Documentation and Legal Aspects of Initial Margin Rule Implementation

IM Requirements and ISDA Documentation

Wednesday, November 3 to Friday, December 3, 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 2022 (Phase 6) 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.

This is a pre-recorded Virtual Conference

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Recording available until December 3, 2021

 

This is an ISDA Virtual Conference:

  • This is a recording of the Documentation and Legal Aspects of Initial Margin Rule Implementation conference which took place on Wednesday, November 3, 2021
  • Registrants will have access to the recording until 5:00 PM EDT on December 3, 2021
  • After submitting your registration you will receive a confirmation email with a link to view the documents and recording

 

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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Wednesday, November 3, 2021

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

9:00 AM Introduction and Welcoming Remarks Megan O’Flynn

Megan O’Flynn, Assistant General Counsel, ISDA

9:05 AM Initial Margin Requirements for Uncleared Swaps Darren A. Littlejohn, Tamsin Rolls

A large number of counterparties are expected to come into scope of initial margin requirements for non-cleared derivatives in 2022 and beyond.  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
Darren A. Littlejohn, Partner, Fried, Frank, Harris, Shriver & Jacobson LLP
Tamsin Rolls, Executive Director and Assistant General Counsel, J.P. Morgan

9:55 AM Break

10:05 AM Understanding the Next Generation of IM Documentation for Phase 6 Implementation and Beyond Eleanor Boris, Will Liu, Emily O’Donohue, Hannah Patterson

This session will provide delegates with an understanding of how to streamline the negotiation process for IM documentation through ISDA Create, then walk through the underlying ISDA Bookstore Documentation in detail (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, with respect to application regarding CFTC Swaps, SEC Security-Based Swaps and other over-the-counter derivatives. 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.

Eleanor Boris, Executive Director, Morgan Stanley
Will Liu, Partner, Linklaters LLP
Emily O’Donohue, Director and Associate General Counsel, Ontario Teachers' Pension Plan
Hannah Patterson, Managing Associate (Practice Development), Linklaters LLP

11:00 AM Break

11:05 AM Understanding the Next Generation of IM Documentation for Phase 5 Implementation and Beyond (continued)

12:00 PM Custodial Documentation and Operational Considerations Graham Bryant, John J. Deegan, Fouad Estephan, Giuliano Roberti

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: Graham Bryant, Counsel, ISDA
John J. Deegan, Managing Director & Managing Counsel, BNY Mellon
Fouad Estephan, Director - Group Strategy and Product Expansion, Euroclear Bank
Giuliano Roberti, Solicitor, Regulatory Implementation and Projects Lawyer, Société Générale

12:30 PM Conference Concludes

Agenda is subject to change.

Register Now for Documentation and Legal Aspects of Initial Margin Rule Implementation
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Eleanor Boris

Executive Director

Morgan Stanley

MorganStanley

Graham Bryant

Counsel

ISDA

ISDAconferences

John J. Deegan

Managing Director & Managing Counsel

BNY Mellon

BNYMellon

Fouad Estephan

Director - Group Strategy and Product Expansion

Euroclear Bank

Darren A. Littlejohn

Partner

Fried, Frank, Harris, Shriver & Jacobson LLP

Will Liu

Partner

Linklaters LLP

LinklatersLLP

Megan O’Flynn

Assistant General Counsel

ISDA

ISDAConferences

Emily O’Donohue

Director and Associate General Counsel

Ontario Teachers' Pension Plan

Hannah Patterson

Managing Associate (Practice Development)

Linklaters LLP

LinklatersLLP

Giuliano Roberti

Solicitor, Regulatory Implementation and Projects Lawyer

Société Générale

Tamsin Rolls

Executive Director and Assistant General Counsel

J.P. Morgan

jpmorgan

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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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