UK EMIR) in the UK, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) in the US and equivalent legislation in other major financial jurisdictions. For information on the variation margin requirements under EU EMIR see Practice Note: EU EMIR—essentials—Margin requirements, and for those under UK EMIR, see Practice Note: UK EMIR—essentials—Margin requirements. What is the ISDA 2016 Credit Support Annex for Variation Margin? The 2016 Credit Support Annex for Variation Margin (VM) published by the International Swaps and Derivatives Association (ISDA) (2016 CSA VM) forms part of a suite of credit support documents introduced by ISDA to facilitate compliance with margin requirements for derivatives that are not subject to mandatory

On 11 June 2021, ISDA published the 2021 ISDA Interest Rate Derivatives Definitions (the 2021 Definitions), which were intended to replace the 2006 ISDA Definitions as the standard ISDA definitional book for cleared and non-cleared interest rate derivatives. ISDA no longer supports the 2006 ISDA Definitions. ISDA implements revisions to the 2021 Definitions by publishing updated electronic versions of the 2021 Definitions, each of which has a publication date, and which can be easily compared against any prior version via the ISDA online library. The 2021 Definitions include a number of key changes to provisions from the 2006 ISDA Definitions, including to the Calculation Agent provisions, business day provisions, calculation of the fixed and floating amount provisions, fallback provisions, exercise of swaptions/optional early termination provisions and cash settlement provisions. Each of these key changes will be addressed below in the relevant sections. The 2021 Definitions also continue the use of matrices, which are explicitly referenced throughout the 2021 Definitions. ISDA has published multiple matrices (some of which are updated versions

The Chief Executive Officer of the International Swaps and Derivatives Association (ISDA), Scott O'Malia, has outlined three key regulatory priorities in his opening remarks at the ISDA Trading and Treasury Forum in London. O'Malia discussed preparations for the US Treasury clearing mandate implementation, set to take effect at the end of 2026, with repo transactions to follow in mid-2027. He also addressed challenges with Basel III implementation, noting the UK Prudential Regulation Authority's potential delay of the Fundamental Review of the Trading Book internal models approach until 2028. In addition, he highlighted ISDA's digital transformation initiatives, including the July 2025 launch of the ISDA Notices Hub, which has already attracted more than 120 market participants to its protocol for electronic notice delivery.

English law ISDA credit support documents The forms of credit support documentation published by the International Swaps and Derivatives Association, Inc (ISDA) which are governed by English law are: • 1995 ISDA Credit Support Annex (Bilateral Form—Transfer) (the English law Annex) • 2013 ISDA Standard Credit Support Annex (Title Transfer—English Law) and the 2014 ISDA Standard Credit Support Annex (Title Transfer—English Law) (the English Law SCSAs) • 2016 ISDA Credit Support Annex for Variation Margin (VM) (Title Transfer—English Law) (the English law VM Annex) • 1995 ISDA Credit Support Deed (Security Interest—English Law) (the Deed) • 2016 ISDA Phase One IM Credit Support Deed (the 2016 IM Deed), and • 2018 ISDA Credit Support Deed for Initial Margin (IM) (Security Interest—English Law) (the 2018 IM Deed) The credit support documents reflect two different legal structures for taking collateral (commonly referred to as margin in derivatives transactions). Whilst the English law Annex (together with the English Law SCSAs and the English law VM Annex) requires the outright transfer of cash and securities

Use of the Annex with ISDA Master Agreement and Schedule—the obligation to post collateral By comparison to the English law Credit Support Annex (CSA) to the ISDA Master Agreement, the New York law CSA makes provision for liabilities to be secured by way of a pledge, rather than a transfer of title. As such, the first point to note in using a New York law CSA is that a party providing collateral to another for liabilities under the ISDA Master Agreement is providing a security interest only, and not transferring legal title. This parallels the way the English law Credit Support Deed operates. A CSA subject to New York law needs to be used with an ISDA Master Agreement and Schedule similarly subject to New York law in order to be properly effective. Key terms of the New York law Credit Support Annex The nature of the security interest The parties to the New York law CSA agree in Paragraph 2 that the ‘Pledgor’ (the party that is out of the money) will

What does this Practice note cover? This Practice Note covers the 1995 ISDA Credit Support Deed (Security Interest—English law) standard form credit support document for derivatives published by the International Swaps and Derivatives Association, Inc. (ISDA) for use in over-the-counter (OTC) derivatives transactions. This document is known as the English law CSD or the English law deed. This Practice Note explains the structure and key features of the English law deed. Documentation structure of the English law Deed The English law Deed: a standalone document The English law Deed is a standalone document. It does not form part of the schedule to the master agreement and must be executed in its own right as a deed. It must be dated as of the date of execution and all formalities connected with signing a deed must be complied with (for more information, see Practice Note: Executing deeds and simple contracts). It is a credit support document (as defined in the ISDA master agreement). The structure of the English law Deed follows