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ISDA Master Agreement and Credit Support Annex: Negotiation Strategies

Including an Overview of Regulatory Changes to ISDA Documentation


Wednesday, October 18, 2017
Intercontinental Sydney
Sydney

PROGRAM AGENDA

This conference will focus on key issues that firms typically negotiate in an English law-governed ISDA 2002 Master Agreement as well as Paragraph 11 to the ISDA 2016 Credit Support Annex for Variation Margin (VM) (Title Transfer - English Law). The conference will be useful for delegates who work with these documents and negotiate various terms with different counterparties by helping them to understand the provisions of the documentation to a detailed level and work through key negotiated terms and issues. This conference will also consider regulatory changes driven by the G20 commitments and how these would impact ISDA documentation. 

 

 

  8:15 AM

 

Registration and Morning Coffee

 

 

 

9:00 AM

 

Introduction and Welcoming Remarks

 

 

 

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
  • Payer and Payee Tax Representations
  • Credit Event Upon Merger
  • Additional Termination Events – What are these events and why do parties include these?
  • (e.g., Ratings Downgrades, Net Asset Value Triggers, Keyman Clauses)
  • Agreement to Deliver Documents – What types of documents do parties request? When does the timing of delivery matter?
  • Multibranch Party; Offices
  • Transfer
  • Calculation Agent
  • 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)
  • Amending Master Agreements by an ISDA Protocol

 

 

 

10:25 AM

 

Morning Break 

 

 

 

10:50 AM

 

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

 

 

 

12:15 PM

 

Luncheon

 

 

 

1:30 PM

 

Negotiating Paragraph 11 to the ISDA 2016 Credit Support Annex for Variation Margin (VM) (Title Transfer - English Law)
This session will examine terms specified and added to Paragraph 11, including:

  • A basic overview of how uncleared margin rules will impact CSAs
  • Covered Transactions
  • Eligible Collateral and Valuation Percentages
  • Minimum Transfer Amounts
  • Valuation Time and Valuation Date
  • Valuation Agent
  • Specified Conditions
  • Notification Time
  • Transfer Timing – What changes can market participants make?
  • Resolution Time
  • Value of Collateral
  • The Interest Rate and payment timing of Interest Amounts
  • Interest Adjustment
  • Negative Interest
  • Distributions
  • Credit Support Offsets
  • Rights and Remedies of the Transferee
  • Rights and Remedies of the Transferor
  • Other provisions
  • Terms for non-netting counterparties
  • Independent Amount, using the Independent Amount (IA) Provisions
  • Independent Amount Segregation
  • Segregation Rights Notice
  • Comparison with New York Law CSA 

 

 

 

3:00 PM

 

Afternoon Break

 

 

 

3:15 PM

 

Negotiating Paragraph 11 to the ISDA 2016 Credit Support Annex for Variation Margin (VM) (Title Transfer - English Law) (continued)

   

 

4:15 PM

 

Regulatory Changes and Impact on ISDA Documentation

  • How do Dodd-Frank, EMIR and margin rules impact derivatives documentation?
  • How does ISDA Amend facilitate provision of regulatory information?

 

   

5:00 PM

 

Conference Concludes

 


Agenda is subject to change

- REGISTRATION FEE* -
$ 650 U.S. (member) / $ 750 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.

 

InterContinental Sydney, 117 Macquarie Street, Sydney, NSW 2000, Australia, Phone: +61 2 9253 9000.



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