ISDA Extends Deadline for Adherence to 2014 ISDA Credit Derivatives Definitions Protocol
As discussed in our September 9, 2014 Legal Update “ISDA ISSUES 2014 CREDIT DERIVATIVES DEFINITIONS AND RELATED PROTOCOL,” the International Swaps and Derivatives Association (“ISDA”) has issued the 2014 Credit Derivatives Definitions (the “2014 Definitions”), which are expected to govern credit derivatives trades starting on September 22, 2014. ISDA has also issued a Protocol for those parties wishing to apply the 2014 Definitions to trades entered into prior to September 22, 2014 and to certain trades entered into afterwards. Originally the deadline for adherence to the Protocol was September 12, 2014. ISDA has now extended the deadline for Protocol adherence to noon (New York time) on September 17, 2014.