The ISDA 2013 EMIR NFC REPRESENTATION PROTOCOL (the “Protocol”) enables parties to amend the terms of their ISDA Master Agreements to reflect certain know your counterparty requirements, and the consequences of transacting on the basis of an incorrect classification, imposed by Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (EMIR).
Please refer to the “Frequently Asked Questions” below for more information on the Protocol’s substance.
The Protocol is open to ISDA members and non-members. Parties will pay a one-time fee of $500 to ISDA to adhere to the Protocol. There is no cut-off date to this Protocol. ISDA does, however, reserve the right to designate a cut-off date by giving 30 days’ notice on this site.
Market participants should note that an Adhering Party’s (Counterparty 1) status, as recorded in its adherence letter, can only be relied upon by another Adhering Party that has a Covered Master Agreement with Counterparty 1 and that has not received a change in status notice from such Counterparty 1.