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Account Control Agreement Custodian

by Simone / 08-09-2021
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The ISDA ACA has a similar structure to the ISDA Master Agreement. It aims to streamline negotiations on the retention of freedom by three parties by proposing a standard agreement with an accompanying annex containing the proposed optional provisions, which can be adapted as needed. For example, the ability of the unofficial party to challenge a notification of exclusive control or a notification of access within a given window may be accompanied by the option of cancelling that dispute, unless formal legal proceedings have been initiated in a second window, i.e. a useful compromise for parties who wish to have litigation rights, which make it possible to raise a valid dispute, while the disputing party is prevented by the disputing party from releasing or enforcing valid guarantees. The parties should, of course, ensure that these agreements comply with all broader “control” requirements for the purposes of safety characterization, perfection and enforcement. The ACA was primarily designed for use in U.S. markets, particularly with respect to collateral that was mortgaged as a result of a New York credit support schedule. The objective is to meet the control requirements of the Uniform Commercial Code (UCC). However, parties in European markets should either adapt it for use with other guarantee agreements (e.g.

B a credit support instrument under English law), or include equivalent provisions in their tailor-made account control agreements. Similarly, the parties may wish to adapt the ACA to the use of other excess security agreements, such as haircuts in rest and stocklending agreements. Like much of the ISDA derivatives literature, the CBA is a framework agreement that allows the parties to set out in an annex the terms they have agreed to bilaterally. However, unlike these other documents, the main part of the ACA does not contain many provisions relating to its main purpose, namely the circumstances in which the guarantor or the lessee of security may issue instructions to the depositary for the release of security rights. The fact that these provisions are included in the Annex and, despite months of in-depth review at sectoral level, are structured as proposed elections and not as a standard approach reflects the inherent difficulty in reconciling the interests of the guarantor, the collateral taker and the depositary. THE ISDA ACA facilitates the process of negotiating contractual agreements providing for the separation of independent amounts (AA) with a third-party custodian. Like other three-party audit agreements, the ISDA ACA is a three-way contract between the custodian bank and two over-the-counter (OTC) derivative counterparties and provides that the IA deposit bank holds and releases the counterparties on the basis of predefined conditions. (c) whether the uneducated party has a right of dispute with respect to a notice of exclusive control or a communication from the other party concerning access; (f) whether the depositary is to have a security right and security registration rights and, if so, the relative priorities between the depositary and the insured party; (g) the amount of compensation paid to depositaries and the manner in which the burden of such compensation may be apportioned between the insured party and the infringer; and (h) the conditions under which the depositary bank may terminate the ACA and the manner in which the collateral is distributed in those circumstances. .

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