The International Swaps and Derivatives Association, Inc. (ISDA) has launched its August 2012 Dodd-Frank Protocol, which allows swap market participants to amend multiple ISDA master agreements in order to comply with updated Dodd-Frank regulatory requirements, including external business conduct rules, which go into effect October 14.
The protocol consists of a series of amendments to existing documentation and standardized questionnaires that each counterparty must complete to satisfy new regulations.
ISDA has partnered with Markit to launch ISDA Amend, which facilitates the new questionnaire delivery requirements. The solution automates the information-gathering process and provides sharing of submitted data and documents to permissioned counterparties.
The Dodd-Frank rulemakings impose new obligations in a range of areas focused on enhancing customer protection, says Robert Pickel, CEO of ISDA. The ISDA August 2012 Dodd-Frank Protocol provides an industry standard roadmap for updating swap documentation to comply with these regulatory requirements. ISDA Amend helps make the Protocol process more efficient.
ISDA says it may release more protocols in the future as rules are finalized that require additional documentation. The association is working with members to develop a coordinated and efficient process to amend documentation in a timely manner.
The protocol is available to members and non-members of ISDA here.
(CG)