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Asia Initiative Documents

ISDA Clearing Classification Letter (Hong Kong Clearing Classifications)
(published July 25, 2016)

The ISDA Clearing Classification Letter (Hong Kong Clearing Classifications) enables counterparties to notify each other of their status for clearing requirements under the Hong Kong mandatory clearing regime. Counterparties have the option to use a short form version or a long form version of the appendix when communicating with each other.

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ISDA Clearing Classification Letter (Australia - ASIC Clearing Classifications)
(published March 3, 2016)

The ISDA Clearing Classification Letter (Australia - ASIC Clearing Classifications) enables counterparties to notify each other of their respective status for clearing requirements. In particular, the Appendices of this letter have been prepared to contain statements which are to be made in order to determine the application of clearing requirements under Australia's mandatory central clearing regime for over-the-counter (OTC) derivatives of financial institutions. This letter allows counterparties to bilaterally communicate their status by answering a series of questions. Both a short form and a long form version of the ASIC Clearing Classifications have been prepared in Appendix I of the letter. Appendix II contains the form of ASIC Clearing Classification Update Notice. As described above, the Appendices have been prepared in order to aid counterparties with providing status information to determine the application of certain requirements under the ASIC Derivative Transaction Rules (Clearing) 2015 (ASIC Clearing Rules). In particular, this letter and its Appendices may be used by a named entity to meet its requirements under Rule 3.1.2 of the ASIC Clearing Rules. ISDA will consider the drafting of other jurisdiction-specific appendices in due course. The ISDA Clearing Classification Letter was drafted and prepared taking into account the structure of the ISDA EMIR Classification Letter.

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Australian Single-Sided Reporting Multiple Representations Letter
(published November 18, 2015)

On September 3, 2015, the Australian Treasury promulgated the Corporations Amendment (Central Clearing and Single-Sided Reporting) Regulation 2015 which (amongst other things) amends the Corporations Regulations 2001 to include a single-sided reporting exemption (the "single-sided reporting exemption"). This representation letter allows market participants to provide counterparties with status representations which may be used to help determine whether the single-sided reporting exemption is applicable. This letter also allows a Counterparty flexibility to provide multiple representations to cover certain types of trades, such as those trades booked to an Australian branch or reportable under the "nexus test". In addition, this letter includes an undertaking by the Exempt Phase 3 Reporting Entity to onboard itself to a licensed derivatives repository to assess whether a Counterparty has reported. The ISDA Australian Single-Sided Reporting Letter published on September 24, 2015 may continue to be used with Counterparties, depending on the requirements of the Counterparties.

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Australian Single-Sided Reporting Letter
(published September 24, 2015)

On September 3, 2015, the Australian Treasury promulgated the Corporations Amendment (Central Clearing and Single-Sided Reporting) Regulation 2015 which (amongst other things) amends the Corporations Regulations 2001 to include a single-sided reporting exemption (the "single-sided reporting exemption"). This representation letter allows market participants to provide counterparties with status representations which may be used to help determine whether the single-sided reporting exemption is applicable.

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ISDA Reporting Delegation Agreement
(published August 8, 2014)

This document is intended to help market participants meet their reporting obligations by providing a bilateral standard form of reporting delegation agreement whereby a Reporting Delegate may, on the Client's behalf, report relevant data to a trade repository. Jurisdiction-Specific Provisions are contained in each part of the Schedule. For ease of use, the Jurisdiction-Specific Provisions for each jurisdiction are published separately. Market participants may choose to attach the relevant Jurisdiction-Specific Provisions to the agreement. Presently, ISDA has published the Jurisdiction-Specific Provisions relating to the Australian requirements and the Singapore requirements. In the event of any change to the regulations or requirements for these jurisdictions, ISDA will also consider making changes or amendments to the relevant Jurisdiction-Specific Provisions. ISDA will consider the drafting of jurisdiction-specific provisions for any other jurisdictions in due course.

Jurisdiction-Specific Provisions: Australian Provisions and Election Annex
(published August 8, 2014)

If these apply, market participant may choose to attach the Australian Provisions and Election Annex to the ISDA Reporting Delegation Agreement.

Jurisdiction-Specific Provisions: Singapore Provisions and Election Annex
(published August 8, 2014)

If these apply, market participants may choose to attach the Singapore Provisions and Election Annex to the ISDA Reporting Delegation Agreement.

