Se hai bisogno urgente del nostro intervento puoi contattarci al numero 370 14 89 430
Part Three(b) concerns the provision of non-taxable documents and may often include the provision of a party`s constitutional documents and, in the case of a fund, the fund`s prospectus, investment management agreement, annual report and NAV returns. Negotiations generally focus on the date of delivery of the annual accounts and, as mentioned above, it is important to agree on reasonable deadlines. Annual reports, for example, often have to be delivered within 90 days, but it`s common for accounts to be established for a smaller fund to take at least 4 months or more. Another requirement, often requested by funds, is the opinion of a lawyer and a letter from the Fund`s agent (who may be the investment manager depending on the jurisdiction) in which he agrees to act as a judicial agent. A Credit Carrier Annex (CSA) is a legal document governing the credit carrier (guarantees) for derivative transactions. It is one of the four parties that form an ISDA framework contract, but are not mandatory. It is possible to have an ISDA agreement without a CSA, but normally no CSA without ISDA. You should never accept the guarantee of individual transactions (nor accept credit in respect of individual transactions) under an isda framework contract. If you do, because of the way ISDA`s framework contracts are concluded in accordance with Section 6 (e) – or rather are not concluded – it is precisely when you want to pay their guarantee that the transaction it guarantees is no longer there: the CSA regulates the guarantees under the ISDA Framework AGREEMENT by defining the conditions, under which collateral is issued to reduce counterparty credit risk. A CSA is not mandatory, but it is generally necessary for counterparties to funds. As with the ISDA schedule, the CFS can be adjusted and negotiated as needed, as the types of collateral, thresholds, minimum transfer amounts and margins may vary between counterparties. CSAs can be unilateral, i.e.
only the weaker counterparty must deposit collateral, either bilaterally, i.e. each party may be required to deposit collateral. This collection of documents constitutes a unique agreement and this concept is an integral part of the application of the isda framework agreement and attempts to avoid what is commonly known as “raisin pecking”. . . .