The International Energy Credit Association (IECA) has issued a standardized agreement entitled „Dodd-Frank Act Representations and Reporting Mending Agreement” to facilitate compliance with CFTC swap rules by end-users. The amendment agreement allows non-exchange operators (non-SDs) and non-major participants (non-MSPs) to modify one or more swap or master-swap agreements with other non-SDs/MPS (sometimes called „end users”) in order to address reporting obligations for swaps and trading options between them. What is important is that it determines which of the two end-user counterparties will serve as a „report counterparty” for all swaps between them – a term that requires CFTC rules to be used to designate a possible exchange between end-users. The amending agreement also contains assurances to confirm the trading option status of a product option between counterparties and to provide information on the regulatory status of each counterparty which, in many cases, may be necessary for compliance (for example. B if each consideration is an SD, an MSP, an eligible contractor, a U.S. person, a financial unit or a particular entity). Share your Dodd-Frank Senz implementation –Click here! The IECA collects feedback on issues related to the Dodd-Frank implementation to identify potential areas of common interest. The association may seek clarification from the CFTC on these frequent issues and will not respond to individual comments. Please note that if you share your comments, you can remain anonymous.
The PGMA contains many innovative provisions that better reflect current market practices. NAEMA and IECA encourage companies to evaluate these conditions with their contract experts and consultants to determine whether the Power and Gas Master Agreement 2019 can provide an advantageous platform for new transactions. Check dodd-frank.com often for up-to-date information on the Dodd-Frank Act, the JOBS Act and other important issues related to derivatives and securities regulation. Visit the IECA`s comprehensive resource library for all IECA documents and resources, including previous meetings and webinars. If you are not a member of the IECA, click here to register today and have access to this valuable benefit. For questions or other information regarding the Power and Gas Master Agreement 2019, please contact Donna Foy (firstname.lastname@example.org or 503.574.2130) or K.C.