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Articles by Isobel Wright
Countdown to go-live: implementing the new 2026 FX Definitions | JD Supra
Key takeaways ISDA expects that the 2026 FX Definitions will replace the 1998 FX and Currency Option Definitions as the standard definitional booklet for all cleared FX derivatives and new non-cleared FX derivatives transactions from 22 November 2027. Swift is expected to cease supporting the 1998 FX Definitions from 22 November 2027, so all FX derivatives transactions confirmed via Swift messages will need to incorporate the 2026 FX Definitions from that date.
ESMA Final Report on updated EMIR clearing thresholds regime: what is the impact on derivative end users?
ESMA has published its Final Report1 (the Final Report) setting out a revised set of clearing thresholds under EMIR. This follows ESMA’s consultation in April 2025 on the changes to the calculation of the clearing thresholds brought in by EMIR 3 and the request for ESMA to develop new clearing thresholds and review the hedging exemption.
Countdown to go-live: implementing the new 2026 FX Definitions
The 2026 FX Definitions The 2026 FX Definitions are a revised set of standard definitions for FX derivatives transactions published by ISDA, which are intended to replace the previous definitions booklet published in 1998 and reflect updated market practices as well as consolidate the various FX and FX-related product templates and provisions into a single integrated document available in digital form on the ISDA MyLibrary platform.
Key considerations for firms contemplating crypto-linked notes to retail in the UK
Following the UK Financial Conduct Authority's (FCA) decision to lift its 4-year ban on 8 October 2025 on offering cryptoasset-backed exchange-traded notes (cETNs) to retail investors in the UK, a steady stream of market...
Key considerations for firms contemplating crypto-linked notes to retail in the UK
In a significant regulatory development, the FCA lifted its 4-year ban on offering cETNs to retail investors in the UK, effective from 8 October 2025. This policy shift reflects the FCA’s evolving stance on cryptoasset regulation and presents new opportunities for issuers to expand their product offerings in the UK retail market. For background see our previous alert: UK: FCA updates position on cryptoasset-backed Exchange Traded Notes.
New UK public offers and admissions to trading regime in force from 19 January 2026 | JD Supra
The new UK prospectus regime, the Public Offers and Admissions to Trading Regulations 2024 (POATRs), came into force on 19 January 2026. Whilst many aspects of the previous prospectus regime have been carried over, there are several differences, such as the architecture of the POATRs. This alert sets out the key changes that are relevant for debt capital markets issuances.
New UK public offers and admissions to trading regime in force from 19 January 2026
The new UK prospectus regime, the Public Offers and Admissions to Trading Regulations 2024 (POATRs), came into force on 19 January 2026. Whilst many aspects of the previous prospectus regime have been carried over, there are several differences, such as the architecture of the POATRs. This alert sets out the key changes that are relevant for debt capital markets issuances.
The Property (Digital Assets etc) Act 2025 Comes Into Force | JD Supra
On 2 December 2025, the Property (Digital Assets etc) Act 2025 received Royal Assent and came into force, completing its passage through Parliament. The Act confirms the pre-established common law position that a thing is not prevented from being the object of personal property rights merely because it does not fall into a traditional category of personal property.
The Property (Digital Assets etc) Act 2025 comes into force
On 2 December 2025, the Property (Digital Assets etc) Act 2025 received Royal Assent and came into force, completing its passage through Parliament. The Act confirms the pre-established common law position that a thing is not prevented from being the object of personal property rights merely because it does not fall into a traditional category of personal property.
Practical Law commission article - Sustainability-linked derivatives: overview
In this note, Jennifer O'Connell and Isobel Wright provide an overview of sustainability-linked derivatives, including an explanation of KPIs and sustainable performance targets that monitor compliance with ESG targets. This note was first published on Practical Law on 24 July. Click here to read the article in full. Please note: this article is hosted on an external website and may be behind a paywall. Authored by Jennifer O'Connell and Isobel Wright.
