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Provide legal certainty for non-centrally cleared over-the-counter derivatives contracts;
b)
Include all material rights and obligations of counterparties concerning their trading relationship with regard to non-centrally cleared over-the-counter derivatives contracts. Such rights and obligations of the counterparties may be incorporated by reference to other documents in which they are specified; and
c)
Be executed in writing or through other equivalent non-rewritable, nonerasable electronic means (without prejudice to subparagraph (b) above).
2.
The material rights and obligations referred to in paragraph 1(b), where relevant, may include:
a)
Payment obligation;
b)
Netting of payments;
c)
Events of default or other termination events (For instance, any rights to early termination)
d)
Calculation and any netting of obligations upon termination;
e)
Transfer of rights and obligations;
f)
Governing law;
g)
Processes for confirmations, valuation, portfolio reconciliation and dispute resolution; and
h)
Matters related to credit support arrangements (e.g. initial and variation margin requirements, types of assets that may be used for satisfying such margin requirements and any asset valuation haircuts, investment and rehypothecation terms for assets posted to satisfy such margin requirements, guarantees and custodial arrangements for margin assets such as whether margin assets are to be segregated with a third party custodian).
3.
The retention period for trading relationship documentation should be a minimum of ten (10) years after the termination, maturity or assignment of any non-centrally cleared over-the-counter derivatives contracts.
