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ICMA Workshop: GMRA Masterclass – a clause-by-clause analysis & Annex I negotiation
 
Date and Venue

Date: 23-24 September 2019

Time - Day 1: 08.45-18.00
Time - Day 2:
09.00-16.45

Venue:
International Capital Market Association (ICMA) Limited
23 College Hill
London
EC4R 2RP

Workshop Overview


This two-day advanced-level workshop systematically reviews the Global Master Repurchase Agreement (GMRA) 2011 clause by clause, giving a thorough grounding in all of its key provisions and the most commonly-used Annexes. An experienced repo negotiator conducts a case study of a typical negotiation of Annex I, offering hints and tips on the most effective approach for both sell-side and buy-side counterparties.

The course, led by specialists from Ashurst LLP and Apollo Legal, is aimed at legal and documentation professionals, credit risk analysts and default management teams within financial institutions, law firms and others active in the repo market who work with the GMRA on a daily basis.

The course assumes that participants have completed the intermediate-level ICMA Repo and Securities Lending Workshop and therefore have mastered the core commercial, operational and legal aspects of repo and the GMRA.

Registration: This course is open to all ICMA members and interested financial market participants; however registration in advance is essential.

Delegate Fees

ICMA Members: EUR 1,140 + VAT
Non-members: EUR 1,980 + VAT

Please do not book your travel until advised to do so by ICMA. We will inform you when the course is confirmed to go ahead. 




Day One

08.45   Registration, Tea & Coffee

09:15   GMRA architecture
A refresher on the GMRA architecture comprised of the master agreement, Annexes, confirmations and Protocols

09:30       GMRA 2011 clause-by-clause analysis: (1) The framework

An analysis of the scope and coverage of the GMRA, the key definitions and their implications, the standard representations and warranties and the main GMRA boilerplate provisions
•    Paragraph 1 (Applicability)
•    Paragraph 2 (Definitions)
•    Paragraph 9 (Representations)
•    Paragraph 13 (Single Agreement)
•    Paragraph 14 (Notices and Other Communications)
•    Paragraph 15 (Entire Agreement; Severability)
•    Paragraph 16 (Non-assignability; Termination)
•    Paragraph 17 (Governing Law)
•    Paragraph 18 (No Waivers, etc.)
•    Paragraph 19 (Waiver of Immunity)
•    Paragraph 20 (Recording)
•    Paragraph 21 (Third Party Rights)

10:45   Break

11:05   GMRA 2011 clause-by-clause analysis: (2) Transaction execution and scheduled payments/deliveries
A contractual analysis of the GMRA’s provisions on the entry into, confirmation and settlement of transactions, standard payment and delivery provisions, income payments and SFTR disclosure compliance
•    Paragraph 3 (Initiation; Confirmation; Termination)
•    Paragraph 6 (Payment and Transfer)
•    Paragraph 7 (Contractual Currency)
•    Paragraph 5 (Income Payments)
•    SFTR Information Statement

12:30   Lunch

13:30   GMRA 2011 clause-by-clause analysis: (3) Margin maintenance and substitution

In this section, we will focus on the contractual requirements for making and satisfying margin calls and the alternatives of repricing and adjustment, followed by a review of the substitution provisions
•    Paragraph 4 (Margin Maintenance)
•    Paragraph 8 (Substitution)

15:00   Break

15:20   GMRA 2011 Annexes: introduction to GMRA 2011 Annexes and key Annexes in depth
In this session we will introduce the separate published GMRA 2011 Annexes (Agency Annex & Addendum, Bills Annex, Buy/Sell Back Annex, Canadian Annex, Equities     Annex, Gilts Annex, Italian Annex, Russian Annex) and will conduct an in-depthreview of the most frequently used Annexes
•    Buy/Sell Back Annex
•    Equities Annex
•    Agency Annex

17:00   Networking drinks reception

18.00   Close of Day One


Day Two

09:00   Arrival coffee

09:15   GMRA 2011 clause-by-clause analysis: (4) Events of Default and termination events
A detailed contractual analysis of the GMRA’s Events of Default, the Default Market Value concept, mini close-outs and set-off
•    Paragraph 10 (Events of Default)
•    2011 GMRA Protocol (Revised)
•    Paragraph 11 (Tax Event)
•    Paragraph 12 (Interest)
•    Paragraph 14 (Notices and Other Communications – Special Default Notices)

10:45   Break

11:05   GMRA 2011 clause-by-clause analysis: (4) Events of Default and termination

Events (continued)

12:30   Lunch

13:30   Netting opinions
In this session, we will consider netting opinions: What are they for? How should you review them? When should you seek a bespoke or top-up opinion?

15:00   Break

15:15   GMRA Annex I: standard Annex I and negotiation
In this session we will walk through the standard Annex I to the GMRA, also discussing key negotiating points

16:45    Close of Day Two

Close of Course
Please note that ICMA reserves the right to make changes to this agenda



Registration & Delegate Fees

ICMA Members: EUR 1,140 + VAT
Non-members: EUR 1,980 + VAT

Registration in advance is essential. Delegate fees are payable, in advance of the course start date, by invoice or credit card (Visa, MasterCard).

Please do not book your travel until advised to do so by ICMA. We will inform you when the course is confirmed to go ahead.


Register on-line for the London workshop on 23-24 September 2019

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Special requirements and comments


Please be aware that if you do not check the first box below, your name will not be included on the delegate list.
 
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Terms and Conditions

1.1
I understand that my reservation for the above workshop shall be accepted and confirmed if ICMA sends me a respective confirmation in writing within 3 business days from receipt of my payment. I also understand that if ICMA does not send me such confirmation within the specified period my reservation could not be considered and that the workshop fee will be refunded to me in full.

1.2

I agree that ICMA shall have the right to cancel courses and workshops at its own discretion for any reason (including e.g. if a sufficient minimum number of participants is not reached before the start date of the relevant course). In the event of such cancellation, the course fee will be refunded to me in full. I agree that ICMA shall not be liable for any expenses incurred by me, my employer, or anyone else on my behalf, due to the cancellation.

1.3
In case I want to cancel my reservation for this workshop I shall notify ICMA (attention Events team) in writing without delay. I agree to the following cancellation fees being applied by ICMA:

until the 30th business day before the start date of the relevant course = 10%
from the 29th business day to the 15th business day before the start date of the relevant course = 50%
from the 14th business day to the last business day before the start date of the relevant course = 75%
on or after the start date of the relevant course = 100%

1.4
I agree that if I fail to attend this workshop no refund of the course fee shall take place.

1.5
I understand that substitutions can be made at no charge subject to the condition that ICMA (attention Events team) is notified accordingly in writing and provided with the details of the substitute (see 1. above) not later than 48 hours before the relevant workshop commences.

1.6
I agree that ICMA and its affiliate entities may retain the information supplied on this form on a database and use it for the purpose of course and event administration, and, IF I have ticked the relevant boxes above, to compile a delegate list (including my name and that of my employer) to be distributed at the event in hard copy or to other registered delegates in electronic form as well as for the purposes of advertising future courses and events and promoting ICMA.

1.7
Delegates should be aware that a photographer may be on site throughout the event. The photographs taken at this event may be used in future promotional materials.

Delegate Fees
 
ICMA Members: EUR 1,140.00 + VAT
Non-members: EUR 1,980.00 + VAT

*Accomodation is not included in the price and delegates must arrange their own accomodation.



Please tick here to agree to the terms and conditions