Mass Outreach / Repapering
The global OTC reform agenda, enacted via instruments such as the Dodd-Frank Act and the European Markets Infrastructure Regulation (EMIR), has (and will continue to have) a significant impact upon the activities of legal risk management teams.
Banks are now required to either:
- Provide information to or request information from their clients (e.g. US/non-US person attestation)
- Amend or supplement existing client documentation to meet new regulatory standards (e.g. confirmation timeliness, portfolio reconciliation/dispute resolution), or
- Negotiate new documentation to comply with structural changes in the global OTC derivatives market (e.g. OTC clearing documentation, collateral arrangements for non-cleared derivatives)
So, in the coming months and years, banks will be compelled to repeatedly contact and enter into negotiation with substantial numbers of their clients.
The magnitude of these challenges is likely to exceed the available processing capacity within the majority of in-house on-boarding and legal departments.
Utilising a combination of our subject matter expertise and our document outsourcing capabilities we are able to assist clients in managing large-scale projects ranging from simple client outreach exercises to the negotiation of portfolios of complex documentation.