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
Data Integrity for Single-sided Reporting
On April 2, ISDA published a paper on why single-sided reporting does not compromise the quality and integrity of data received by supervisors. The paper addresses concerns among regulators that moving from dual-sided reporting would adversely affect the quality of...
Paper on Removal of SI Regime
On April 2, ISDA, the Association for Financial Markets in Europe (AFME) and the International Capital Market Association (ICMA) published an update to a paper, originally published in October 2025, on the practical implications of the systematic internalizer (SI) regime...
Measured Adjustments - IQ April 2026
Eighteen years on from the global financial crisis of 2008, the rollout of central clearing, margining of non-cleared derivatives trades and higher capital requirements has completely reshaped derivatives trading and risk management. But effective regulation requires regular monitoring to ensure...
ISDA In Review – March 2026
A compendium of links to new documents, research papers, press releases and comment letters published by ISDA in March 2026.