UK Mansion House 2025: What this means for digital assets and tokenisation | JD Supra
The UK government’s latest communications on 15 July 2025 in connection with the Chancellor’s annual Mansion House speech, and the launch of its Financial Services Growth and Competitiveness Strategy, signals the government’s intention to position the UK as a leader in financial services innovation. Read on for our summary of the key takeaways from a digital assets perspective. What has happened?
UK Mansion House 2025: What this means for digital assets and tokenisation
What has happened? On 15 July 2025, the Chancellor of the Exchequer delivered her second Mansion House speech alongside a number of documents published by the government and regulators (see our article UK Mansion House 2025 and the Financial Services Growth and Competitiveness Strategy: summary of key initiatives for a detailed summary).
ESMA guidance for new rules on incorporation by reference for prospectuses and interaction with the EuGB Regulation | JD Supra
ESMA has recently provided some answers to questions from market participants on the new rules around incorporation by reference under the EU Prospectus Regulation. This follows the changes brought in under the EU Listing Act which allows debt issuers to incorporate future financial information by reference. The new rules came in on 4 December 2024 so market participants will no doubt welcome the recent guidance from ESMA as they have been adjusting to the new rules.
ESMA guidance for new rules on incorporation by reference for prospectuses and interaction with the EuGB Regulation
On 6 June 2025, the European Securities and Markets Authority (ESMA) updated its Q&A Tool publishing several new Q&As relating to incorporation by reference under the EU Prospectus Regulation1. There is also some helpful guidance regarding the interaction between the EU Prospectus Regulation and EuGB Regulation2.
ESMA finalises report on prospectus changes: Main changes for debt securities | JD Supra
On 12 June 2025, ESMA published its Final Report on the more detailed content requirements of the changes introduced by the EU Listing Act to the EU Prospectus Regulation, including in relation to the standardised format and ESG disclosure. ESMA seems to have taken onboard feedback received to its consultation in October 2024 and made several helpful changes. Set out below are the main changes that will be of interest to participants in the debt capital markets.
ESMA finalises report on prospectus changes: Main changes for debt securities
On 12 June 2025, ESMA published its Final Report on the more detailed content requirements of the changes introduced by the EU Listing Act to the EU Prospectus Regulation, including in relation to the standardised format and ESG disclosure. ESMA seems to have taken onboard feedback received to its consultation in October 2024 and made several helpful changes. Set out below are the main changes that will be of interest to participants in the debt capital markets.
FCA proposals to align retail and wholesale disclosure regimes for debt prospectuses | JD Supra
The Financial Conduct Authority (the FCA) has published a consultation on debt offerings to retail investors which proposes to introduce a single disclosure standard for debt prospectuses, removing the current distinction between “wholesale” and “retail” disclosure requirements. This alert sets out the key points for debt market participants.
ESMA statement on sustainability disclosure in prospectuses: some practical considerations
The Financial Conduct Authority (the FCA) has published a consultation on debt offerings to retail investors which proposes to introduce a single disclosure standard for debt prospectuses, removing the current distinction between “wholesale” and “retail” disclosure requirements. This alert sets out the key points for debt market participants.
ESG disclosure and securitisation: data feast or famine
The securitisation industry is already very familiar with data reporting requirements. In this article we discuss how the growing need for environmental, social and governance (ESG) disclosure impacts securitisation, highlighting why increased disclosure and reporting is needed, what the specific securitisation disclosure requirements are, the role of due diligence and the relevant current and future regulation in the European Union and United Kingdom.
Applications now open for the UK Digital Securities Sandbox (DSS) | JD Supra
On 30 September 2024, the Bank and the FCA announced that the DSS is now open for application, and the link to the online application process can be found on the FCA’s website. What is the DSS? The DSS provides a regulated environment for firms, in particular financial market infrastructures (“FMIs”), to use developing technology, such as distributed ledger technology (DLT), in the issuance, trading and settlement of transferable securities such as shares and bonds.
