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Offices; Multibranch Parties - ISDA Provision: Difference between revisions
Offices; Multibranch Parties - ISDA Provision (view source)
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{{isdaanat|10}} | {{isdaanat|10}} | ||
Paragraph 10 of the {{isdama}} allows parties to specify whether they are | Paragraph 10 of the {{isdama}} allows parties to specify whether they are [[Multibranch Parties - ISDA Provision|Multibranch Parties]] or not. | ||
Electing | Electing “[[Multibranch Parties - ISDA Provision|Multibranch Party]]” status allows a [[counterparty]] to transact 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. | ||
===={{tag|Tax}}ation==== | ===={{tag|Tax}}ation==== | ||
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:“Of course there are other ways to get around it: disclosure of the branch in a Confirmation (operational risk, and of no use in electronically booked txns), or more detailed [[reps]] in Part 5 - but none is as simple or uncomplicated as simply putting “New York” in the Multibranch election” | :“Of course there are other ways to get around it: disclosure of the branch in a Confirmation (operational risk, and of no use in electronically booked txns), or more detailed [[reps]] in Part 5 - but none is as simple or uncomplicated as simply putting “New York” in the Multibranch election” | ||
===[[Onboarding]]=== | |||
If you have a [[Multibranch ISDA]] do you need to [[Onboarding|onboard]] the client in each of the jurisdictions in which a listed [[branch]] is located? | |||
===={{tag|Netting}}==== | ===={{tag|Netting}}==== | ||