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Adopting Parties

Initiative Overview:

Many Agreements (GUA) must be amended in recognition of bail-in powers of certain resolution authorities (BRRD). Given the operational and legal efforts required to initiate and execute a high-volume of individual GUA amendments in a short period of time, firms requested tools to streamline their re-papering efforts. FIA Tech is providing a Regulatory Protocol for counterparties to incorporate in bulk into existing GUAs one of the FIA Standard BRRD Article 55 Give Up Agreement Clauses (EU, UK, Hybrid) a (BRRD Clause).

Following the successful roll-out of the 2018 GUA Transfer Protocol and accompanying in application agreement transitions, firms sought a similar process for bulk insertion of standard bail-in language to GUAs. To this end, the 2023 FIA Tech Regulatory Protocol (the Protocol) together with the BRRD Supplement to the Regulatory Protocol will enable parties to bulk update agreements to incorporate a BRRD Clause their agreements. A party to an existing agreement will have the option to send a Transition Notice to each other party proposing that the UK, EU or hybrid variant of the BRRD Clause be incorporated into a new version of the agreement.

Because of the large volume of GUAs into which BRRD language must be incorporated, we ask you to consider the adoption of the Protocol as one tool to ease transition and ensure uninterrupted give-up trading. Please read the terms of the Protocol carefully, discuss with your legal advisers and your counterparties.

Adoption of the Regulatory Protocol & BRRD Supplement will be supported by FIA Tech’s Docs service on Wednesday, August 30th, 2023.

Sending Transition Notices will be supported with the release of FIA Tech’s Docs service entering production on Sunday, September 10th, 2023.

Protocol Overview:

By adopting the Protocol & BRRD Supplement once at the outset, parties to existing GUAs will be able to send a notice (a Transition Notice) via FIA Tech’s Docs service to their GUA counterparties designating the FIA standard bail-in language (BRRD Clause) they wish to apply to the GUA. Adopting Parties retain their right to accept or reject any received Transition Notice.

The full language of the Regulatory Protocol, as well as additional details, may be found here.

There is no charge to adopt the Regulatory Protocol.

Parties that adopt the Regulatory Protocol & BRRD Supplement may revoke the adoption of the Protocol or the BRRD Supplement in the future, according to the terms of the Protocol.

Regulatory Protocol Adoption Webinar.

FIA Tech hosted a webinar on Thursday, July 27th, 2023 to introduce the Protocol Adoption workflow in Docs and highlight additional resources available to firms.

The below link provides access to the previously hosted overview webinar, providing additional details on the protocol itself, as well as timelines and adoption workflows:

• Regulatory Protocol Webinar

Adoption Workflow – Conformed (Active) Docs Users

Conformed (active user) parties within Docs may adopt the protocol directly through the application, as well as review the adoption status of their counterparties.  A pop-up message will be presented to all users with either the “Execution Phase Approver” or “Party Admin” role, providing the Regulatory Protocol& BRRD Supplement (including the option to Download as PDF or Print).  The pop-up contains all parties for which the user is sufficiently permissioned, and users will be have the option to select their desired parties, and “Adopt” on behalf of these entities.  Users will also have the option to temporarily dismiss this message via the “Close for Now” button, as well as permanently prevent the pop-up by selecting “Don’t show me this again”.  Users may review the adoption status of their own parties through the Manage Parties tool, and may review counterparty adoption via the Docs Counterparty Report. 

Additional details on the adoption workflow may be found in the below Help Center articles, and please reach out to Docs.Support@fia-tech.com with any additional questions surrounding adoption by Conformed parties.

Adoption Workflow – Non-Conformed (pdf-only) Docs Users

Non-conformed (not actively managed) parties within Docs must adopt the protocol by submitting a signed hard-copy of the Protocol through a conformed counterparty. Non-conformed entities must supply at least one valid email contact for subsequent notice of any agreement transitions supported by the protocol. Counterparties can send a completed, signed, and non-editable copy of an Adoption Letter to FIA Tech by email at Docs.Support@fia-tech.com. A fillable PDF version of the Adoption Letter is available within the FIA Tech Help Center here.