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ISDA launches Guidance Note

ISDA publishes EMIR Portfolio Reconciliation, Dispute Resolution
and Disclosure Protocol and Reporting Guidance Note

The International Swaps and Derivatives Association, Inc. (ISDA) has announced the launch of a Guidance Note which is designed to allow swap market
participants to simultaneously amend the terms of an agreement covered by the
Protocol to reflect certain portfolio reconciliation and dispute resolution
obligations imposed by the European Markets Infrastructure Regulation
(EMIR).  The Protocol also includes a disclosure waiver relating to reporting and record keeping obligations under EMIR.  ISDA will also shortly publish a standard agreement based on the Protocol which could be used between market participants to comply with these obligations on a bilateral basis, to the extent that they wish to do so.

The Reporting Guidance Note provides guidance on some of the issues that arise in
respect of the reporting obligations under EMIR, and includes draft language
that market participants can use as part of their tool kit for compliance with
those reporting obligations.  It will also facilitate bilateral agreement between
parties to an ISDA Master Agreement that wish to incorporate wording to reflect
their agreement as to their respective reporting obligations.

The Protocol which is open to ISDA members and non-members will be open
indefinitely.  Compliance with certain EMIR requirements, for which the
Protocol may be relevant, is required by September 15, 2013.

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