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Dodd-Frank Initiative Documents

DFP2 to EMIR Top Up Agreement

This document seeks to allow for EMIR-compliant documentation for parties that have adhered to the Dodd-Frank March Protocol ("DFP2") and do not wish to adhere to the ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol ("EMIR Protocol") in addition to this.

**ISDA has updated the DFP2 to EMIR Top Up Agreement as of 11th October 2013 to correct some minor typographical errors. The updated version and blackline are posted here.**

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Explanatory memorandum to the DFP2 to EMIR Top Up Agreement

The explanatory memo is provided to assist in the consideration of the DFP2 to EMIR Top Up Agreement.

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Cross-Border Representation Letter
(published August 19, 2013)
Allows market participants to provide counterparties with status representations needed to determine whether compliance with various CFTC swap regulations is required by the Interpretive Guidance.

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Treasury Affiliate Representation Letter
(published July 9, 2013)
Treasury Affiliate Representation Letter

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Safe Harbor letter for Non Special Entities
(published May 1, 2013)

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Safe Harbor letter for ERISA Special Entities
(published May 1, 2013)

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Safe Harbor letter for Non-ERISA Special Entities
(published April 18, 2013)

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Six Weeks To Go - Are you Ready? Complying with the CFTC's External Business Conduct Rules
(published March 21, 2013)
Slides from the May 21 ISDA webinar. By May 1, all counterparties must have provided their registered Swap Dealers with legal classifications and representations to allow the Swap Dealers to comply with the CFTC's External Business Conduct Rule (EBCR). After the EBCR deadline, Swap Dealers will only continue offering and executing swaps with in-scope counterparties who have provided the necessary information for compliance. With Katherine Darras, General Counsel, Americas, ISDA; David Moss, Partner, Purrington Moody Weil LLP; Lauren Teigland-Hunt, Managing Partner at Teigland-Hunt LLP.

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ISDA Amend On Boarding and Questionnaire Timelines
(published March 18, 2013)
Advisory note to highlight important upcoming dates occurring in advance of May 1, 2013.

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August D-F Protocol - CICI Update
(published November 26, 2012)
On a recent ISDA call, DTCC provided the following update regarding the CICI utility which is relevant for the ISDA D-F August Protocol questionnaire submission, in addition to Part 43 and 45 reporting.

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ISDA D/F Documentation Initiative - Addendum I to ISDA August 2012 DF Protocol Questionnaire
(November 9, 2012)
Supplement representations covered by the ISDA August 2012 DF Protocol Questionnaire regarding "eligible contract participant" categories that will become effective on December 31, 2012. The Addendum would be relevant to any party who is a "commodity pool" and who (a) relied upon the "Large Entity" or "Hedging Entity" categories prior to December 31, 2012 or (b) wishes to engage in certain FX transactions.

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ISDA D/F Documentation Initiative - Annotation of the Questionnaire
(published November 9, 2012)

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ISDA DF Protocol and Extension of Compliance Date for EBC Rule
(published September 7, 2012)
ISDA Legal Department Memorandum

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Implementation Webinar: ISDA's Protocol Management, DTCC's CICI Portal Utility, Markit's ISDA Amend
(published September 6, 2012)
Slide presentation from the webinar.

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Implementation Webinar: ISDA's Protocol Management, DTCC's CICI Portal Utility, Markit's ISDA Amend
(published August 23, 2012)
Slide presentation from the webinar.

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ISDA Dodd-Frank Documentation Initiative and August 2012 Dodd-Frank Protocol FAQ
(published August 13, 2012)
ISDA has prepared this brief summary to assist in your consideration of the ISDA August 2012 Dodd-Frank (DF) Protocol. This summary does not purport to be and should not be considered a guide to or an explanation of all relevant issues in connection with your consideration of the protocol or related documents. Parties should consult with their legal advisers and any other advisers they deem appropriate as part of their consideration of the protocol prior to adhering. ISDAassumes no responsibility for any use to which any of its documentation or other documentation may be put.

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The ISDA August 2012 Protocol and ISDA Amend documentation solution
(published August 9, 2012)
Presentation from webinar. Learn about the relevance, structure and key terms of the ISDA Dodd-Frank Protocol. Also discussed is the ISDA-Markit partnership and the ISDA Amend solution, and relevant rollout dates.

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The ISDA August 2012 Protocol and ISDA Amend documentation solution
(published August 2, 2012)
Presentation from webinar. Learn about the relevance, structure and key terms of the ISDA Dodd-Frank Protocol. Also discussed is the ISDA-Markit partnership and the ISDA Amend solution, and relevant rollout dates.

