On 12 November 2015, ISDA relaunched the ISDA 2014 Resolution Stay Protocol (now called the “ISDA 2015 Universal Resolution Stay Protocol”).  Twenty-one major banks have signed the 2015 protocol at launch. Both the 2014 protocol and the 2015 protocol seek to address the question of “too big to fail”.  Specifically, they look to tackle the […]

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 24 September 2015, ISDA published the Australian single-sided reporting letter. The reporting regime in Australia was phased-in from 1 October 2013 and initially provided for double-sided reporting only. The Australian Treasury brought amendments with effect from 1 October 2015 to permit single-sided reporting for certain entities about to fall under the reporting obligation. The […]

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 […]

A representative of the investor group suing twelve G-SIB banks[1], ISDA and Markit for alleged breaches of US antitrust laws[2], has indicated that a $1.865 bn. settlement has been agreed in principle with the defendants; U.S. District Judge Denise Cole has given the parties two weeks to finalise the details. The plaintiffs alleged that the […]

In response to member demand, ISDA has published a standardised EMIR Classification Letter. The letter serves as the bilateral equivalent to ISDA Amend’s online classification tool, enabling parties to exchange formal notice of their status  with respect to EMIR’s clearing and risk mitigation obligations. ISDA have also published an accompanying Guidance Note to assist in the […]

On 12 June 2015 ISDA published its ISDA EMIR Frontloading Additional Termination Event Amendment Agreement. The amendment agreement is another simple but useful addition to ISDA’s documentation suite.  As the name suggests, it allows counterparties to amend 1992 or 2002 ISDA Master Agreement schedules in order to include an Additional Termination Event which triggers in […]

ISDA have published market practice guidance to assist market participants with EMIR Art. 13 obligations with respect to portfolio compression. The guidance consists of two documents, both of which are works in progress: Step by step overview for the EMIR portfolio compression requirements Product feasibility matrix using the ISDA taxonomy outlining products eligible for compression […]

ISDA has requested feedback regarding whether to update its General Disclosure Statement for Transactions. The 43 page General Disclosure forms the main body of a market-standard documentation suite intended to assist with risk disclosure requirements mandated by the CFTC’s External Business Conduct Rules (Rules 23.431, 23.450(g) and 23.605(e)). It is appended by a series of […]