ISDA is pleased to announce the publication on our website of the ISDA Illegality/Force Majeure Protocol (the “Protocol”), together with FAQs and other materials relating to Protocol adherence.
The Protocol offers market participants an efficient way to amend their 1992 ISDA Master Agreements with the more sophisticated Illegality and Force Majeure provisions of the 2002 ISDA Master Agreement.
The published version of the Protocol includes additional modifications to the definition of “Protocol Covered Master Agreement,” which are reflected in the blackline against the pre-publication version. These changes expand the Protocol’s coverage to include 1992 Master Agreements containing an Impossibility Termination Event, and related modifications, as suggested in Section VIII of the User’s Guide to the 1992 ISDA Master Agreements (1993 Edition) published by ISDA.
More details and related materials can be found on the ISDA Illegality/Force Majeure Protocol webpage.
Latest
Future Path - IQ December 2025
At the start of ISDA’s 40th anniversary year, IQ convened the pioneers of the association to reflect on how a desperate need for standardization in the early days of the derivatives market brought dealers together to develop a dictionary of...
Steps to a Vibrant Derivatives Market: SOM Remarks
Steps to a Vibrant and Resilient Derivatives Market December 4, 2025 Remarks at the Mediterranean Partnership of Securities Regulators Scott O’Malia ISDA Chief Executive Officer Good afternoon and thank you to the Mediterranean Partnership of Securities Regulators (MPSR) for...
ISDA Response to BoE on Gilt Market Resilience
On November 28, ISDA responded to the Bank of England’s discussion paper on gilt market resilience. ISDA encourages the Bank of England, before introducing any significant policy changes that would affect the functioning of the gilt repo market, to consider...
Addressing Termination Troubles
When Enron announced a shock $618 million loss on October 16, 2001, it took a further 47 days until it filed for bankruptcy. For Bear Stearns, it took 266 days between its bailout of a structured credit fund run by...