Some recently adopted CFTC rules provide that the documentation on trading swap relationships between swap traders and large participants and end-users of swaps contains specific provisions. The March 2013 protocol provides for a documentation mechanism between the parties, including the necessary provisions, including the exchange of new swaps by the parties under an ISDA management contract or equivalent documents. The architecture of the March 2013 protocol is similar to that of the August 2012 protocol and includes: (i) the loyalty letter, (ii) the protocol agreement, (iii) the questionnaire and (iv) the addition of the DF. The compliance procedure is similar to that of the August 2012 protocol and consists of sending a letter of loyalty to ISDA and exchanging questionnaires with the opposing party as part of each protocol (as defined below).4 ISDA will publish a copy of each loyalty letter for consultation by all persons who comply with the March 2013 protocol. In this way, participants in the March 2013 protocol can find out what quid pro quo is available for the questionnaires and what method (s) used (s) for these counterparties to adopt questionnaires. CFTC Regulation 23.504 requires that a CFTC swap unit that becomes a party to such an exchange may have a swap file on or before the date of execution of a swap (including foreign exchange swaps and foreign exchange maturities excluded from the regulation as swaps) that contains all the terms of the swap. As a result, CFTC swap entities are not allowed to exchange swaps after July 1, unless the relationship between the parties is subject to an ISDA management contract or an equivalent document containing all the terms of the agreement. In particular, it is not permissible to use a long-term confirmation in which the parties agree to a number of conditions of an ISDA director contract with the intention of concluding their agreement at a later date. The March 2013 protocol allows qualified end-users to choose the end-user exception (quiz, question 4 (a) to provide their counterpart with a single notification that it chooses the end-user exception for all swaps. If a final user qualified for the final exception has not yet taken appropriate entrepreneurial steps to choose the end-user exception before July 1 (including, if the actions taken by the Board of Directors), the end user may, until July 1, 2013, stick to the March 2013 minutes and answer question 4(a) negatively or not answer question 4 a).

After taking all the necessary business measures to choose the end-user exception, it can modify its questionnaire to respond favourably to question 4a, if it wishes. In addition, an end user qualified for final user acceptance, but who is not yet willing to answer question 4 b) or 4 (c) in relation to the end user exception, cannot answer these questions at the time of initial compliance, but may do so in an amended version of his questionnaire before September 9, 2013 (the date of the initial mandatory compensation for non-financial end users). [2] CFTC Rule 23.504 (b) (4) (i) (i) (documentation between SDs and other SDs/MPS, financial firms and other parties requesting such documentation for process agreement is required to determine the value of each swap „at any time” during the duration of the swap in order to meet relevant margin and risk management requirements). In accordance with Section 4s (i) (1), the CFTC has adopted regulations 23,500 to 23,505 in accordance with the CFTC Final Rule, Confirmation, Reconciliation Portfolio, Portfolio And Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap Participants.3 Final rules will be applied on July 1, 2013 for exchange dealers and major swap participants, unless the compliance date is delayed.

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