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ISDA Amend by Markit Singapore Webcast
(published July 25, 2012)
Presentation

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Dodd-Frank Protocol and Relevance to Asia
(published July 25, 2012)
Presentation

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External Business Conduct Standards: Impact on Buy-Side and End-User Organizations
(published June 27, 2012)
Webinar slide deck from June 27, 2012.

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ISDA Dodd-Frank Documentation Initiative and August 2012 DF Protocol
(published June 26, 2012)
Common questions and a brief summary to assist in your consideration of the ISDA August 2012 Dodd-Frank (DF) Protocol

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Dodd-Frank Documentation Compliance for Dealers
(published June 14, 2012)
Webinar slide deck from June 14, 2012.

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EMIR Initiative Documents

ISDA EMIR-FMIA Top-up Agreement

The ISDA EMIR-FMIA Top-up Agreement (the Top-Up Agreement) is intended to allow parties that have adhered to the ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol (the EMIR Protocol) to use the provisions of the EMIR Protocol to meet their requirements under the Swiss Financial Markets Infrastructure Act (FMIA). By entering into the Top-Up Agreement, two parties that have already adhered to the EMIR Protocol and are already using the processes therein, agree that where they need to apply FMIA portfolio reconciliation and dispute resolution provisions in respect of trades subject to FMIA and/or where they need a confidentiality waiver in order to report under FMIA, any relevant agreements which are already amended by the EMIR Protocol are also amended as set out in the Top-up Agreement.

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ISDA/FIA EMIR Reporting Delegation Agreement

This document is intended to help market participants meet their reporting obligations by providing a bilateral standard form of reporting delegation agreement whereby a Reporting Delegate may, on the Client's behalf, report relevant data to a trade repository or ESMA. This document has been updated to reflect the name change of the Futures and Options Association to FIA, Inc.

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DFP2 to EMIR Top Up Agreement and Explanatory Memorandum

This document seeks to allow for EMIR-compliant documentation for parties that have adhered to the Dodd-Frank March Protocol ("DFP2") and do not wish to adhere to the ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol ("EMIR Protocol") in addition. The explanatory memo is provided to assist in the consideration of the DFP2 to EMIR Top Up Agreement.

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ISDA EMIR Classification Letter and accompanying Guidance Note
(updated April 13, 2016)

The ISDA EMIR Classification Letter is a form of letter that market participants may find useful as part of the management of their regulatory obligations under EMIR, the European Union regulation that deals mainly with: clearing over-the-counter derivatives; mitigation of risks associated with uncleared OTC derivatives; and reporting of derivatives transactions to trade repositories. The ISDA EMIR Classification Letter is a method of facilitating communication of classification status between counterparties to help ensure compliance with EMIR. By answering a series of questions in the Classification Letter, derivatives counterparties can classify themselves according to the EMIR taxonomy. Parts of the letter replicate elements of the classification tools that currently exist on ISDA Amend, an online service jointly developed by ISDA and Markit. The online service will be expanded to cover the new classifications. The bilateral version can be used by parties that do not subscribe to ISDA Amend.

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Previous versions and blacklines:
Click here to view/download (ISDA EMIR Classification Letter (Doc) - published July 13, 2015)
Click here to view/download (Guidance Note (PDF) - published July 13, 2015)
Click here to view/download (Letter (PDF) - blackline of April 13, 2016 version against version published July 13, 2015)
Click here to view/download (Guidance (PDF) - blackline of April 13, 2016 version against version published July 13, 2015)


ISDA EMIR Frontloading Additional Termination Event Amendment Agreement and accompanying Explanatory Memorandum
(published June 12, 2015)

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Portfolio Compression EMIR Operations Market Practice Guidance
(published May 12, 2015)

Amends certain sections of the ISDA Master Agreement by incorporating wording to reflect the allocation of obligations imposed by EMIR in relation to the timely delivery and return of confirmations. Parties can elect to use none, some or all of the provisions as they deem suitable.

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ISDA/FIA Europe Cleared Derivatives Execution Agreement
(published May 15, 2014)

The non-US, English law Cleared Derivatives Execution Agreement is a template for use by market participants in negotiating execution-related agreements with counterparties to swaps that are intended to be cleared. The document is intended to facilitate the entry into of derivatives transactions and the clearing of such transactions with one or more CCPs located outside of the US and can be used in conjunction with the ISDA/FOA Client Clearing Addendum.

