The purpose of the protocol is to enable swap dealers that are parties to Covered Give-up Arrangements to incorporate into those agreements an apportionment of responsibilities, pursuant to a CFTC No-Action No. 13.-11 issued on April 30, 2013 for compliance with obligations under the CFTC's External Business Conduct Standards. ISDA, the FXC (Foreign Exchange Committee) and the FMLG (Financial Markets Lawyers Group) have developed Annex A to the protocol which provides for the allocation of responsibilities between two registered swap dealers as provided in the no-action relief.
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.