The International Swaps and Derivatives Association (ISDA) recently published its first industry-wide PRC legal memorandum to analyze a range of legal issues that may affect the validity of the association’s collateral arrangements under PRC law.
“This is particularly important in assisting ISDA members to assess the legal treatments for collaterals posted by a PRC counterparty in the context of the rollout of new margin requirements for non-cleared derivatives developed by the Basel Committee on Banking Supervision and International Organisation of Securities Commissions,” King & Wood Mallesons (KWM) Hong Kong partner, Minny Siu, told China Business Law Journal. Siu and a KWM team advised the ISDA on the document’s publication.
The new margin requirements for non-cleared derivatives were rolled out in some jurisdictions on 1 September, and the margin framework was expected to be implemented in other jurisdictions over time.
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