Template:M summ 2002 ISDA PPF Event: Difference between revisions

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(Created page with "The Pension Protection Fund protects UK Pension Schemes upon their insolvency. This is of particular interest where a UK Pension Fund is party to an {{isdama}}...")
 
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As a result much discussion around an {{isdaprov|Additional Termination Event}} specifically targeted at UK Pension Funds. See, for example, the [http://www.pensionprotectionfund.org.uk/DocumentLibrary/Documents/onerous_contracts_response.pdf PPF's proposal] for a {{isdaprov|PPF Event}} {{isdaprov|ATE}}.
As a result much discussion around an {{isdaprov|Additional Termination Event}} specifically targeted at UK Pension Funds. See, for example, the [http://www.pensionprotectionfund.org.uk/DocumentLibrary/Documents/onerous_contracts_response.pdf PPF's proposal] for a {{isdaprov|PPF Event}} {{isdaprov|ATE}}.


{{quote|A solution was proposed from within the industry suggesting the inclusion of standard wording in agreements between the trustees and counterparties, without involvement of the PPF at that stage, and a consultation with stakeholders was commenced in March 2009. Following discussions with stakeholders, the following wording is proposed:
{{quote|A solution was proposed from within the industry suggesting the inclusion of standard wording in agreements between the trustees and counterparties, without involvement of the PPF at that stage, and a consultation with stakeholders was commenced in March 2009. Following discussions with stakeholders, the following wording is proposed: [see panel]
 
:“{{ISDA Master Agreement 1992 PPF Event}}”


We would strongly encourage trustees and managers to adopt this wording in [[ISDA]] contracts which they enter into or which are entered into on their behalf by their fund managers.}}
We would strongly encourage trustees and managers to adopt this wording in [[ISDA]] contracts which they enter into or which are entered into on their behalf by their fund managers.}}


Note Party B is the Bank in this case.
Note Party B is the Bank in this case.
Note the two are the same. Actually, one is just a redirect to the other. The [[PPF]] issued the [http://www.pensionprotectionfund.org.uk/DocumentLibrary/Documents/onerous_contracts_response.pdf following paper] by way of explanation.
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