ISDA has today published the German Jurisdictional Module to the ISDA Resolution Stay Jurisdictional Modular Protocol (the ISDA JMP). The ISDA JMP provides a framework to facilitate jurisdiction-specific compliance with contractual stay regulations for contracts governed by third-country laws; its structure and mechanism is reviewed in detail in this blog post. The German Jurisdictional Module […]

ISDA have today published the first Country Annexe to the 2015 Universal Stay Protocol, adding Spain to the list of Protocol-Eligible regimes. The protocol enables adherents to comply with the cross-border application of specified special resolution regimes (SRRs). Protocol Covered Agreements are amended to include a regime-imposed stay on resolution triggered contract termination. The 2015 […]

Introduction On 3 May 2016 The International Swaps and Derivatives Association (ISDA) launched the “ISDA Resolution Stay Jurisdictional Modular Protocol” (the “JMP”).  The JMP is designed to enable market participants to comply with regulations in a number of jurisdictions which, broadly, require banks to obtain consent from their counterparties for the inclusion of statutory stays […]

On 2 November 2015, ISDA published the ISDA 2015 Section 871(m) Protocol (the “Protocol”), designed to enable parties to amend the terms of ISDA Master Agreements to reflect the requirements of Section 871(m) of the U.S. Internal Revenue Code.  Broadly, from 1 January 2016, Section 871(m) will impose a 30% withholding tax on “dividend equivalent” […]

On 26 August 2015, ISDA announced that the 2014 Stay Protocol is to undergo revisions. Although it remains open, it is not expected that any market participant would adhere at this time. On the same day, in its comment to the PRA Consultation Paper on contractual stays in financial contracts governed by third-country law, ISDA […]

The ISDA 2014 Collateral Agreement Negative Interest Protocol (the “Protocol”) has received renewed attention recently, with ISDA hosting a Market Education Webinar to discuss the structure and content of the Protocol on 11 March 2015, followed by the publication of a Statement on Negative Interest Rates on 12 March 2015 and a Market Guidance concerning Interest […]

The ISDA Protocol on suspension of early termination rights is likely to be released in September, two months earlier than expected. Only G-SIFIs trading with other G-SIFIs would be covered initially, reflecting the less than enthusiastic reaction of other market participants to give away their early termination rights for the sake of reducing systemic risk. […]

On 12 May 2014, ISDA published the “ISDA 2014 Collateral Agreement Negative Interest Protocol” (the Protocol).  The Protocol pretty much does what it says on the tin – creating a mechanism to allow adhering parties to amend collateral agreements such that, if the Interest Amount for an Interest Period is negative, the Pledgor/Transferor of cash […]

ISDA is in the final stages of preparing its ISDA 2014 Collateral Agreement Negative Interest Protocol (the “Protocol”) for publication.  ISDA currently expects the Protocol to be open for adherence sometime during the week commencing 17 February 2014. The Protocol allows adhering parties to amend credit support documentation to account for negative interest amounts on […]