ISDA has prepared this list of frequently asked questions to assist in your consideration of the JUNE 2022 BENCHMARK MODULE to 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 JUNE 2022 BENCHMARK MODULE. 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 AND THE JUNE 2022 BENCHMARK MODULE. ISDA ASSUMES NO RESPONSIBILITY FOR ANY USE TO WHICH ANY OF ITS DOCUMENTATION MAY BE PUT.

These FAQs address the following questions:

1. What does the June 2022 Benchmark Module do?
2. What is the Relevant Benchmark under the June 2022 Benchmark Module?
3. What does the USD Fallbacks Supplement do?
4. Have equivalent amendments to those set out in the USD Fallbacks Supplement been made to the 2000 Definitions or the 2021 Definitions?
5. How does Supplement 70 to the 2006 Definitions relate to the USD Fallbacks Supplement and the 2021 Definitions?
6. What are Protocol Covered Documents for the purposes of the June 2022 Benchmark Module?
7. How are Protocol Covered Documents that incorporate Version 1.0 or 2.0 of the 2021 Definitions amended by the June 2022 Benchmark Module?
8. How are Protocol Covered Documents that incorporate the 2000 Definitions amended by the June 2022 Benchmark Module?
9. In what circumstances do the fallbacks to the USD LIBOR Swap Rate, as set out in the June 2022 Benchmark Module, apply?
10. What happens if the USD LIBOR Swap Rate permanently ceases to be available but USD LIBOR in the Applicable USD LIBOR Tenor has not ceased to be available (or become Non-Representative)?
11. What happens if only certain tenors of the USD LIBOR Swap Rate are permanently discontinued?
12. What are the differences between the June 2022 Benchmark Module and (i) the Template Form of Amendment for adoption of USD LIBOR ICE Swap Rate Fallback Provisions in Confirmations for legacy transactions incorporating either the 2006 ISDA Definitions or the 2021 ISDA Interest Rate Derivatives Definitions (the “November 2021 USD ISR Bilateral Amendment Agreement”) and (ii) the Template Form of Amendment for adoption of USD LIBOR ICE Swap Rate Fallback Provisions in Confirmations for legacy transactions incorporating the 2000 ISDA Definitions, the 2006 ISDA Definitions or the 2021 ISDA Interest Rate Derivatives Definitions or Confirmations referencing the ‘USD LIBOR ICE Swap Rate’ (the “June 2022 USD ISR Bilateral Amendment Agreement” and, together with the November 2021 USD ISR Bilateral Amendment Agreement, the “USD ISR Bilateral Amendment Agreements”)?
13. If a party has entered into a USD ISR Bilateral Amendment Agreement and subsequently adhered to the June 2022 Benchmark Module, will the terms of the June 2022 Benchmark Module take precedence over the terms of that USD ISR Bilateral Amendment Agreement?
14. Are novated transactions amended by the June 2022 Benchmark Module?
15. Do the amendments made by the June 2022 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.