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ISDA 2013 EMIR Port Rec, Dispute Res and Disclosure Protocol
The ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol enables parties to amend the terms of their Protocol Covered Agreements to reflect the portfolio reconciliation and dispute resolution requirements imposed by EMIR as well as to include a disclosure waiver to help ensure parties can meet the various reporting and record keeping requirements under EMIR without breaching confidentiality restrictions.
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.
IMPORTANT: ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol – FCA statement for compliance by April 30, 2014
We note that the FCA have published the following statement: “the FCA expected firms which were unable to comply with risk mitigation requirements for non-cleared trades relating to portfolio reconciliation, dispute resolution and compression to have a detailed and realistic plan to achieve compliance within the shortest time-frame possible. The FCA expects that such plans will be completed and implemented by 30 April 2014 and that firms will be able to demonstrate compliance after that date”
Please refer to the statement of FCA supervisory priorities in relation to EMIR which is available here - http://www.fca.org.uk/firms/markets/international-markets/emir/fca-supervisory-priorities
In light of the statement we urge relevant market participants that have not yet adhered to the ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol (or put in place bilateral arrangements) to review the information below.
Early adherence will help ensure parties have time to identify counterparty adherents, bilaterally negotiate with non-adherents and establish the operational and other internal policies and procedures that underpin the Protocol. We urge parties to adhere well before any deadline to reduce the risk of processing delays, either of the Adherence Letter or by counterparties.
NOTE: Adherence letters will only be processed on business days and therefore parties should submit their adherence letters taking this into account.
CLICK HERE FOR A STEP BY STEP GUIDE ON HOW TO ADHERE TO AN ISDA PROTOCOL.