Applications now open for the UK Digital Securities Sandbox (DSS)
On 30 September 2024, the Bank of England (the “Bank”) and the Financial Conduct Authority (the “FCA”) announced that the Digital Securities Sandbox (the “DSS”) is now open for applications.
Sustainability-linked derivatives: some practical considerations
Sustainability-linked derivatives have emerged as one of the key types of ESG derivatives that parties are increasingly looking to in order to assist them in meeting their sustainability targets. This article highlights some practical issues for market participants to consider when documenting sustainability-linked derivative transactions. ESG-related derivatives products have a key role to play in helping companies meet their sustainability targets.
Natural bedfellows? How securitisation could benefit from blockchain | JD Supra
Blockchain and tokenisation have the potential to streamline processes, lower costs, increase transaction speed, enhance transparency and improve security for all transaction participants in a securitisation from issuer, to paying agent, to investors, and for others such as auditors, third party opinion providers and rating agencies.
Natural bedfellows? How securitisation could benefit from blockchain
The securitisation market is already very familiar with the ability to convert illiquid assets into more tradeable products. Blockchain and tokenisation have the potential to disrupt familiar securitisation mechanics, if not replace them entirely. We discuss in this article the impact that blockchain could have on securitisation transactions, highlighting some relevant legal and regulatory developments and the direction of travel for digitisation of securitisation.
A new “world first” gold standard for EU green bonds
As part of the European Commission’s strategy for financing the transition to a sustainable economy, the EU has been debating for some time how best to put in place a regulatory regime for EU green bonds. This resulted in the long-awaited publication of the Regulation on EU Green Bonds (the EuGB Regulation) in the Official Journal of the EU on 30 November 2023. It is set to apply from 21 December 2024.
EMIR 3.0: What are the high level changes on the horizon for derivatives end users in the EU? | JD Supra
Following the publication by the European Commission of a proposal in relation to amendments to the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (EMIR) in December 2022 and the provisional political agreement reached between the European Parliament and Council of the EU on 7 February 2024 in relation to the proposed changes, which are known as “EMIR 3.0”, on 24 April 2024 the European Parliament adopted the final texts1 in its plenary session.
EU: MiFIR Amendments prohibiting Payment for Order Flow (PFOF) will enter into force on 28 March 2024 | JD Supra
March 12, 2024 Anna Hersener, Dr. Jochen Seitz, Isobel Wright Hogan Lovells + Follow x Following x Following - Unfollow Contact To embed, copy and paste the code into your website or blog: On 8 March 2024, the final consolidated revised Markets in Financial Instruments Regulation (MiFIR) ((EU) 2024/791) and Markets in Financial Instruments Directive (MiFID II) (Directive (EU) 2024/790) texts were published in the Official Journal of the EU.
EU: MiFIR Amendments prohibiting Payment for Order Flow (PFOF) will enter into force on 28 March 2024
On 8 March 2024, the final consolidated revised Markets in Financial Instruments Regulation (MiFIR) ((EU) 2024/791) and Markets in Financial Instruments Directive (MiFID II) (Directive (EU) 2024/790) texts were published in the Official Journal of the EU. The revised MiFIR requirements will enter into force on 28 March 2024 (20 days after publication) and will become directly applicable in all EU Member States on that date.
Upcoming EMIR derivatives reporting changes: What you need to know | JD Supra
Under the European Market Infrastructure Regulation (EU EMIR), counterparties established in the EU are required to report details of relevant derivative contracts entered into, as well as any change or termination to these trades, to a registered or recognised trade repository by the next working day.
Take-off for sustainability-linked derivatives with the new ISDA SLD Clause Library? | JD Supra
February 6, 2024 To embed, copy and paste the code into your website or blog: As the demand for derivatives linked to environmental, social and governance (ESG) goals increases, parties are looking to sustainability-linked derivatives (SLDs) to assist them in meeting their sustainability targets. The International Swaps and Derivatives Association, Inc.
Take-off for sustainability-linked derivatives with the new ISDA SLD Clause Library?
