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

Date: 11-12 October 2018

Time - Day 1: 09.00-18.00
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 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.

Delegate Fees

ICMA Members: £950 + VAT
Non-members: £1850 + VAT

Delegate fees are payable, in advance of the course start date, by invoice or credit card (Visa, MasterCard). To register, please click here.

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.

For any enquiries please contact Leigh Anne Cooke.





Day One

09.00    Registration

09:15    GMRA architecture
Christopher Georgiou, Managing Director, Apollo Legal
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
Christopher Georgiou, Managing Director, Apollo Legal
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
Christopher Georgiou, Managing Director, Apollo Legal
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
Christopher Georgiou, Managing Director, Apollo Legal
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 clause-by-clause analysis: (4) Events of Default and termination events
Christopher Georgiou, Managing Director, Apollo Legal
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)
17:00    Networking drinks reception

18.00    Close of Day 1



Day Two

09.00    Arrival coffee

09:15    GMRA 2011 Annexes: standard Annex I and Annex II and introduction to GMRA 2011 Annexes
 
Christopher Georgiou, Managing Director, Apollo Legal
In this session we will walk through the standard Annex I and Annex II to the GMRA, also discussing key negotiating points, and 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)

10:45    Break

11:00    GMRA 2011 Annexes: key Annexes in depth 
Christopher Georgiou, Managing Director, Apollo Legal
An in-depth review of the most frequently-used GMRA 2011 Annexes 
  • Buy/Sell Back Annex
  • Equities Annex
  • Agency Annex
12:30    Lunch

13:30    Tri-party repo 
Christopher Georgiou, Managing Director, Apollo Legal
We will cover the typical structure and content of tri-party repo documentation and its relationship with the GMRA


15:00    Break

15:15   
Netting opinions
Christopher Georgiou, Managing Director, Apollo Legal
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?

16:45    Close of Day 2

Close of course

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




Registration & Delegate Fees

ICMA Members: £950 + VAT
Non-members: £1,850 + VAT

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

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 11-12 October 2018

Personal details

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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.
 
1. We would like to include your name and company name only on the delegate list (hard copy and pdf) to be distributed at the event.

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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: £950 + VAT
Non-members: £1,850 + 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