DC Rules

January 20, 2016

Key Changes

Revised to add new Schedule 6 to the DC Rules requiring DC firms to represent in the Standard Agreement that they have various written policies or procedures relating to their DC activities, related amendments to the Standard Agreement provision in Section 1.8(b), and new information and record-keeping obligations regarding individuals participating in DC meetings.

 

March 13, 2015

Key Changes

Revised to reflect changes to the Standard Reference Obligation Rules (Schedule 4 to the DC Rules) and include the newly-introduced Package Observable Bond Rules that will be appended to the DC Rules as Schedule 5.

September 16, 2014

Key Changes

Revised to reflect the 2014 ISDA Credit Derivatives Definitions, including the Standard Reference Obligation Rules.

April 7, 2014

Key Changes

Revised and consolidated version of the DC Rules incorporating: (i) Amendments to DC Rules relating to publication of meeting statements (published August 17, 2012); (ii) Amendments to DC Rules relating to Cleared Reference Entities (published September 9, 2012); (iii) Amendment of DC Rules relating to List Review Date timing (published February 20, 2013). Please see below for further details in respect of such Amendments. In addition, the revised and consolidated version of the DC Rules contains amendments made necessary by the publication of the CCP Data Guidelines by the DCs on Friday March 28, 2014.

February 20, 2013

Key Changes

Amendments to provide that the timing of steps in determining members of the DCs on each List Review Date will be determined according to London business days as well as New York business days.

September 9, 2012

Key Changes

Amendments to provide that a question submitted to the DC by an Eligible CCP and relating to an Eligible Cleared Reference Entity will be automatically accepted by the DC and can only be dismissed by the DC in certain circumstances. Includes a form of Eligible CCP Certification Letter for firms to become Eligible CCPs.

August 17, 2012

Key Changes

Amendments to provide for statements to be published following DC meetings, describing the issue(s) considered during the meeting, the resolution of those issue(s) (if any) and the next steps of the relevant DC.

March 12, 2012

Key Changes

Amendments to add a new Section 5 of the DC Rules (July 11, 2011 Version) dealing with US Municipal Reference Entities. These amendments have been prepared to reflect the publication of the 2012 ISDA U.S. Municipal Reference Entity CDS Supplement. The amendments include special rules for eligibility for voting on questions relating to US Municipal Reference Entities and holding of Auctions relating to US Municipal Reference Entities.

July 11, 2011

Key Changes

Revised version of the DC Rules incorporating amendments to facilitate CCP observer participation in the DCs.

March 29, 2011

Key Changes

Revised version of the DC Rules (a) implementing the June 11, 2010 Amendments and (b) making a number of clarificatory amendments in respect of, inter alia, the following: (i) the amount of information that can be provided by the DC Secretary/DTCC to institutions selecting between being a Global Dealer Consultative Member and a Regional Dealer Consultative Member; (ii) that if a Non-dealer Voting Member currently serving on the DCs is again selected as a Non-dealer Voting Member, it shall be designated as a First Term Non-dealer, Second Term Non-dealer or Third Term Non-dealer, as applicable, based on its current designation; (iii) determinations for the Relevant Transaction Types; (iv) Quorum, Participation and Voting Procedures for a Convened DC; (v) Resolutions of Convened DCs; and (vi) certain definitions.

June 11, 2010

Key Changes

Amendment to the replacement provisions of the DC Rules (December 18, 2009 Version) that would apply if a Replacement DC Member has to be selected in respect of a DC Member between (a) the List Review Date on which another Participating Institution has been selected to ultimately replace such DC Member at the end of such DC Member’s term on a DC and (b) the expiration date of such DC Member’s term on a DC.

N.B. Until a new version of the DC Rules is published, the DC Rules (December 18, 2009 Version) are to be read in conjunction with these June 2010 Amendments.

December 18, 2009

Key Changes

Revised version of the DC Rules (a) implementing the October 2009 Amendments and (b) making a number of clarificatory amendments in respect of, inter alia, the following: (i) material errors in DTCC Dealer Lists; (ii) the consequences of missing DC meetings vs missing DC votes; (iii) timings and quorums for official DC meetings; (iv) when to hold auctions and auction participation by DC Dealer Members; (v) formation of legal subcommittees; (vi) External Review provisions; and (vii) introduction of public comment period in respect of amendments to the DC Rules.

October 7, 2009

Key Changes

General Interest Question – amendments to the DC Rules (July 24, 2009 Version) to allow questions to be raised to the DC by any Eligible Market Participant without attribution subject to certain provisions.

July 24, 2009

March 1, 2009

Key Changes

Original version of DC Rules.