International Securities Lending Association
Budget
€600 — €0
EP Access
0
accredited persons
Staff
5
3.6 FTE
EU Grants
None
Mission & Goals
The International Securities Lending Association (ISLA) is a leading non-profit industry association, representing the common interests of securities lending and financing market participants across Europe, Middle East and Africa. Its geographically diverse membership of over 200 firms includes institutional investors, asset managers, custodial banks, prime brokers and service providers. Working closely with the industry, as well as national, regional, and global regulators and policy makers, ISLA advocates for, amongst other things, the importance of securities lending to the broader financial services industry. It supports both the Global Master Securities Lending Agreement (GMSLA) legal framework, including the Title Transfer and Securities Interest over Collateral variants, as well as the periodical enforceability and security enforcement across global jurisdictions (netting).
EU Legislative Interests
- The implementation of the 2024 Banking Package (Regulation (EU) 2024/1623 and Directive (EU) 2024/1619), including the Commission Delegated Regulation (EU) 2025/1496 regarding the postponement of the FRTB. - CSDR – Regulation (EU) 2025/2075 of the European Parliament and of the Council of 8 October 2025 amending Regulation (EU) No 909/2014 as regards a shorter settlement cycle in the Union. - Council Directive (EU) 2025/50 of 10 December 2024 on faster and safer relief of excess withholding taxes - Markets in Financial Instruments Directive II - Technical input and advocacy on the Review of MiFIR Level 2 Technical Standards, specifically Commission Delegated Regulation (EU) 2017/590 (RTS 22) and 2017/580 (RTS 24) regarding transaction and order reporting for SFTs. Additionally, monitoring the implementation of the MiFIR Review and its impact on best execution requirements as set out in Commission Delegated Regulation (EU) 2017/575 (RTS 27) and the maintenance of Order Execution Policies for securities financing transactions. - Retail Investment Strategy (RIS) package - specifically the Omnibus Directive amending MiFID II, AIFMD, and UCITS - SFTR - Securities Financing Transaction Regulation - Known issues across Level 1 and Level 2 SFTR, Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012. - UCITS, Review of the UCITS Eligible Assets Directive (Commission Directive 2007/16/EC). Specifically engaging with ESMA’s June 2025 Final Report (Technical Advice) - Technical response and advocacy regarding the ESMA Call for Evidence on a comprehensive approach for the simplification of financial transaction reporting (ESMA12-437499640-3021). Engagement focused on the identification of duplicative reporting requirements between SFTR, MiFIR (RTS 22), and EMIR, and supporting the transition toward a unified 'report once' framework to reduce the operational burden on securities financing desks. - Insurance Recovery and Resolution Directive (IRRD), Directive (EU) 2025/1 of the European Parliament and of the Council of 27 November 2024 establishing a framework for the recovery and resolution of insurance and reinsurance undertakings and amending Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 and Regulations (EU) No 1094/2010, (EU) No 1095/2010 and (EU) 2022/2554
Communication Activities
Events: [https://www.islaemea.org/isla-events/?past-events=yes#view-grid] - ISLA Annual Securities Finance and Collateral Management Conference 2025, Madrid - https://www.islaemea.org/isla-events/isla-32nd-annual-securities-finance-collateral-management-conference/home/ - ISLA 15th Annual Post Trade Conference - November 2025 - https://www.islaemea.org/isla-events/isla-15th-annual-post-trade-conference/home/ Thought Leadership: - The Impact of IRRD on Repurchase Transactions & Securities Lending Transactions (Published in November 2025) - https://www.islaemea.org/thought-leadership/the-impact-of-irrd-on-repurchase-transactions-securities-lending-transactions/ - 23rd Edition Securities Lending Market Report – H1 2025 (Published in September 2025) - https://www.islaemea.org/thought-leadership/23rd-edition-securities-lending-market-report-h1-2025/ - 22nd Edition Securities Lending Market Report – H2 2024 (Published in February 2025) - https://www.islaemea.org/thought-leadership/22nd-edition-securities-lending-market-report-h2-2024/ - Paving the Way for Digital Transformation - https://www.islaemea.org/thought-leadership/paving-the-way-for-digital-transformation/
Interests Represented
Promotes their own interests or the collective interests of their members
Member Of
AFME - https://www.afme.eu/ AIMA – www.aima.org Global Digital Finance - https://www.gdf.io/ ISDA – www.isda.org ICMA – www.icmagroup.org Irish Funds Industry Association IFIA - https://www.irishfunds.ie/ The Association of German Public Banks – www.voeb.de ISSA – www.issanet.org ISLA Americas - https://www.islaamericas.org Pan Asia Securities Lending Association (PASLA) - https://www.paslaonline.com/ SIFMA - https://www.sifma.org/ UKSIF – www.uksif.org
Organisation Members
https://www.islaemea.org/our-members/
Additional Information
ISLA utilise Fleishman Hillard, a Brussels based Advocacy firm to assist ISLA in our Brussels engagement - https://fleishmanhillard.com/
Commissioner Meetings
No recorded meetings with EU commissioners.