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ISDA Symposium® Negotiation Strategies: Paragraph 13 of the 2018 Credit Support Annex for Initial Margin (IM)

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Program Agenda

 

Program Recorded on February 27, 2020

 

A. Negotiating Paragraph 13 of the 2018 Credit Support Annex for IM – 1 Hour, 48 Minutes

  • What does the Regime Table determine?
  • Completing the Regime Table
    • Selecting Regimes
    • The ISDA SIMM™ Exception
    • Fallback to Mandatory Method and number of notice days for effectiveness
    • Mandatory Method
  • One Way Provisions and specifying the Posting Party if applicable
  • Applying ISDA SIMM as the Method (IM)
    • Choosing the applicable version of ISDA SIMM
    • Designating the SIMM Calculation Currency for each party, and distinguishing it from Base Currency and Termination Currency
    • Standard preferred approach vs. alternative approach in respect of relevant sensitivities for equity indices, funds and ETFs and for commodity indices
  • Deciding whether to specify certain terms in the Control Agreement Eligible Collateral (IM) Schedule or in the Eligible Collateral (IM) Schedule
  • Base Currency
  • Substituted Regimes
  • Selection of Margin Approach
  • Considerations for what to specify for:
    • Calculation Agent (IM)
    • Threshold (IM)
    • Minimum Transfer Amount (IM)
    • Calculation Date Location (IM) and Calculation Time (IM)
    • Notification Time

Waqaas Fahmawi, Director & Associate General Counsel, Bank of America
Ilene K. Froom, Partner, Reed Smith LLP
Darren A. Littlejohn, Partner, Fried, Frank, Harris, Shriver and Jacobson LLP
Miki Navazio, Partner, Seward & Kissel LLP

 

B. Negotiating Paragraph 13 of the 2018 Credit Support Annex for IM (cont’d) – 1 Hour, 21 Minutes

  • Conditions Precedent, Specified Conditions and Access Conditions
  • Substitution Consent
  • Dispute Resolution
    • Consultation Procedure vs. Other Regulatory CSA Procedure
    • Dispute Resolution Time
  • Secured Party Rights Event
    • Requirement for non-payment of Obligations
    • Failure to Pay Early Termination Amount
    • Control Agreement Secured Party Rights Event
  • Notice of Exclusive Control
    • Related covenants
    • NEC Event vs. Control Agreement NEC Event
  • Pledgor Rights Event
    • Pledgor Rights Event vs. Control Agreement Pledgor Rights Event
    • Pledgor Full Discharge Condition
    • Cooling-off Period Condition
    • Pledgor Access Notice covenants
  • Delivery in Lieu Right
  • Specifying Custody Arrangement terms
    • Custodian (IM)
    • Custodian (IM) Risk
    • Custodian Event and CE End Date in the case of a Custodian Resignation Event and otherwise
  • Considerations for making the Control Agreement a Credit Support Document
  • Inconsistency with the Control Agreement and Relationship with the Control Agreement
  • Collateral Access Breach Additional Termination Event and the number of days for CAB End Date
  • Additional information relating to Regulatory Compliance and Concentration Limits
  • Amendment to Termination Currency and Minimum Transfer Amount
  • Interpretation Clause
  • Loss of Required Model Approval
  • Japanese Securities Provisions – when, why and how to include

Rubina Ali, Vice President & Assistant General Counsel, Goldman Sachs & Co. LLC
Ilene K. Froom, Partner, Reed Smith LLP
Deborah North, Partner, Allen & Overy LLP
Greg O’Donohue, Director & Senior Legal Counsel, Derivatives, Ontario Teachers’ Pension Plan

 

COURSE SAMPLE

 

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