ISDA Master Agreement

July 16th, 2018 by Eluned Vickers Tags: , ,

ISDA issues new French and Irish law Master Agreements – just because they can The overwhelming majority of ISDA Master Agreements entered into by counterparties located in the EU (European Union)/EEA (European Economic Area) are governed by English law and they submit to the jurisdiction of the English Courts. Both for netting and collateral arrangements, English law […]

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This blog aims to provide a brief overview of the potential impact of Brexit with regard to the UK’s civil judicial cooperation with the other European Union Member States, in particular with respect to jurisdiction, recognition, enforcement and choice of law, with some added commentary on the impact on derivatives transactions. In brief, the UK’s […]

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March 2nd, 2018 by Nick Railton-Edwards Tags: , ,

ISDA has released new model clauses and non-binding guidance in respect of Section 13 (a) and (b), dealing with choice of Governing Law and choice of court. The 15 page 2018 Choice of Court and Governing Law Guide (“the Guide”) contains the following: New exclusive jurisdiction model clauses. One in favour of the English courts, another […]

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January 23rd, 2018 by Nick Railton-Edwards Tags: , , , , ,

On 18 January  the Supreme Court closed the curtain on the long-running Dexia Crediop SpA v Comune di Prato saga. The Court refused leave for the municipality (Prato) to appeal the 15 June 2017 Court of Appeal decision in Dexia’s favour. The case became something of a cause celebre when an earlier decision by the […]

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August 10th, 2017 by Jessica Cousin

  Introduction The recent Court of Appeal case of African Export-Import Bank & Ors v Shebah Exploration & Production Company Ltd & Ors [2017][1] dealt with a Rumsfeldian “known unknown” – the question of whether dealing on negotiated industry standard terms could be said to be dealing on “written standard terms” for the purposes of […]

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Implied contract terms-Where are we? When considering the terms that may be implied into contracts it is always important to note that courts are in no way inclined to ‘rewrite’ legal documents. There are very few situations where a term is deemed to be ‘implied’ under English Law. Indeed many of the relevant authorities on […]

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What did we learn? 1 March 2017 – deadline day for ‘big bang’ – has come and gone.  We all breathed a sigh of relief.  Or did we?  Regulators recognised the fact that firms would not be compliant and, in general, counselled the industry to ‘do your best to get it done by 1 September’.  […]

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On 20 December 2016, ISDA published template clauses which allow market participants to include “Independent Amounts” within their Variation Margin CSAs.  The purpose of the amendments is to allow counterparties to create a single CSA which covers both regulatory variation margin and non-regulatory Independent Amounts. The new provisions work by amending the definitions of “Delivery […]

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The Final Frontier On 17 November 2016, ISDA published a “Supplemental Rules Exhibit” (the “EMIR Supplement”) to the ISDA 2016 Variation Margin Protocol (the “Protocol”).  The purpose of the EMIR Supplement is to enable adherents to the Protocol to integrate amendments for margin rules for OTC derivatives in order to achieve compliance with EMIR[1] into […]

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Introduction On 16 August 2016, ISDA published the “2016 Variation Margin Protocol” (the “VM Protocol”), designed to assist counterparties in amending CSA documentation so as to comply with Working Group on Margin Requirements (WGMR) rules as implemented locally by: The US “Prudential Regulators”; The CFTC; The Financial Services Agency of Japan; and The Canadian Office […]

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