This forum will focus on end user issues and feature sessions on benchmark reform, Brexit, implementation of margin requirements, EMIR REFIT and the push to digitise documentation and create smart derivatives contracts. It will include the latest intelligence and detailed analysis on the most important legal and regulatory issues affecting markets today.
4.75 CPD Credit Hours Available (England and Wales)
5.5 CLE Credit Hours Available (New York)
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Tuesday, June 18, 2019Print Agenda Current Priorities in Derivatives for
9:00 AM Registration and Continental Breakfast
9:45 AM Introduction and Welcoming Remarks Katherine Tew Darras
10:00 AM The Route to Benchmark Reform Rick Sandilands, Will Dibble, Deepak Sitlani
The move to adopt risk-free rates as an alternative to LIBOR and other interbank offered rates (IBORs) is gathering pace, but a huge amount of work still needs to be completed to ensure a successful transition. The end-2021 deadline set by the UK Financial Conduct Authority, and the end of the EU Benchmarks Regulation transition period, means time is of the essence. This panel will cover the issues lawyers need to know, including:
- Progress on adoption of the alternative risk-free rates
- ISDA’s work on enhancing the robustness of contractual fallbacks for key IBORs
- The EU Benchmarks Regulation and its impact on end users
- The ISDA Benchmarks Supplement and how it fits with ISDA’s fallback initiative
11:00 AM Dealing with the Initial Margin Big Bang Katherine Tew Darras, Tamsin Rolls, Deepak Sitlani
The phase-five implementation of initial margin (IM) requirements in September 2020 will capture more than 1,000 firms, potentially bringing some insurance companies, mutual funds and pension funds into scope for the first time. The requirements for IM are far more onerous than those for variation margin, and they will present some unique challenges for funds entering into derivatives through multiple asset managers. What needs to be done, by whom, and by when? How can technology help?
- Checklist for phase five IM implementation, including documentation, custodial accounts and IM calculations such as ISDA SIMMTM
- Overview of ISDA IM standard form documentation
- Current status of regulatory guidance
- Launch of ISDA Create – IM
12:00 PM Lunch
1:00 PM Building the Future of Derivatives Documentation Ciarán McGonagle, Keith Blizzard, Charles Kerrigan, Judith Lawless, Deepak Sitlani
A number of initiatives are under way to review ISDA’s documentation architecture, heavily influenced by the desire to use technology. This panel will examine some of those initiatives, involving ISDA’s Clause Library Project, ISDA Create, the ISDA Common Domain Model, the 2019 Interest Rate Derivatives Definitions and Smart Derivatives Contracts.
2:00 PM EMIR REFIT – Documentation and Compliance Ciarán McGonagle, Jason Brooks, Doug Shaw
The recently published EMIR REFIT regulation will involve changes to existing requirements under EMIR, including the counterparty classification regime, clearing and reporting. This session will discuss these changes and their impact on ISDA documentation.
2:45 PM Networking Break
3:15 PM Brexit: The ISDA French/Irish Law Master Agreement plus the UK’s Relationship with the EU 27 and Beyond Katherine Tew Darras, Alban Caillemer du Ferrage, Judith Lawless, Stephen Phillips
Some EU participants may opt for additional EU governing law options to retain certain direct benefits of EU legislation after Brexit. In response, ISDA has launched French and Irish law versions of the ISDA Master Agreement. What are the implications, and what do people need to know about the new agreements? The UK’s withdrawal from the EU throws up a number of important questions for derivatives markets. What will Brexit mean for derivatives contracts between UK and EU entities, especially in terms of existing dispute forum clauses? What will the future look like for the mutual recognition and enforcement of judgments between the UK and EU 27? How will the recognition of insolvency proceedings work? What will the UK’s ‘on-shoring’ of EU legislation look like?
4:15 PM Networking Drinks Reception
Sponsored by: CMS
5:30 PM Conference Concludes
Agenda is subject to change.
VenueBack to Top
CMS, Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2EN. +44 131 228 8000. Please find a map to the venue here.
SpeakersBack to Top
Director and Subject Matter Expert
Alban Caillemer du Ferrage
French Counsel to ISDA, Partner
Katherine Tew Darras
Irish Counsel to ISDA, Partner
Assistant General Counsel
Executive Director and Assistant General Counsel
Senior Counsel, Europe
PricingBack to Top
Registration fee is for one person to attend the entire event. Pass may not be split between multiple attendees.
Groups of three or more attendees from the same firm can receive a 20% discount on most event registrations. Groups must be registered together, in advance of the event. To register your group, please email firstname.lastname@example.org
Course LevelBack to Top
AccreditationBack to Top
ISDA is an accredited provider of continuing education credits by the following organizations:
ISDA has been certified by the New York State Continuing Legal Education Board as an Accredited Provider of continuing legal education in the state of New York.
ISDA is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors: 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417. www.nasba.org