Understanding the Variation Margin (VM) & Initial Margin (IM) CSA (Japanese Language)

ISDAコラテラルコンファレンス

Friday, January 28, 2022
Online

Member US$275.00

Non-Member US$325.00

Register for Understanding the Variation Margin (VM) & Initial Margin (IM) CSA (Japanese Language)
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Registration for this event will close 2 hours before the live broadcast

 

このコンファレンスは日本語で、オンラインで開催されます。資料は英語または日本語です。
録画は2022年2月28日までご視聴いただけます。

This is an ISDA Virtual Conference: 

  • Event will be live on January 28, 2022 from 9:00 AM – 1:00 PM JST |  Timezone Converter
  • This conference will be conducted in Japanese. Simultaneous translation will NOT be provided.
  • Miss part of the event or aren’t able to watch live? The recording will be available to registrants until February 28, 2022

 

Educational Credits

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

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Friday, January 28, 2022

Print Agenda Understanding the Variation Margin (VM) & Initial Margin (IM) CSA (Japanese Language) for

9:00 AM Introduction and Welcoming Remarks | 開会の挨拶 Tomoko Morita

Tomoko Morita, Senior Director and Head of Tokyo Office, ISDA

9:05 AM Understanding the 2016 ISDA Credit Support Annex For VM | 2016年ISDA VM CSAについて Akira Ehira, Hajime Saito, Yosuke Unami, Toshiyuki Yamamoto

The ISDA VM Credit Support Annex under forms part of the Schedule of the ISDA Master Agreement. It is designed to document security arrangements involving the use of collateral to secure the risk either or both parties may have under the ISDA Master Agreement to which the ISDA VM Credit Support Annex relates incompliance with applicable VM regulations. This session will examine critical provisions in the ISDA Credit Support Annex under New York Law, English Law and Japanese Law, including:

  • Key principles of the credit support arrangements
  • The posting party and the receiving party– How can this party change over time?
  • Scope of Covered Transactions under CSA
  • Credit Support Obligations: The Delivery Amount and Return Amount
  • Minimum Transfer Amounts
  • Adding an Independent Amount (IA) and using the Independent Amount provisions
  • Transfer Timing: When must a party deliver or return collateral?
  • The Valuation Agent and Dispute Resolution
  • Substitutions/Exchanges
  • Holding and use of Posted Collateral
  • Distributions and Interest Amounts
  • Events of Default
  • Rights and Remedies
  • Legally Ineligible Credit Support provisions
  • Credit Support Offsets
  • Terms for non-netting counterparties
  • Other Provisions

ISDA VM CSAはISDAマスター契約のスケジュールの一部を構成するものであり、変動証拠金(VM)規制に対応したISDA VM CSAに関連するISDAマスター契約に基づき、当事者が有するリスクを担保によりカバーするために、担保に係るアレンジメントをドキュメンテーション化したものです。本セッションでは、ニューヨーク州法、英国法、日本法のISDA VM CSAの重要な規定について説明いたします。

  • クレジット・サポート・アレンジメントの主要原則
  • 担保提供者と受領者-これらの関係は時間の経過とともにどのように変化するのか?
  • CSAの対象取引の範囲
  • 担保義務:差入担保額と返還担保額
  • 最低引渡担保額
  • 独立担保額の追加と独立担保規定の利用
  • 担保受渡時期:担保の引渡しと返還のタイミング
  • 評価代理人と紛争の解決
  • 担保の差替え
  • 保有担保物の保管及び利用
  • 配当物と利息金額
  • 期限の利益喪失事由
  • 権利及び救済手段
  • 規制適格喪失担保規定
  • 担保の相殺
  • ネッティングの法的有効性が確認できていない法域に関する規定
  • その他の規定
Akira Ehira, Partner, Mori Hamada & Matsumoto
Hajime Saito, Counsel, Capital Markets Group, Clifford Chance
Yosuke Unami, Managing Associate, Capital Markets Group (Structured Finance & Derivatives), Linklaters
Toshiyuki Yamamoto, Partner, Nishimura & Asahi

10:00 AM Break | 休憩

10:05 AM Understanding the 2016 ISDA Credit Support Annex for VM (continued) | 2016年ISDA VM CSAについて(続き)

11:00 AM Break | 休憩

11:10 AM Understanding the Next Generation of IM Documentation for Phase 6 Implementation | フェーズ6用のIMドキュメンテーションについて Motoyasu Fujita, Keiichiro Ichikawa, Yukiko Kido, Tatsuya Ozawa

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 (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 explain Japanese Security Provider Provisions to be incorporated in ISDA 2018 Credit Support Annex for Initial Margin (IM) (Security Interest – New York Law) and other IM agreements.

本セッションでは、ISDA CreateによるIMドキュメンテーションの交渉プロセスの合理化、そしてIMドキュメンテーション(ISDA 2018 Credit Support Annex for Initial Margin (Security Interest – New York Law)とISDA 2018 Credit Support Deed for Initial Margin (Security Interest – English Law))についてご説明いたします。特に、IMドキュメンテーションの選択項目と交渉のポイントについて詳しくご説明します。また、カウンターパーティと別の法域に所在するカストディでのIM管理で使用されるCollateral Transfer AgreementとSecurity Agreementの概要について、ユーロクリアとクリアストリームを利用する場合のドキュメンテーションを含めてご説明します。また、ISDA 2018 Credit Support Annex for Initial Margin (IM) (Security Interest – New York Law)およびその他IM契約への挿入を目的としたJapanese Security Provider Provisionsについてもご説明します。

Motoyasu Fujita, Partner, Capital Markets Group (Structured Finance & Derivatives), Linklaters
Keiichiro Ichikawa, Senior Lawyer, Commodities and Global Markets, Macquarie Capital Securities (Japan) Limited
Yukiko Kido, Executive Director & Assistant General Counsel, JPMorgan Securities Japan Co., Ltd.
Tatsuya Ozawa, Managing Associate, Capital Markets Group (Structured Finance & Derivatives), Linklaters

12:00 PM Break | 休憩

12:05 PM Understanding the Next Generation of IM Documentation for Phase 6 Implementation (continued) | フェーズ6用のIMドキュメンテーションについて(続き)

1:00 PM Conference Concludes | コンファレンス終了

Agenda is subject to change.

Register Now for Understanding the Variation Margin (VM) & Initial Margin (IM) CSA (Japanese Language)
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Akira Ehira

Partner

Mori Hamada & Matsumoto

Motoyasu Fujita

Partner, Capital Markets Group (Structured Finance & Derivatives)

Linklaters

LinklatersLLP

Keiichiro Ichikawa

Senior Lawyer, Commodities and Global Markets

Macquarie Capital Securities (Japan) Limited

Yukiko Kido

Executive Director & Assistant General Counsel

JPMorgan Securities Japan Co., Ltd.

Tomoko Morita

Senior Director and Head of Tokyo Office

ISDA

ISDAConferences

Tatsuya Ozawa

Managing Associate, Capital Markets Group (Structured Finance & Derivatives)

Linklaters

Hajime Saito

Counsel, Capital Markets Group

Clifford Chance

Yosuke Unami

Managing Associate, Capital Markets Group (Structured Finance & Derivatives)

Linklaters

Toshiyuki Yamamoto

Partner

Nishimura & Asahi

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Intermediate

The course level is 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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