ISDA has prepared this list of frequently asked questions to assist in your consideration of the December 2023 Benchmark Module. Unless otherwise defined herein, capitalized terms used in these FAQs have the meanings given to them in the December 2023 Benchmark Module, the 2021 Fallbacks Protocol, Version 10.0 of the 2021 ISDA Interest Rate Derivatives Definitions (the “2021 Definitions”) or the 2006 ISDA Definitions (as amended by each of Supplement number 1 to the 2006 ISDA Definitions to Supplement number 91 to the 2006 ISDA Definitions, inclusive) (the “2006 Definitions”).

THESE FREQUENTLY ASKED QUESTIONS DO NOT PURPORT TO BE AND SHOULD NOT BE CONSIDERED A GUIDE TO OR AN EXPLANATION OF ALL RELEVANT ISSUES OR CONSIDERATIONS IN CONNECTION WITH THE DECEMBER 2023 BENCHMARK MODULE. PARTIES SHOULD CONSULT WITH THEIR LEGAL ADVISERS AND ANY OTHER ADVISER THEY DEEM APPROPRIATE PRIOR TO USING OR ADHERING TO THE DECEMBER 2023 BENCHMARK MODULE. ISDA ASSUMES NO RESPONSIBILITY FOR ANY USE TO WHICH ANY OF ITS DOCUMENTATION OR OTHER DOCUMENTATION MAY BE PUT.

These FAQs address the following questions:

1. What does the December 2023 Benchmark Module do?
2. What constitutes a Relevant Benchmark under the December 2023 Benchmark Module?
3. How are Protocol Covered Documents that incorporate any of Versions 1.0 to 9.0 of the 2021 Definitions amended by the December 2023 Benchmark Module?
4. How are Protocol Covered Documents that incorporate the 2006 Definitions amended by the December 2023 Benchmark Module?
5. How are Protocol Covered Documents that incorporate the 2000 ISDA Definitions amended by the December 2023 Benchmark Module?
6. How are Protocol Covered Documents that incorporate the 1991 ISDA Definitions as supplemented by the 1998 Supplement to the 1991 ISDA Definitions amended by the December 2023 Benchmark Module?
7. How are Protocol Covered Documents that reference the Relevant Benchmark “as defined”, or as having the meaning given, in a Covered ISDA Definitions Booklet amended by the December 2023 Benchmark Module?
8. How are Protocol Covered Documents that reference the Relevant Benchmark that is not defined by reference to an ISDA definitional booklet amended by the December 2023 Benchmark Module?
9. Which transactions referencing the Relevant Benchmark are covered by the December 2023 Benchmark Module?
10. Which new concepts from the 2021 Definitions does the December 2023 Benchmark Module insert in Protocol Covered Documents that (i) incorporate a Covered ISDA Definitions Booklet that is not the 2021 Definitions or (ii) contain a generic reference to the Relevant Benchmark without referring to a Covered ISDA Definitions Booklet?
11. What is an Administrator/Benchmark Event and why has it been included in the December 2023 Benchmark Module?
12. What are the Supplement 70 General Provisions and the Supplement 90 General Provisions and why are they applied to certain Protocol Covered Documents by the December 2023 Benchmark Module?
13. What happens if an Index Cessation Event occurs with respect to the Relevant Benchmark?
14. What happens if the Relevant Benchmark permanently ceases to be available?
15. What happens if only certain tenors of the Relevant Benchmark are permanently discontinued?
16. Do the amendments made by the December 2023 Benchmark Module constitute a “Spread Provision” (as defined in the ISDA 2014 Collateral Agreement Negative Interest Protocol published on May 12, 2014 by ISDA)?

You can download the full FAQs here.