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Portfolio reconciliation and dispute resolution - EMIR: Difference between revisions
Portfolio reconciliation and dispute resolution - EMIR (view source)
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===[[dispute resolution]]=== | ===[[dispute resolution]]=== | ||
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:(b) the resolution of disputes in a timely manner with a specific process for those disputes that are not resolved within five business days. | :(b) the resolution of disputes in a timely manner with a specific process for those disputes that are not resolved within five business days. | ||
2. Financial counterparties shall report to the competent authority designated in accordance with Article 48 of {{Eudirective|2004|39|EC}} any disputes between counterparties relating to an OTC derivative contract, its valuation or the exchange of collateral for an amount or a value higher than EUR 15 million and outstanding for at least 15 business days. | 2. Financial counterparties shall report to the competent authority designated in accordance with Article 48 of {{Eudirective|2004|39|EC}} any disputes between counterparties relating to an OTC derivative contract, its valuation or the exchange of collateral for an amount or a value higher than EUR 15 million and outstanding for at least 15 business days. | ||
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ISDA’s sainted PRDR Protocol has this to say on the topic of dispute resolution: | |||
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====(4) Dispute Identification and Resolution Procedure==== | |||
The parties agree that they will use the following procedure to identify and resolve Disputes between them: <br> | |||
(a) either party may identify a Dispute by sending a {{isdaprov|Dispute Notice}} to the other party; <br> | |||
(b) on or following the {{isdaprov|Dispute Date}}, the parties will consult in good faith in an attempt to resolve the Dispute in a timely manner, including, without limitation, by exchanging any relevant information and by identifying and using any {{isdaprov|Agreed Process}} which can be applied to the subject of the {{isdaprov|Dispute}} or, where no such {{isdaprov|Agreed Process}} exists or the parties agree that such {{isdaprov|Agreed Process}} would be unsuitable, determining and applying a resolution method for the {{isdaprov|Dispute}}; and <br> | |||
(c) with respect to any Dispute that is not resolved within five {{isdaprov|Joint Business Days}} of the {{isdaprov|Dispute Date}}, refer issues internally to appropriately senior members of staff of such party or of its {{isdaprov|Affiliate}}, adviser or agent in addition to actions under (b) immediately above (including actions under any {{isdaprov|Agreed Process}} identified and used under (b) immediately above) and to the extent such referral has not occurred as a result of action under (b) immediately above (including any {{isdaprov|Agreed Process}}).<br> | |||
====(5) Internal processes for recording and monitoring {{isdaprov|Disputes}}==== | |||
Each party agrees that, to the extent the {{isdaprov|Dispute Resolution Risk Mitigation Technique}}s apply to each party, it will have internal procedures and processes in place to record and monitor any {{isdaprov|Dispute}} for as long as the {{isdaprov|Dispute}} remains outstanding. | |||
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