To assist parties who are preparing for initial margin implementation, this symposium will provide a focused, in-depth examination of specified terms and considerations for negotiating Paragraph 13 to the 2018 Credit Support Annex For Initial Margin (IM) (Security Interest – New York Law). The content will focus specifically on the New York law CSA, but the issues to be discussed will also be directly relevant for parties negotiating other “next generation” regulatory initial margin documents.
4 CLE Credit Hours Available (New York)
Transitional and Nontransitional
4 CPE Credit Hours Available
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Tuesday, December 10, 2019Print Agenda ISDA Symposium® Negotiation Strategies: Paragraph 13 of the 2018 Credit Support Annex for Initial Margin (IM) for
8:30 AM Registration and Continental Breakfast
8:45 AM Introduction and Welcoming Remarks Megan O’Flynn
9:00 AM Negotiating Paragraph 13 of the 2018 Credit Support Annex for IM Waqaas Fahmawi, Ilene K. Froom, Darren A. Littlejohn, Miki Navazio
- Completing the Regime Table
- Selecting Regimes
- Whether the ISDA SIMM™ Exception should apply
- Fallback to Mandatory Method
- One Way Provisions
- Applying the ISDA SIMM as the Method (IM) and choosing which version
- Alternative approaches for sensitivities
- Deciding whether to specify certain terms in the Control Agreement Eligible Collateral (IM) Schedule or the Eligible Collateral (IM) Schedule
- Base Currency
- Substituted Regimes
- Selection of Margin Approach
- Considerations for what to specify for:
- Calculation Agent (IM)
- Threshold (IM)
- Minimum Transfer Amount (IM)
- Calculation Date Location (IM), Calculation Time (IM) and Notification Time
Ilene K. Froom, Partner, Reed Smith LLP
Darren A. Littlejohn, Partner, Fried, Frank, Harris, Shriver & Jacobson LLP
Miki Navazio, Partner, Seward & Kissel LLP
10:45 AM Coffee Break
11:00 AM Negotiating Paragraph 13 of the 2018 Credit Support Annex for IM (cont’d) Rubina Ali, Ilene K. Froom, Deborah North, Greg O’Donohue
- Specified Conditions and Access Conditions
- Substitution Consent and Dispute Resolution
- Negotiating terms within Secured Party Rights Event and Notice of Exclusive Control provisions
- Negotiating terms within Pledgor Rights Event provision
- Specifying Custody Arrangement terms
- Custodian (IM)
- Custodian (IM) Risk
- Custodian Event and Custodian Event End Date
- Considerations for making the Control Agreement as a Credit Support Document, applying inconsistency with the Control Agreement and relationship with the Control Agreement
- Collateral Access Breach Additional Termination Event and Collateral Access Breach End Date
- Additional information relating to Regulatory Compliance and Concentration Limits
- Amendment to "Termination Currency and Minimum Transfer Amount"
Ilene K. Froom, Partner, Reed Smith LLP
Deborah North, Partner, Allen & Overy LLP
Greg O’Donohue, Director & Senior Legal Counsel, Derivatives, Ontario Teachers’ Pension Plan
12:45 PM Symposium Concludes
Agenda is subject to change.
VenueBack to Top
ISDA Conference Center, 10 East 53rd Street (entrance on 52nd and 53rd Street), 8th Floor, New York, NY 10022, Phone: +1 (212) 901-6000. Please find a map to the venue here.
ISDA has a special rate available at the Omni Berkshire Place, 21 East 52nd Street, New York, NY 10022, +1 212-753-5800, located on the same block as the ISDA Conference Center. For reservations online click here OR call the Reservation Center at +1 888-843-6664 and mention the International Swaps and Derivatives Association, Inc. (ISDA) special rate. ISDA’s special rate is based on availability at the time of booking.
SpeakersBack to Top
Vice President & Assistant General Counsel
Goldman Sachs & Co. LLC
Director and Assistant General Counsel
Bank of America Merrill Lynch
Ilene K. Froom
Reed Smith LLP
Darren A. Littlejohn
Fried, Frank, Harris, Shriver & Jacobson LLP
Seward & Kissel LLP
Allen & Overy LLP
Assistant General Counsel
Director & Senior Legal Counsel, Derivatives
Ontario Teachers’ Pension Plan
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 event registrations. To register your group, please email email@example.com prior to the event.
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
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©ISDA Symposium is a registered trademark of the International Swaps and Derivatives Association, Inc.