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ISDA Master Agreement and Credit Support Annex: Negotiation Strategies

7 CLE Credit Hours Available (New York)

 Transitional and Nontransitional
 

 7 CPE Credit Hours Available


Thursday, May 18, 2017
Global Financial Conference Center
New York

PROGRAM AGENDA

8:30 AM

 

Registration and Continental Breakfast

 

 

 

9:00 AM

 

Introduction and Welcoming Remarks
Yani Martes, Assistant General Counsel, ISDA

 

 

 

9:05 AM

 

Negotiating the Schedule to the 2002 ISDA Master Agreement
This session will focus on key issues that firms typically negotiate in their Schedule to the 2002 Agreement. Frequently negotiated Schedule provisions will be discussed:

  • Elections (e.g., Governing Law, Termination Currency)
  • Automatic Early Termination – pros and cons
  • Specified Entities for 5(a)(v), 5(a)(vi), 5(a)(vii) and 5(b)(iv)
  • Credit Support Documents and Credit Support Providers
  • Expansions and contractions of defined terms (e.g., Specified Transactions, Specified Indebtedness)
  • Cross Default vs cross-acceleration and Threshold Amounts
  • Netting of Payments
  • Agreement to Deliver Documents – What types of documents do parties request? The timing of delivery
  • Payer and Payee Tax Representations
  • Credit Event Upon Merger
  • Process Agent – When should one be appointed?

Willa Cohen Bruckner, Partner, Alston & Bird LLP
Ian Cuillerier, Partner, White & Case LLP
Matthew Klein, Senior Counsel, The Vangaurd Group, Inc.

 

 

 

10:30 AM

 

Morning Break

 

 

 

10:45 AM

 

Negotiating the Schedule to the 2002 ISDA Master Agreement (continued)

  • Additional Termination Events – what are these events and why do parties include these?
  • (e.g., Ratings Downgrades, Net Asset Value Triggers, Keyman Clauses, Credit Agreement events)
  • Multibranch Party; Offices
  • Transfer – Considerations for modifying Section 7
  • Calculation Agent - Possible inclusion of dispute rights and references to ISDA Determinations Committees
  • Scope of Agreement
  • FATCA and 871(m) provisions
  • Local law considerations
  • Limitations on rights to designate an Early Termination Date or suspend payments
  • Additional Representations
  • Other Provisions (e.g., Waiver of Jury Trial, Recording of Conversations, ERISA provisions) Amending Master Agreements by an ISDA Protocol

Willa Cohen Bruckner, Partner, Alston & Bird LLP
Ian Cuillerier, Partner, White & Case LLP
Matthew Klein, Senior Counsel, The Vangaurd Group, Inc.

 

 

 

12:30 PM

 

Luncheon

 

 

 

1:30 PM

 

Negotiating Paragraph 13 to the ISDA 2016 Credit Support Annex for Variation Margin (VM) (Security Interest – New York Law)
This session will examine terms specified and added to Paragraph 13, including:

  • A basic overview of how uncleared margin rules will impact CSAs
  • Covered Transactions
  • Eligible Collateral and Valuation Percentages
  • Minimum Transfer Amounts
  • Ratings Ladders
  • Valuation Time and Valuation Date
  • Valuation Agent
  • Specified Conditions
  • Notification Time
  • Transfer Timing – What changes can market participants make?
  • Resolution Time

Ilene Froom, Partner, Reed Smith LLP
Miki Navazio, Partner, Sidley Austin LLP

 

 

 

3:00 PM

 

Afternoon Break

 

 

 

3:15 PM

 

Negotiating Paragraph 13 to the ISDA 2016 Credit Support Annex for Variation Margin (VM) (Security Interest – New York Law) (continued)

  • Value of Collateral
  • Using Posted Collateral
  • Custodians
  • The Interest Rate and timing of Interest Payments
  • Interest Adjustment
  • Negative Interest
  • Distributions
  • Credit Support Offsets
  • Rights and Remedies of the Secured Party
  • Rights and Remedies of the Pledgor
  • Other Provisions
  • Variation Margin Segregation
  • Terms for non-netting counterparties
  • Independent Amount, using the Independent Amount (IA) Provisions
  • Independent Amount Segregation
  • The ISDA 2013 Account Control Agreement

Ilene Froom, Partner, Reed Smith LLP
Miki Navazio, Partner, Sidley Austin LLP

 

 

 

4:30 PM

 

Conference Concludes

 


Agenda is subject to change

- REGISTRATION FEE* -
$ 850 U.S. (member) / $ 975 U.S. (non-member)
*The invoice total must be paid in full - registration fees are net of tax and wire transfer fees are not included.

We suggest registering at least two weeks in advance to ensure your seat.

Please click here for the Conference Registration Form.

 

Global Financial Conference Center, 360 Madison Avenue (entrance on 45th Street), 17th Floor, New York, NY 10017 Phone: (212) 901-6000.

Please find a map to the venue here.



For more information regarding conferences or exhibition opportunities, please contact the ISDA conference department

at +1 212-901-6000  or e-mail conferences@isda.org