A consortium of trade bodies yesterday published a statement to assist with SFTR compliance. The Association for Financial Markets in Europe (AFME), FIA, the International Capital Market Association (ICMA), the International Swaps and Derivatives Association, Inc. (ISDA) and the International Securities Lending Association (ISLA) have jointly developed a template which market participants may use to […]

ISDA has published an updated EMIR classification letter. The letter amends the July 2015 version to align with the final draft RTS on CDS clearing and on IRS clearing in certain additional EEA currencies. The letter also amends the definition of “Category 1 entity” to accord with the final G-4 IRS RTS. Further amendments will […]

On 13 November the PRA published its policy statement and supervisory statement containing final rules requiring contractual stays in financial contracts governed by third country law (see this blog post for more detail).  The policy statement requires firms to amend “financial arrangements” entered into, or materially amended, after the relevant effective dates.[1] Whilst the PRA […]

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 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 […]