ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol
On 19 July 2013, ISDA published a protocol related to EMIR which enables parties to ISDA Master Agreements, and other agreements covered by the protocol, to amend the terms of their agreements in order to comply with certain portfolio reconciliation and dispute resolution requirements imposed by EMIR. The protocol also includes a disclosure waiver to facilitate various reporting and record-keeping requirements under EMIR without breaching any confidentiality restrictions.
ISDA also published a reporting guidance note addressing some of the issues which arise in respect of the reporting requirements under EMIR. The guidance note contains sample language/clauses which might be useful to facilitate bilateral agreement between parties to an ISDA Master Agreement with regard to their respective obligations in relation to reporting.
The protocol is open to ISDA members and non-members. Parties must pay a one-time fee of $500 to adhere to the protocol. There is currently no cut-off date for adherence, but ISDA does reserve the right to give 30 days notice of a cut-off date on its website.
Related documents, including a form of adherence letter and frequently asked questions were published alongside the protocol.
Council Confirms Non-objection to EMIR delegated Regulation on RTS on supervisory colleges for CCPs
The Council of the European Union recently announced that it does not intend to object to the adoption by the Commission of a delegated regulation on regulatory technical standards (RTS) on colleges for central counterparties (CCPs). The draft regulation defines conditions for determining the most relevant currencies for the participation of central banks of issue in the CCP college, and practical arrangements for the establishment and functioning of colleges. The regulation can now be adopted unless the European Parliament objects.
A previous draft of these RTS was not adopted by the Commission along with the other RTS adopted by the Commission in December 2012, as it was considered incompatible with EMIR.
Contributed by Caitríona McCrohan
