In line with the G20 OTC derivatives commitments, many G20 and non-G20 countries (in addition to the US and EU) have implemented or will be implementing mandatory trade reporting requirements. While, on the one hand, firms subject to the jurisdiction(s) of the relevant country(ies) will have to comply with the relevant reporting requirements, on the other hand, they may also be subject to contractual, statutory, regulatory or other legal limitations (under non-disclosure, confidentiality, bank secrecy or other laws) under other laws applicable to them which could prohibit the disclosure of the relevant information. To facilitate compliance with their reporting obligations while addressing these disclosure limitations, the Protocol contains a counterparty’s consent to the disclosure of information in the terms therein described. However, the consent language in the Protocol may not be sufficient to fully address any applicable disclosure limitations or otherwise. Satisfaction of additional disclosure requirements, if any, will have to be met on a bilateral basis. Parties should thus obtain legal advice as to whether the provisions of the Protocol address their particular situation.
ISDA does not represent or warrant that the consents and acknowledgements set out in the Protocol are sufficient to overcome any prohibition or impediment to disclosure under the laws of any jurisdiction. Parties should thus consult with their legal advisers and any other adviser they deem appropriate prior to adhering to the Protocol.
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.
For parties that may wish to effect the amendments bilaterally instead of adhering to the Protocol, ISDA has also published a Side Letter (Principal) and a Side Letter (Agent).