Understanding Variation Margin Regulations and the 2016 ISDA Variation Margin Credit Support Documents

Thursday, March 22, 2018
London

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Thursday, March 22, 2018

8:15 AM Registration and Continental Breakfast

8:45 AM Introduction and Welcoming Remarks Rick Sandilands

Rick Sandilands, Senior Counsel, Europe, ISDA

9:00 AM Regulatory Variation Margin requirements for non-cleared derivatives Tamsin Rolls, Deepak Sitlani

This session will explain the Variation Margin (VM) requirements in the EU and other key jurisdictions implementing the international WGMR framework. The session will look at:

  • Which entities are subject to the requirements?
  • Which trades are subject to the requirements?
  • What the VM requirements are?
  • Cross-Border implications and key similarities/differences with rules in other jurisdictions
  • Impact on CSA documentation
Tamsin Rolls, Executive Director and Assistant General Counsel, J.P.Morgan
Deepak Sitlani, Partner, Linklaters LLP

10:30 AM Morning Break

11:00 AM Understanding the ISDA English Law Variation Margin CSA Chris Arnold, Emma Dwyer, Daniel Franks

This session will discuss the 2016 Credit Support Annex for Variation Margin. The two new forms published in 2016 allow parties to establish Variation Margin and Initial Margin arrangements that meet the requirements of new regulations on margin for uncleared swaps. This session will look at:

  • The Transferor & Transferee. How can this party change over time?
  • Scope of Covered Transactions under CSA
  • Credit Support Obligations: the Delivery Amount and Return Amount
  • Eligible Collateral and Valuation Percentages
  • Minimum Transfer Amounts
  • Value of Collateral
  • Adding an Independent Amount, using the Independent Amount (IA) Provisions
  • Transfer Timing: when must a party deliver or return collateral – what changes can they make?
  • Valuation Time and Valuation Date
  • Valuation Agent
  • Notification Time
  • Dispute Resolution
Chris Arnold, Partner, Mayer Brown International LLP
Emma Dwyer, Partner, Allen & Overy LLP
Daniel Franks, Partner, Norton Rose Fulbright LLP

12:00 PM Luncheon

1:00 PM Understanding the ISDA English Law Variation Margin CSA Continued Emma Patient, Doug Shaw, Peter Ten-Broeke

  • Exchanges
  • Distributions and Interest Amounts
  • Enforcement following Event of Default
  • Credit Support Offsets
  • Legally ineligible Credit Support Provision
  • Ratings Ladders
  • Valuation Agent
  • Terms for non-netting counterparties
  • Other Provisions
Emma Patient, Senior Legal Counsel, HSBC Bank plc
Doug Shaw, Counsel, Linklaters LLP
Peter Ten-Broeke, Senior Legal Counsel, UniCredit Bank AG

2:00 PM Collateral Arrangements under New York Law in comparison to English Law Arrangements Chris Arnold

This session will discuss the 2016 Credit Support Annex for Variation Margin governed by New York law.

Chris Arnold, Partner, Mayer Brown International LLP

2:40 PM Afternoon Break

3:00 PM Update on Developments in International Law regarding Collateral and Derivatives and ISDA Collateral Opinions Annabel Akintomide, Richard Tredgett

This session will focus on the following initiatives:

  • EU directive on Bank Recovery and Resolution: provisions specific to collateral arrangements and inter-relation with the EU Collateral Directive
  • FSB/BCBS global recommendations on effective resolution regimes: effects on collateral arrangements
  • The collateral opinions ISDA has collected from over 50 jurisdictions and recent updates in relation to WGMR implementation
Annabel Akintomide, Professional Support Lawyer, ISDA
Richard Tredgett, Partner, Allen & Overy LLP

4:00 PM Conference Concludes

Register Now for Understanding Variation Margin Regulations and the 2016 ISDA Variation Margin Credit Support Documents
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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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Rick Sandilands

Senior Counsel, Europe

ISDA

Tamsin Rolls

Executive Director and Assistant General Counsel

J.P.Morgan

Deepak Sitlani

Partner

Linklaters LLP

Chris Arnold

Partner

Mayer Brown International LLP

Emma Dwyer

Partner

Allen & Overy LLP

Daniel Franks

Partner

Norton Rose Fulbright LLP

Emma Patient

Senior Legal Counsel

HSBC Bank plc

Doug Shaw

Counsel

Linklaters LLP

Peter Ten-Broeke

Senior Legal Counsel

UniCredit Bank AG

Annabel Akintomide

Professional Support Lawyer

ISDA

Richard Tredgett

Partner

Allen & Overy LLP

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Introductory

Basic knowledge of derivatives documentation is beneficial but not mandatory. Some knowledge of financial markets is assumed. No advance preparation is required.

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ISDA is an accredited provider of continuing education credits by the following organizations:

  • CLE

    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.

  • CPE Sponsory

    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

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