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

Thursday, February 27, 2020
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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Thursday, February 27, 2020

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 Mark New

Mark New, Senior Counsel, Americas, 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

  • What does the Regime Table determine?
  • Completing the Regime Table
    • Selecting Regimes
    • The ISDA SIMM™ Exception
    • Fallback to Mandatory Method and number of notice days for effectiveness
    • Mandatory Method
  • One Way Provisions and specifying the Posting Party if applicable
  • Applying ISDA SIMM as the Method (IM)
    • Choosing the applicable version of ISDA SIMM
    • Designating the SIMM Calculation Currency for each party, and distinguishing it from Base Currency and Termination Currency
    • Standard preferred approach vs. alternative approach in respect of relevant sensitivities for equity indices, funds and ETFs and for commodity indices
  • Deciding whether to specify certain terms in the Control Agreement Eligible Collateral (IM) Schedule or in 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) and Calculation Time (IM)
    • 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

11:15 AM Coffee Break

11:30 AM Negotiating Paragraph 13 of the 2018 Credit Support Annex for IM (cont’d) Rubina Ali, Ilene K. Froom, Deborah North, Greg O’Donohue

  • Conditions Precedent, Specified Conditions and Access Conditions
  • Substitution Consent
  • Dispute Resolution
    • Consultation Procedure vs. Other Regulatory CSA Procedure
    • Dispute Resolution Time
  • Secured Party Rights Event
    • Requirement for non-payment of Obligations
    • Failure to Pay Early Termination Amount
    • Control Agreement Secured Party Rights Event
  • Notice of Exclusive Control
    • Related covenants
    • NEC Event vs. Control Agreement NEC Event
  • Pledgor Rights Event
    • Pledgor Rights Event vs. Control Agreement Pledgor Rights Event
    • Pledgor Full Discharge Condition
    • Cooling-off Period Condition
    • Pledgor Access Notice covenants
  • Delivery in Lieu Right
  • Specifying Custody Arrangement terms
    • Custodian (IM)
    • Custodian (IM) Risk
    • Custodian Event and CE End Date in the case of a Custodian Resignation Event and otherwise
  • Considerations for making the Control Agreement a Credit Support Document
  • Inconsistency with the Control Agreement and Relationship with the Control Agreement
  • Collateral Access Breach Additional Termination Event and the number of days for CAB End Date
  • Additional information relating to Regulatory Compliance and Concentration Limits
  • Amendment to Termination Currency and Minimum Transfer Amount
  • Interpretation Clause
  • Loss of Required Model Approval
  • Japanese Securities Provisions – when, why and how to include
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

Partner

Reed Smith LLP

reedsmithllp

Darren A. Littlejohn

Partner

Fried, Frank, Harris, Shriver & Jacobson LLP

Miki Navazio

Partner

Seward & Kissel LLP

sewkis

Mark New

Senior Counsel, Americas

ISDA

ISDAConferences

Deborah North

Partner

Allen & Overy LLP

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 conferences@isda.org prior to the event.

Government Agencies and Financial Hardship Policy

Member US$400.00

Non-Member US$500.00

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Intermediate

Some knowledge of derivatives documentation 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

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