ISDA has prepared this brief summary of frequently asked questions to assist in your consideration of the ISDA Equity MCA Protocol (the "Protocol").
THIS FREQUENTLY ASKED QUESTIONS DOES NOT PURPORT TO BE AND SHOULD NOT BE CONSIDERED A GUIDE TO OR AN EXPLANATION OF ALL RELEVANT ISSUES OR CONSIDERATIONS IN CONNECTION WITH THE PROTOCOL. PARTIES SHOULD CONSULT WITH THEIR LEGAL ADVISERS AND ANY OTHER ADVISER THEY DEEM APPROPRIATE PRIOR TO USING OR ADHERING TO THE PROTOCOL. ISDA ASSUMES NO RESPONSIBILITY FOR ANY USE TO WHICH ANY OF ITS DOCUMENTATION OR OTHER DOCUMENTATION MAY BE PUT.
How do I send in my Adherence
The Adherence Letter(s) should be on your institution’s letterhead. Nothing in the form Adherence Letter available on ISDA's website may be changed with the exception of completing the details of your institutional name, date and signature block.
You are not required to send your original Adherence Letter(s) by mail to ISDA.
What is a conformed copy?
You must also submit an executed, or signed, copy of the Adherence Letter in addition to the conformed copy of the Adherence Letter. ISDA keeps the executed copy of the Adherence Letter for its files and does not share the executed copy with anyone else.
Who is an authorized
What if I am an investment
or asset manager – how do I complete the signature block?
Can I change
the text of the Adherence Letter?
Limited Right of Revocation
Can I revoke my
participation in ISDA Equity MCA Protocol?
An Adhering Party may, at any time during the period from January 1 to January 31 of a calendar year, deliver to ISDA a notice specifying the next Annual Revocation Date as its cut-off date in respect offer to amend with future Adhering Parties. The effect of such a letter will be to withdraw adherence for future Adhering Parties as of February 15 in that calendar year (agreements already made with other parties that have adhered prior to this date will not be revoked). This right does not impact any rights or obligations that may be contained in an underlying Master Confirmation Agreement.
What is the “Side Letter Condition” and how does it work?
Each of the ISDA published Master Confirmation
Agreements referred to in the Protocol contains certain provisions that
must be bilaterally negotiated before the Master Confirmation Agreement
can be completed. Parties in addition may choose to agree to additional
provisions that they wish to insert in their side letters. ISDA has provided
sample side letters for all Master Confirmation Agreements that are covered
under the Protocol. The Side Letter Condition states that your agreement
to enter into a Master Confirmation Agreement with another Adhering Party
is only effective on the date that your side letter with respect to that
Master Confirmation Agreement is completed with that other Adhering Party.
Please note that different Master Confirmation Agreements may have different
Implementation Dates depending on the date on which you complete a Side
Letter with your counterparty.
Does it cost any money to adhere to the Protocol?