On July 26, 2021, ISDA® and IHS Markit announced that the ISDA 2021 Security-Based Swaps (SBS) Protocol Agreement (2021 SBS protocol agreement) is now live on ISDA Amend, enabling protocol participants to securely exchange questionnaires with other protocol participants. ISDA Amend is available on the IHS Markit webpage. Protocol participants can access their counterparty’s elections via Excel downloads (available immediately) or direct API connectivity (available starting August 6, 2021).

On May 18, 2021, ISDA launched the 2021 SBS protocol agreement, which is designed to help firms comply with SEC rules for security-based swaps (SBS) issued under Title VII of the Dodd-Frank Act, which come into force later this year (see Legal Update, ISDA Launches 2021 Security-Based Swaps (SBS) Protocol Agreement to Facilitate Compliance with Upcoming SBS Rules).

The 2021 SBS protocol agreement was created in anticipation of the upcoming October 6, 2021 compliance date for a framework of SEC SBS rules and the related registration deadlines for SBSDs and MSBSPs of November 1, 2021 and December 1, 2021, respectively (see Legal Update, SEC Adopts Final Cross-Border Security-Based Swap (SBS) Amendments and Guidance; SBS Registration and Compliance Requirements Triggered). For details on these rules, see Practice Note, US Derivatives Regulation: Security-Based Swaps (SBS) Toolkit: Requirements for Security-Based Swap Dealers and MSBSPs.

There is no cutoff date for adherence to the 2021 SBS protocol agreement.

For information on ISDA protocols generally, see Practice Note, ISDA Documents: Overview (US): ISDA Protocols.