ISDA 2013 Account Control Agreement

The ISDA 2013 Account Control Agreement, published May 30, 2014, provides market participants with a standardized form of agreement for the segregation of independent amounts for uncleared swaps with an independent third party custodian. The Annotated version includes footnote annotations to assist market participants that elect to implement margin segregation for uncleared swaps pursuant to the CFTC segregation regime (CFTC regulations 23.702 and 23.703).

The ISDA Sample Tri-Party IA Provisions are a collection of templates that preceded the ISDA 2013 Account Control Agreement, and have been superseded by that agreement. The templates provide market participants with sample terms and provisions that may facilitate the negotiation of contractual arrangements that provide for segregation of Independent Amounts (“IA”) with a third party custodian and were drafted primarily in response to new regulations being promulgated under the Dodd-Frank Act in the United States. The Memorandum includes important information relating to the use of the ISDA Sample Tri-Party IA Provisions, background information relating to the segregation of IA and a brief description of the structure and an overview of the ISDA Sample Tri-Party IA Provision. The templates include:

  • Sample Pledgor Access Provisions for possible inclusion in a tri-party control agreement
  • Sample Notice of Exclusive Control Provisions for possible inclusion in a tri-party control agreement.
  • Form Secured Party Notice of Exclusive Control for use with the ISDA Tri-Party IA (Independent Amount) Conflicting Instructions Provision and for possible inclusion in a tri-party control agreement.
  • Form of Pledgor Access Notice for use with the ISDA Tri-Party IA (Independent Amount) Conflicting Instructions Provision and for possible inclusion in a tri-party control agreement.
  • ISDA Tri-Party IA Conflicting Instructions Provision (Independent Amount) to address the situation where both an effective Notice of Exclusive Control and an effective Pledgor Access Notice have been received by a Securities Intermediary.

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