As the demand for derivatives linked to environmental, social and governance (ESG) goals increases, parties are looking to sustainability-linked derivatives (SLDs) to assist them in meeting their sustainability targets. The International Swaps and Derivatives Association, Inc. (ISDA) has launched a Clause Library for SLDs to help provide some legal certainty and standardisation and facilitate the development of this market.
Financial Institutions Horizons 2024
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If you had told me that we would leave 2023 having lost one of Switzerland’s largest banks, and yet also emerge relatively unscathed (at least by 2008 standards), I would have found it hard to believe. Add to this rising interest rates, and last year had the potential to be incredibly tense. In many ways, it is a testament to the regulation put in place post 2008 that further market disruption was avoided.
By Sharon Lewis, Charlotte Bonsch, Marcus Busch, Aaron Cutler, Lisa Davey, Andreas Doser, Andrew Eaton, Claire Ellis, Vincent Fidelle, Robert Gardener, Tauhid Ijaz, Melanie Johnson, Emily Julier, George Kiladze, Rachael Koc, Sam Krips, Virginia Phillips Montgomery, Paul Mullen, Alex Nicol, Eimear O’Brien, Richard Reimer, Stefan Schrewe, Jochen Seitz, Nigel Sharman, Dervla Simm, Diana Suciu, Hannah Vero, Susan Whitehead, Bryony Widdup, Isobel Wright, Christina Wu, Julia Dingeldey, Jason Hitch, Sebastian Lach, Jennifer Oliver O'Connell
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Lexology
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A new “world first” gold standard for EU green bonds
As part of the European Commission’s strategy for financing the transition to a sustainable economy, the EU has been debating for some time how best to put in place a regulatory regime for EU green bonds. This has resulted in the long-awaited publication of the Regulation on EU Green Bonds (the EuGB Regulation) in the Official Journal of the EU on 30 November 2023. It is set to apply from 21 December 2024.
UK: Digital Securities Sandbox now in force
On 8 January 2024, the Financial Services and Markets Act 2023 (Digital Securities Sandbox) Regulations 2023 entered into force, creating the Digital Securities Sandbox within which certain Financial Market Infrastructures will be able to test the use of developing technologies subject to a modified legislative framework. The government has also published an Explanatory Memorandum which sets out the background and purpose of the Regulations.
As the European Commission’s work programme 2024 sets out its plans to reduce administrative burdens, what is the UK doing? | JD Supra
October 30, 2023 To embed, copy and paste the code into your website or blog: Following the publication of the European Commission’s 2024 work programme and announcements from the UK Government, this article explores how both the UK and the EU are focusing on closing out the remaining legislative files before the elections next year, with the aim of reducing the regulatory burden for market participants.
European Commission proposal on ESG rating activities | JD Supra
On 13 June 2023, the European Commission published a proposal for a regulation on the transparency and integrity of ESG rating activities, following concerns about the reliability, comparability and transparency of ESG ratings. This would bring new regulation to a previously unregulated market in Europe, and require EU and third country market participants providing ESG ratings commercially to become authorised and supervised by ESMA.
European Commission proposal on ESG rating activities
On 13 June 2023, the European Commission published a proposal for a regulation on the transparency and integrity of ESG rating activities, following concerns about the reliability, comparability and transparency of ESG ratings. This would bring new regulation to a previously unregulated market in Europe, and require EU and third country market participants providing ESG ratings commercially to become authorised and supervised by ESMA.
European Green Bonds: what you need to know
Following the political agreement reached on the Regulation on European Green Bonds (the so-called EU Green Bond Standard) and optional disclosures for bonds marketed as environmentally sustainable and sustainability-linked bonds earlier this year, a final consolidated legal text has now been published.
ISDA publishes the ISDA Digital Asset Derivatives Definitions
ISDA has published the first set of standard documentation for trading digital asset derivatives. The ISDA Digital Asset DerivativesDefinitions are for use with non-deliverable digital asset forwards and non-deliverable digital asset options referencing Bitcoin or Ether.
