Template:Csa expenses

English law CSAs

Paragraph 8 of the 2016 VM CSA is identical to the equivalent in the 1995 CSA. Being a function of the common law of contract, not to mention common sense — why would someone else be liable for your costs and expenses of performing a contract unless it specifically said they would be? — it falls into the goes without saying category. But ISDA’s crack drafting squad™ said it anyway.

NY law CSA

The 2016 NY Law VM CSA is largely the same — it carries on in 10(b) and 10(c) to rabbit on a bit about Posted Collateral — but, curiously, neglects to specifically call out stamp duty. Not that curiously: 2016 NY Law VM CSAs tend to be largely parochial affairs, and there aren’t specfic stamp duties payable on US equities (the relevant tax is under section 871(m)). Since risk of foreign stamp duties isn’t such a big deal, and the language in 2016 VM CSA is only an incluso and doesn’t change the meaning of the provision anyway, it doesn’t make any difference.