Documentation and Legal Aspects of Initial Margin Rule Implementation

IM Requirements, ISDA Documentation and Custodial Documentation & Onboarding

Tuesday, April 20, 2021
Online

Member US$275.00

Non-Member US$325.00

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For market participants who anticipate becoming subject to initial margin (IM) exchange requirements under the uncleared margin rules in 2021 (Phase 5) and beyond, and for their advisors, this virtual conference will provide delegates with an overview from both the US and EU perspectives of the IM regulatory requirements. It will also provide delegates with an understanding of ISDA’s new IM credit support documentation and implications of various elections under the documentation in negotiations between counterparties, and introduce the documentation that can be used for IM arrangements between custodians and trading counterparties in different jurisdictions, including specific documents designed for use where the IM is held in a Euroclear or Clearstream account. The conference will also examine key points to consider when entering into custodial relationships related to compliance with initial margin requirements.

 

Registration for this event will close 2 hours before the live broadcast

 

This is an ISDA Virtual Conference:

  • Event will be live on April 20, 2021 from 9:00 AM – 12:45 PM EDT |  Timezone Converter
  • Miss part of the event or aren’t able to watch live? The recording will be available to registrants until May 20, 2021

 

Educational Credits

3.5 CLE Credit Hours Available (New York) Transitional and Non-Transitional

3.5 CPE Credit Hours Available

3.25 CPD Credit Hours Available (England and Wales)

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Tuesday, April 20, 2021

Print Agenda Documentation and Legal Aspects of Initial Margin Rule Implementation for

9:00 AM Introduction and Welcoming Remarks Mark New

Mark New, Senior Counsel, Americas, ISDA

9:05 AM Initial Margin Requirements for Uncleared Swaps Douglas J. Donahue, Waqaas Fahmawi

A large number of counterparties are expected to come into scope of initial margin requirements for non-cleared derivatives in 2021 and 2022.  This session will provide an overview and comparison of the requirements for posting initial margin under US and EU regulations and their implications for entities coming into scope of the requirements, including:

  • Entity scope and AANA calculations
  • Geographical and transaction scope (including cross-border application of Margin requirements)
  • Initial Margin Requirements, including segregation requirements
  • Documentation and legal review requirements
Douglas J. Donahue, Partner, Linklaters LLP
Waqaas Fahmawi, Director & Associate General Counsel, Bank of America

9:55 AM Break

10:05 AM Understanding the Next Generation of IM Documentation for Phase 5 Implementation and Beyond Will Liu, Miki Navazio, Emma Patient, Raymond A. Ramirez

This session will provide delegates with an understanding of the ISDA Bookstore Documentation (ISDA 2018 Credit Support Annex for Initial Margin (Security Interest – New York Law) and ISDA 2018 Credit Support Deed for Initial Margin (Security Interest – English Law)). The session will focus on elections in the documentation and their implications for negotiation between counterparties. It will also provide an overview of the Collateral Transfer Agreement and Security Agreements that can be used for IM arrangements where the relevant custodian is located in a different jurisdiction from the trading counterparties, including specific documents designed for use where the IM is held in a Euroclear or Clearstream account. This session will also look at how the negotiation process can be automated through online negotiation platforms like ISDA Create.

Will Liu, Counsel, Linklaters LLP
Miki Navazio, Partner, Seward & Kissel LLP
Emma Patient, Senior Legal Counsel, HSBC Bank plc
Raymond A. Ramirez, Partner, Eversheds Sutherland

10:45 AM Break

10:50 AM Understanding the Next Generation of IM Documentation for Phase 5 Implementation and Beyond (continued) Will Liu, Miki Navazio, Emma Patient, Raymond A. Ramirez

Will Liu, Counsel, Linklaters LLP
Miki Navazio, Partner, Seward & Kissel LLP
Emma Patient, Senior Legal Counsel, HSBC Bank plc
Raymond A. Ramirez, Partner, Eversheds Sutherland

11:35 AM Break

11:45 AM Custodial Documentation and Onboarding Amy Caruso, Judson Baker, Bradley Koehler

Setting up segregated accounts with custodians and entering into necessary documentation is a key part of compliance with initial margin requirements. This session will examine some of the key points to consider from the custodian and user perspectives.

Moderator: Amy Caruso, Head of Collateral Initiatives, ISDA
Judson Baker, Senior Vice President, Derivatives Product Manager, Northern Trust
Bradley Koehler, Senior Relationship Manager, Commercial Division, Euroclear Bank SA/NV

12:45 PM Conference Concludes

Agenda is subject to change.

Register Now for Documentation and Legal Aspects of Initial Margin Rule Implementation
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Judson Baker

Senior Vice President, Derivatives Product Manager

Northern Trust

NorthernTrust

Amy Caruso

Head of Collateral Initiatives

ISDA

ISDAConferences

Douglas J. Donahue

Partner

Linklaters LLP

LinklatersLLP

Waqaas Fahmawi

Director & Associate General Counsel

Bank of America

BankofAmerica

Bradley Koehler

Senior Relationship Manager, Commercial Division

Euroclear Bank SA/NV

Will Liu

Counsel

Linklaters LLP

LinklatersLLP

Miki Navazio

Partner

Seward & Kissel LLP

sewkis

Mark New

Senior Counsel, Americas

ISDA

ISDAConferences

Emma Patient

Senior Legal Counsel

HSBC Bank plc

HSBC

Raymond A. Ramirez

Partner

Eversheds Sutherland

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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

Member US$275.00

Non-Member US$325.00

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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

    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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