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ISDA Publishes Form of Change of Status Notice for EMIR Protocol

On 9 September 2013, ISDA published the Form of Change of Status Notice for the ISDA 2013 EMIR NFC Representation Protocol (the “EMIR Protocol”).  The Protocol enables parties to amend ISDA Master Agreements to reflect their status under EMIR (see this blog post for more details).

The notice will allow adherents to the EMIR Protocol to notify their counterparties (who have also adhered to the Protocol) of their correct status by choosing elections in the event of a change.  While the fundamental benefit to an adhering party is the elimination of costly and time-consuming bilateral negotiations, as of today only 277 market participants have signed up.

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