21 March 2013
What should you know about the ISDA 2013 EMIR NFC Representation Protocol
On 8 March 2013, the International Swaps and Derivatives Association, Inc. (ISDA) issued the ISDA 2013 EMIR NFC Representation Protocol (Protocol).
This enables market participants to simultaneously amend multiple ISDA Master Agreements so as to facilitate compliance with the know-your-counterparty requirements of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (EMIR). The Protocol also sets out the consequences of transacting on the basis of an incorrect classification.
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