The resumption of parliamentary business provided the opportunity to recap on 2025 so far and consider what was likely to be on the UK and EU regulatory agenda over the following few months. During this call the panel reflected on the implementation of EMIR 3.0 to date, including the then current status of the active account requirement, as well as the wider derivatives reporting landscape and recent enforcement trends. They also looked at the potential impacts of proposed changes to the UK CCP Rulebook, as well as other key issues to monitor, including possible changes to the financial collateral regime, upcoming changes to benchmarks regulation and developments in carbon markets and ESG regulation that could have impacted derivatives markets.

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On this call our dispute resolution experts outlined recent developments that affected jurisdiction clauses and the UK Arbitration Act and how these might have been relevant to derivatives transactions. These included: • The scope of the 2019 Hague Convention on Recognition and Enforcement of Judgments and how this might have assisted parties seeking to enforce judgments outside the UK • The Lastre case, which considered the validity of asymmetric clauses under EU law, and the potential impact of this decision on jurisdiction clauses and transactional opinions • Updates to the UK Arbitration Act 1996 and the consequences for determining the relevant governing law of arbitration proceedings

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Recent difficulties with the service of notices during market disruption have prompted discussion on whether prescribed delivery methods under the ISDA Master Agreement could be enhanced to mitigate challenges. ISDA's Notices Hub is designed to allow critical notices to be securely delivered and received online and provide an up-to-date record of a party's address. Our panel will outline the operational framework of the Notices Hub, explain steps to integrate it within ISDA Master Agreements and highlight key legal, practical considerations.

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