The main advantage of using such a high-level agreement for counterparties who have already complied with a 2013 EMIR Portfolio Reconciliation Protocol, Resolution and Disclosure Protocol, is to maintain processes that meet the requirements of the FMIA. Counterparties may also consider concluding the IMFA agreement published by the Swiss Banking Association, which provides for a portfolio voting procedure, a dispute resolution procedure and an exchange of confirmations in accordance with the rules of the FMIA. In addition, unlike the ISDA documentation, the FMIA agreement provides for a self-classification letter that can be used by all counterparties for the classification itself. However, we find that at this stage, none of these agreements are attacking margin rules. Finally, some large companies have developed ad hoc documentation to define IMFA procedures that apply exclusively to their relationship with a given counterparty. This documentation is usually tailor-made. The counterparties enter into, if available, legally binding agreements containing all the terms of any derivative contract, by way of over-the-counter, electronically, as quickly as possible, but within a specific time frame. Until August 31, 2014, an NFC must make confirmations for interest rate and credit rate derivatives within three business days and from August 31, 2014 within two business days. Before August 31, 2014, an NFC confirmation for all other derivatives must be completed within four business days and from August 31, 2014 within two business days.
An NFC must meet expedited confirmation periods for all asset classes of two business days until August 31, 2014 and one business day as of August 31, 2014. The ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol (EMIR Protocol) allows end-users to modify their ISDA master agreements to meet the emir portfolio voting and dispute resolution obligations. By complying with the EMIR protocol, end-users agree in writing to the implementation of the portfolio settlement and the processes and procedures necessary to evaluate dispute resolution procedures. The EMIR protocol also provides an exemption from disclosure to ensure that end-users can meet their reporting and registration obligations under the EMIR Regulation, without violating applicable confidentiality or confidentiality agreements. However, given the complexity of EU data protection legislation, end-users should be aware that waiver declarations, consents and confirmations in the protocol are not necessarily sufficient to overcome any prohibition or impediment to disclosure under the law of each EU jurisdiction.