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Template:M summ 2002 ISDA PPF Event: Difference between revisions
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Template:M summ 2002 ISDA PPF Event (view source)
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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 [https://www.ppf.co.uk/sites/default/files/file-2019-04/onerous_contracts_response.pdf PPF’s proposal] — rather crappily drafted, we are bound to say — for a {{isdaprov|PPF Event}} {{isdaprov|ATE}}. (Note, unusually, they have decided that Party A is the Pension Fund, and not Party B, as will be most [[dealer]]s’ preference (and generally the [[dealer]]s prepare the docs). | As a result much discussion around an {{isdaprov|Additional Termination Event}} specifically targeted at UK Pension Funds. See, for example, the [https://www.ppf.co.uk/sites/default/files/file-2019-04/onerous_contracts_response.pdf PPF’s proposal] — rather crappily drafted, we are bound to say — for a {{isdaprov|PPF Event}} {{isdaprov|ATE}}. (Note, unusually, they have decided that Party A is the Pension Fund, and not Party B, as will be most [[dealer]]s’ preference (and generally the [[dealer]]s prepare the docs). | ||
{{quote| | {{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] | ||
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.”}} | ||