Understanding the ISDA Master Agreements

Including the Buy-side Perspective

Wednesday, September 25, 2019
London

Member $850 U.S.

Non-Member $975 U.S.

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Educational Credits

6 CPD Credit Hours Available (England and Wales)

7 CLE Credit Hours Available (New York)
Transitional and Nontransitional

Print Agenda Understanding the ISDA Master Agreements for

8:15 AM Registration and Continental Breakfast

8:45 AM Introduction and Welcoming Remarks Ciarán McGonagle

Ciarán McGonagle, Assistant General Counsel, ISDA

9:00 AM The 2002 ISDA Master Agreement Dean Naumowicz, Richard Tredgett, Allan Yip

  • Section-by-section Analysis of the 2002 ISDA Master Agreement
  • Discussion of Key Differences between the 2002 ISDA Master Agreement and the 1992 ISDA Master Agreement
  • Measures of Damages and Close-out Methodologies
  • Events of Default and Termination Events
  • Set-off Provision
  • Interest Rate Provisions
  • Tax Provisions (including FATCA)
  • Close-out Amount Protocol
  • Netting Opinions
  • Illegality/Force Majeure Protocol

The speakers will also draw out lessons for buy-side users of the Master Agreement and firms dealing with them.

Dean Naumowicz, Partner, Latham & Watkins LLP
Richard Tredgett, Partner, Allen & Overy LLP
Allan Yip, Partner, Simmons & Simmons LLP

10:30 AM Morning Break

11:00 AM The 2002 ISDA Master Agreement (continued)

12:30 PM Luncheon

1:30 PM Negotiating the Schedule to the 2002 ISDA Master Agreement Matthew Dening, Luke Maier, Rhian Roberts

This session will focus on key issues that firms typically negotiate in their Schedule to the 2002 Agreement. Frequently negotiated Schedule provisions will be discussed:

  • Automatic Early Termination
  • Specified Entities
  • Specified Transactions
  • Cross Default
  • Threshold Amounts
  • Additional Termination Events
  • Additional Representations
  • Specific Provisions for Investment Managers
  • Specific Provisions for Hedge Funds
Matthew Dening, Partner, Baker & McKenzie LLP
Luke Maier, Senior Legal Counsel, CQS
Rhian Roberts, Counsel, Linklaters LLP

3:15 PM Afternoon Break

3:45 PM Close-outs under the ISDA Master Agreement Jason Brooks

This session will cover the operation of the Close-out provisions of the ISDA Master Agreement (1992 and 2002 versions) from the point of view of what to look out for when deciding whether and/or when to Close-out, issues related to Close-out such as the giving of notices under the ISDA Master Agreement and practical considerations drawing upon market examples.

Jason Brooks, Partner, CMS

4:30 PM ISDA Netting Opinions Annabel Akintomide

In this session, the speaker will provide an introduction to the netting opinions that ISDA publishes in relation to the ISDA Master Agreement and consider the key issues that they address.

Annabel Akintomide, Counsel, ISDA

5:00 PM Conference Concludes

Agenda is subject to change.


Venue Location:

Allen & Overy LLP, One Bishops Square, London, E1 6AD. Phone +44 (0) 203 808 9700. A map to the venue can be found here. You will be required to provide photo identification in order to enter the venue. Please ensure you present this at the ground floor reception or you may be refused entry.


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