Section 2(a)(iii) - ISDA Provision: Difference between revisions

Section 2(a)(iii) - ISDA Provision (view source)

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-===Chris Allen's note===
+{{isia}}
-{{doc|Draft ISDA 2a3 protocol.doc|Draft ISDA 2(a)(iii) Protocol}}
+===Draft ISDA Section {{isdaprov|2(a)(iii)}} Protocol===
-These amendments are being led by [[ISDA]] and are likely to take effect by Protocol. These changes are separate to the ones being contemplated under DFA. I have spoken to ISDA's GC about trying to merge the docs so as to reduce client repapering. Current proposal is nonetheless to keep the activities separate.
+These amendments are being led by [[ISDA]] and are likely to take effect by protocol. These changes are separate to the ones being contemplated under DFA.
 ====Intent of drafting====
 The revised text looks to address 4 concerns (each arising from English case law):
-#'''Time Limit''': Will now be triggered by the {{isdaprov|Defaulting Party}}serving notice on the {{isdaprov|Non-defaulting Party}}. Makes sense I think. Bank of England, FSA and Fed all keen for the period to be short (UK had suggested 1 month).
+#'''Time Limit''': Will now be triggered by the {{isdaprov|Defaulting Party}}serving notice on the {{isdaprov|Non-defaulting Party}}. Bank of England, FSA and Fed all keen for the period to be short (UK had suggested 1 month).
 #'''Gross/Net issue''': (per {{casenote|Lomas|Firth Rixson}} and {{casenote|Marine Trade|Pioneer}})
 #'''Due Date Expiry issue''': (per [[Marine Trade]])