ISDA has prepared this list of frequently asked questions to assist in your consideration of the ISDA 2021 FALLBACKS PROTOCOL.

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 ISDA 2021 FALLBACKS PROTOCOL. PARTIES SHOULD CONSULT WITH THEIR LEGAL ADVISERS AND ANY OTHER ADVISER THEY DEEM APPROPRIATE PRIOR TO USING OR ADHERING TO THE ISDA 2021 FALLBACKS PROTOCOL. ISDA ASSUMES NO RESPONSIBILITY FOR ANY USE TO WHICH ANY OF ITS DOCUMENTATION MAY BE PUT.

These FAQs address questions under the following general headings:

1. How is the 2021 Fallbacks Protocol structured and what is a Benchmark Module?
2. Who can adhere to the 2021 Fallbacks Protocol and a Benchmark Module?
   A. What kinds of entities can adhere to a Benchmark Module?
   B. Can entities that are not ISDA members adhere to a Benchmark Module?
3. What does the 2021 Fallbacks Protocol and a Benchmark Module do?
   A. What should I consider when determining whether to amend my Protocol Covered Documents by adhering to a Benchmark Module?
   B. Does the 2021 Fallbacks Protocol and a Benchmark Module override bespoke terms that I have agreed?
4. What Relevant Benchmarks and documents are in scope of the 2021 Fallbacks Protocol and a Benchmark Module?
   A. What is a Relevant Benchmark?
   B. If I adhere to a Benchmark Module, will the 2021 Fallbacks Protocol and each Benchmark Module apply to all of my master agreements, credit support documents and confirmations or just some of them?
   C. What are Protocol Covered Documents?
   D. What is a Covered ISDA Definitions Booklet?
   E. Will the 2021 Fallbacks Protocol and each Benchmark Module apply to non-ISDA master agreements and non-ISDA credit support documents?
   F. Does the 2021 Fallbacks Protocol and each Benchmark Module apply to documentation governing cleared transactions?
5. When does the 2021 Fallbacks Protocol and a Benchmark Module become effective?
   A. When was the 2021 Fallbacks Protocol published?
   B. Have any Benchmark Modules been published?
   C. When will the amendments contemplated by a Benchmark Module be made?
6. How do I adhere to and implement the 2021 Fallbacks Protocol and a Benchmark Module?
   A. Is there a cut-off date for adherence to the 2021 Fallbacks Protocol?
   B. How do I submit an Adherence Letter?
   C. Is adherence public?
   D. Who is an authorized signatory?
   E. Can I change the text of the Adherence Letter?
   F. Are there any costs to adhere to a Benchmark Module?
   G. Can I revoke my adherence to a Benchmark Module?
   H. Can I include the amendments contemplated by a Benchmark Module in my documents without adhering to that Benchmark Module?
7. Can an investment/asset manager or other Agent adhere to a Benchmark Module on behalf of its Clients?
   A. Can an Agent adhere on behalf of all its Clients?
   B. Can an Agent adhere on behalf of certain of its Clients only?
   C. Will a Protocol Covered Document into which an Agent did not enter on behalf of its Client but that the Agent otherwise has the authority to amend be amended under a  Benchmark Module by virtue of the Agent adhering to that Benchmark Module on behalf of its Client?
   D. What happens if an Agent adds a Client to an umbrella agreement that is an Agent Protocol Covered Document after adhering to a Benchmark Module?
   E. If a Client adheres to a Benchmark Module itself and an Agent which represents that Client also adheres to that Benchmark Module on behalf of that Client, what will the Implementation Date be for any Protocol Covered Document?
   F. If an Agent that has entered into a Protocol Covered Document on behalf of a Client adheres to a Benchmark Module on behalf of that Client and another Agent who did not enter into that Protocol Covered Document but which otherwise has the authority to amend that Protocol Covered Document also adheres to that Benchmark Module and identifies that Client as a Client on whose behalf it is amending Non-Agent Executed Protocol Covered Documents, what will be the Implementation Date for that Protocol Covered Document?
8. Will the 2021 Fallbacks Protocol and a Benchmark Module apply to novated transactions?
9. Can parties agree bilaterally to amend the terms or scope of the 2021 Fallbacks Protocol or a Benchmark Module?
10. Are the ISDA 2018 Benchmarks Supplement Protocol and the ISDA 2020 IBOR Fallbacks Protocol the same as the new 2021 Fallbacks Protocol and can I just adhere to one of them?

You can download the full FAQs here.