Offices; Multibranch Parties - ISDA Provision: Difference between revisions

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 Paragraph 10 of the {{isdama}} allows parties to specify whether they are multibranch parties or not.
-====Branches====
+====[[Branch]]es====
-A “branch” in this context is a presence in a jurisdiction other than the jurisdiction in which the counterparty is incorporated.  For example:
+Electing “multibranch party” status allows a [[counterparty]] to transact swap confirms out of various different [[branch]]es of the same [[legal entity]]. Details fans will immediately note that, from the point of view of legal and corporate philosophy — surely a subject dear to every attorney’s heart — the differing [[branch]]es of a [[legal entity]] have no distinct [[legal personality]] any more than does a person’s arm or leg have different personality from {{sex|her}} head. So being a “multibranch” party seems immaterial.
-*“Deutsche Bank AG, London Branch” is a physical manifestation of the German [[Aktiengesellschaft]], albeit located in London, with no other standing under English law and is a “branch”.
-*“Goldman Sachs International”, on the other hand, is an unlimited liability company incorporated in England and Wales which is legally distinct from The Goldman Sachs Group, Inc., and would not count as a “branch”, and indeed has its own ISDA.
-Electing “multibranch party” status allows a [[counterparty]] to transact swap confirms out of various different branches of the same legal entity. Deutsche may wish to transact out of its Frankfurt HQ and also out of its London branch.
-Details fans will immediately note that, from the point of view of legal and corporate philosophy - surely a subject dear to every attorney’s heart - the differing branches of a legal entity have no distinct legal personality any more than does a person’s arm or leg have different personality from her head. So being a “multibranch” party seems immaterial.
 ===Taxation===