Side Letter (Principal) and Side Letter (Agent) – ISDA 2013 Reporting Protocol

In line with the G20 OTC derivatives commitments, many G20 and non-G20 countries (in addition to the US and EU) have implemented or will be implementing mandatory trade reporting requirements. While, on the one hand, firms subject to the jurisdiction(s) of the relevant country(ies) will have to comply with the relevant reporting requirements, on the other hand, they may also be subject to contractual, statutory, regulatory or other legal limitations (under non-disclosure, confidentiality, bank secrecy or other laws) under other laws applicable to them which could prohibit the disclosure of the relevant information. To facilitate compliance with their reporting obligations while addressing these disclosure limitations, ISDA has launched the ISDA 2013 Reporting Protocol which contains a counterparty’s consent to the disclosure of information in the terms therein described. The text of the Protocol and a link to adhere to the Protocol, as well as guidance on the mechanics of the Protocol, answers to frequently asked questions and details on adherents, are available on the¬†Protocol Management¬†section of ISDA’s website.

Concurrently, ISDA is publishing these Side Letters (Principal and Agent versions) that contains the same consent language as found in the ISDA 2013 Reporting Protocol. If parties do not wish to amend their relevant agreements by adhering to the Protocol, they can choose to bilaterally amend their ISDA Master Agreements and other written agreements governing the terms and conditions of one or more transactions in “Derivatives” by using the applicable Side Letter.

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