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FIA/ISDA Article 39(7) Clearing Member Disclosure document (including UK Insolvency analysis)
(published February 17, 2014)

This document facilitates clearing members' compliance with certain of their obligations under Article 39(7) of EMIR. The document has been made available to allow clearing members to use it in its current form; however, the document may be subject to change. The form of FIA/ISDA Article 39(7) Clearing Member Disclosure document was updated on 17 February 2014 to reflect the recent ESMA Q&As and some feedback received from the Bank of England. We have also corrected some typos; a blackline showing the changes is posted alongside this document. In January 2016, this document was updated to reflect the name change of the Futures and Options Association to FIA, Inc.

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Portfolio Compression EMIR Operations Market Practice Guidance
(published October 18, 2013)

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ISDA 2013 EMIR Portfolio Rec, Dispute Resolution and Disclosure Protocol
(published September 16, 2013)

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Portfolio Reconciliation EMIR Operations Guidance Note
(published September 10, 2013)

Provides operational guidance for portfolio reconciliation and dispute resolution obligations imposed by EMIR which come into effect on 15th September. Also includes guidance on a minimum set of fields for portfolio reconciliation purposes. Please note that these materials have been prepared and published for informational purposes only and should not be construed as legal, accounting, tax or other professional advice.

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Updated - ISDA 2013 EMIR Portfolio Rec, Dispute Res and Disclosure Standard Amendment Agreement - *correction*
(published September 9, 2013)

ISDA has updated the Standard Amendment Agreement based on the ISDA 2013 EMIR Portfolio Rec, Dispute Res and Disclosure Protocol as of 9th September 2013 to correct some minor typographical errors and remove a cross reference to the Confidentiality Waiver in the Local Business Day Definition which is not required for the purposes of this document as published. The updated version, blackline and original version are posted below.

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Reporting Guidance Note
(published July 19, 2013)

ISDA has prepared this note to provide guidance around some of the issues raised in respect of the reporting obligations under Regulation (EU) No 648/2012 of the European Parliament and of the Council of July 4, 2012 on OTC derivatives, central counterparties and trade repositories (EMIR).

THIS GUIDANCE NOTE 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 REPORTING OBLIGATIONS. PARTIES SHOULD CONSULT WITH THEIR LEGAL ADVISERS AND ANY OTHER ADVISER THEY DEEM APPROPRIATE PRIOR TO USING ANY LANGUAGE DISCUSSED IN THIS GUIDANCE NOTE. ISDA ASSUMES NO RESPONSIBILITY FOR ANY USE TO WHICH ANY OF ITS DOCUMENTATION OR OTHER DOCUMENTATION MAY BE PUT.

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EMIR Timely Confirmation Amendment Agreement Form and Explanatory Memorandum
(published March 14, 2013)

The Amendment Agreement sets out amendments to certain sections of the ISDA Master Agreement by incorporating wording to reflect the allocation of obligations imposed by EMIR in relation to the timely delivery and return of confirmations. Parties can elect to use none, some or all of the provisions as they deem suitable. The explanatory memo is provided to assist in the consideration of the timely confirmation amendment agreement.

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SFTR Initiative Documents

SFTR Information Statement
(updated May 13, 2016)

The SFTR Information Statement is a template for use by market participants to inform their counterparties of the general risks and consequences that may be involved in consenting to a right of use of collateral provided under a security collateral arrangement or of concluding a title transfer collateral arrangement. Market participants can tailor the statement to suit their own specific circumstances. The document has been drawn up in response to the SFTR rules, which come into force from July 13, 2016 and will affect all existing and future title transfer and security collateral arrangements under a variety of financial agreements.

The SFTR Information Statement has been updated to include a new Appendix 3, which sets out the risks and consequences that may arise in connection with the re-use of financial instruments by a U.S. broker-dealer, U.S. futures commission merchant, or U.S. bank or U.S. branch or agency office of a non-U.S. bank. The updated SFTR Information Statement is intended for use when a transaction involves any such entities and includes alternative disclosures that are applicable in that case. The original SFTR Information Statement that was published in April can still be used in respect of all other types of transactions that do not involve any such entities.

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Previous versions and blacklines:
Click here to view/download SFTR Information Statement blackline PDF - blackline of version published May 13, 2016 against version published April 13, 2016
Click here to view/download SFTR Information Statement DOC - published April 13, 2016


 
 

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