ISDA HIRE Act Protocol: Market Education Call - August 27th, 2010

The ISDA 2010 Hire Act Protocol (the “Protocol”) offers market participants an efficient way to amend their Covered ISDA Master Agreements to reflect amendments to the U.S. tax law resulting from the enactment of the HIRE Act (the "Act") on March 18, 2010.  The Act imposes US withholding tax on payments made on any swap made after September 14, 2010 regardless of when the swap was entered into. 

Please refer to the "Memo on Hire Act Protocol" for a summary of the changes to the ISDA Master Agreement and Schedule made by this Protocol.

The Protocol is open to ISDA members and non-members. 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.

Pursuant to Section 2(a) of the ISDA 2010 HIRE Act Protocol, ISDA is designating a Cut-off Date under this Protocol of December 15, 2010.  After this date, ISDA will not accept any further Adherence Letters to the ISDA 2010 HIRE Act Protocol.  Existing adherence letters and amendments made by the terms of this Protocol are not impacted by this designation.