ISDA Symposium® Negotiation Strategies: Paragraph 13 of the 2018 Credit Support Annex for Initial Margin (IM)

Tuesday, December 10, 2019
ISDA Conference Center
New York

Member US$400.00

Non-Member US$500.00

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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.

Educational Credits

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

4 CPE Credit Hours Available

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Tuesday, December 10, 2019

Print 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

Megan O’Flynn, Assistant General Counsel, ISDA

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
Waqaas Fahmawi, Director & Associate General Counsel, Bank of America
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"
Rubina Ali, Vice President & Assistant General Counsel, Goldman Sachs & Co. LLC
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.

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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 Place21 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.

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Rubina Ali

Vice President & Assistant General Counsel

Goldman Sachs & Co. LLC

Waqaas Fahmawi

Director & Associate General Counsel

Bank of America

Ilene K. Froom


Reed Smith LLP


Darren A. Littlejohn


Fried, Frank, Harris, Shriver & Jacobson LLP

Miki Navazio


Seward & Kissel LLP


Deborah North


Allen & Overy LLP

Megan O’Flynn

Assistant General Counsel



Greg O’Donohue

Director & Senior Legal Counsel, Derivatives

Ontario Teachers’ Pension Plan

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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 prior to the event.

Member US$400.00

Non-Member US$500.00

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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.

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