EU Corporate Sustainability reporting: impact on non-EU entities | JD Supra
Third country entities, including US and UK corporates, need to take note that they may be in scope of the new EU mandatory sustainability reporting requirements under the EU Corporate Sustainability Reporting Directive (the CSRD). The European Parliament has recently adopted the CSRD1 and the European Council is expected to adopt the proposal shortly, after which it will enter into force. What is the CSRD?
The end is nigh (-bor): FCA consults on end to GBP LIBOR settings and need for synthetic USD LIBOR | JD Supra
[co-author: Nicholas Watmough] It has been over five years since the Financial Conduct Authority ("FCA") called time on the publication of LIBOR.
UK Temporary Transitional Power (TTP) comes to an end on 31 March: what does this mean for securitisation transactions? | JD Supra
[co-author: Jane Griffiths] The UK’s Temporary Transitional Power (TTP) that allowed firms time to adapt to the new requirements following the UK’s withdrawal from the European Union on 31 December 2020, is ending on Thursday 31 March 2022. UK regulated firms must therefore ensure that they are in compliance with all of their UK obligations by this time. This note highlights the key requirements relating to securitisations transactions that will be affected by the end of the TTP.
New UK prospectus regime – Government announces fundamental reforms for the post-Brexit era | JD Supra
HMT has set out its policy approach to the reform of the UK prospectus regime following its consultation in July 2021. The proposals are intended to create a simplified regime which significantly diverges from the current “EU based” framework, embedded in the UK Prospectus Regulation.
The early course and treatment of posttraumatic stress disorder in very young children: diagnostic prevalence and predictors in hospital‐attending children and a randomized controlled proof‐of‐concept trial of trauma‐focused cognitive therapy, for 3‐ to 8
Abstract Background The introduction of developmentally adapted criteria for posttraumatic stress disorder (PTSD) has improved the identification of ≤6-year-old children with clinical needs.
2021 ISDA Interest Rate Derivatives Definitions: What end users need to know | JD Supra
If you trade interest rate derivatives, it is virtually certain that your trade confirmations incorporate the 2006 ISDA Definitions (the 2006 Definitions). You may have not noticed it but your trade confirmations on the first page usually incorporate by reference definitional booklets published by the derivatives trade association, the International Swaps and Derivatives Association Inc., commonly known as ISDA.
Brexit and derivatives transactions – some practical perspectives | JD Supra
Summary On 31 December 2020 at 11pm, the UK ceased to be part of the European Economic Area (EEA). Prior to the above date, regulation of UK derivatives activities in many cases arose as a result of EU legislation which was directly applicable in the UK, for example the European Market Infrastructure Regulation (Regulation (EU) No. 648/2012, as amended and the associated delegated regulations (EU EMIR).
Brexit and Debt Capital Markets transactions – some practical perspectives | JD Supra
Summary Following the end of the Brexit transition period, the EU and UK regulatory frameworks impacting debt capital markets are now two separate but parallel regimes, with certain differences in some areas. Whilst the pan-European wholesale debt capital markets continue, the impact of the parallel regulatory regimes in the EU and UK is particularly felt when drafting transaction documentation.
Launch of the ISDA 2020 IBOR Fallbacks Protocol | JD Supra
The International Swaps and Derivatives Association, Inc. (ISDA) has launched the ISDA 2020 IBOR Fallbacks Protocol Who should read this Client Alert? If you have derivatives contracts that are linked to, or refer to, floating rate indices you should read this client alert because your existing and future contracts may be affected and you will be receiving communications from your dealers to modify your contracts.
ISDA IBOR 2020 Fallbacks Protocol to be launched on 23 October 2020 | JD Supra
The International Swaps and Derivatives Association, Inc. (ISDA) has just announced that the ISDA 2020 IBOR Fallbacks Protocol will be launched on 23 October 2020 Who should read this client alert? If you have derivatives contracts that are linked to, or refer to floating rate indices you should read this client alert because your existing and future contracts may be affected and you will be receiving communications from your dealers to modify your contracts.
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