1. Documentation and Formalities
1.1 Please provide an overview of the documentation (or
framework of documentation) on which derivatives transactions are
typically entered into in your jurisdiction. Please note whether
there are variances in the documentation for certain types of
derivatives transactions or counterparties; for example,
differences between over-the-counter (“OTC”) and
exchange-traded derivatives (“ETD”) or for particular
asset classes.
In Ireland, over-the-counter
(“OTC”) derivatives are typically
documented under the 1992 Master Agreement or 2002 Master Agreement
as published by the International Swaps and Derivatives
Association, Inc (Irish law) (“ISDA Master
Agreement”), along with the relevant ISDA Schedule,
the 1995 ISDA Credit Support Annex (Transfer) or 2016 ISDA Credit
Support Annex for Variation Margin
(“VM”) and the ISDA form of
Confirmation. OTC arrangements are usually bespoke and negotiated
by the counterparties.
