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> Update Notices > 5.1.2 Updates as at June 30 2007
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  • 1. About this guide
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    • 1. About this guide
    • 1.1 Background to the guide
    • 1.2 Legal opinions overview
    • 1.3 Cautions and Update
    • 1.4 Help Topics
  • 2. Master Agreements
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    • 2. Master Agreements
    • 2.1 ISDA
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      • 2.1 ISDA
      • 2.1.1 What is ISDA?
      • 2.1.2 ISDA Documentation Architecture
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        • 2.1.2 ISDA Documentation Architecture
        • 2.1.2.10 Which version of the ISDA Master Agreement should be used?
        • 2.1.2.20 Differences between 1992 and 2002 ISDA Master Agreements
        • 2.1.2.30 The opening paragraph of the ISDA Master Agreement
        • 2.1.2.40 ISDA publications
      • 2.1.3 Commentary on ISDA Master Agreement
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        • 2.1.3 Commentary on ISDA Master Agreement
        • 2.1.3.10 General commentary
        • 2.1.3.20 Australian specific commentary
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          • 2.1.3.20 Australian specific commentary
          • 2.1.3.20.1 KWM legal opinion on Enforceability of Close out Netting
      • 2.1.4 Schedule to the ISDA Master Agreement
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        • 2.1.4 Schedule to the ISDA Master Agreement
        • 2.1.4.10 Parties
        • 2.1.4.20 Part 1 Termination Provisions
        • 2.1.4.30 Part 2 Tax Representations
        • 2.1.4.40 Part 3 Agreement to Deliver Documents
        • 2.1.4.50 Part 4 Miscellaneous
        • 2.1.4.60 Part 5 Other clauses - with commentary - recommended
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          • 2.1.4.60 Part 5 Other clauses - with commentary - recommended
          • 2.1.4.60.1 Introduction
          • 2.1.4.60.2 Application and ISDA Definitions - Recommended clauses
        • 2.1.4.70 Part 5 Other Clausess - with Commentary - Optional
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          • 2.1.4.70 Part 5 Other Clausess - with Commentary - Optional
          • 2.1.4.70.1 Introduction
          • 2.1.4.70.2 Early termination - Optional
          • 2.1.4.70.3 Payment deferral - Optional
          • 2.1.4.70.4 Notices by facsimile - Optional
          • 2.1.4.70.5 Non ISDA transactions subject to ISDA - Optional
          • 2.1.4.70.6 Transfer of Affected Transactions - Optional
          • 2.1.4.70.7 Linking multiple master agreements for netting purposes - Optional
          • 2.1.4.70.8 Definition of 'Close Out Amount' - Optional
          • 2.1.4.70.9 Amended Condition Precedent or Additional Termination Event - Optional
        • 2.1.4.80 Part 5 Other clauses - without commentary
      • 2.1.5 Commentary on the ISDA Definitions
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        • 2.1.5 Commentary on the ISDA Definitions
        • 2.1.5.10 Which version of the ISDA Definitions should be used?
        • 2.1.5.20 Differences between 2000 Definitions and 2006 Definitions
      • 2.1.6 2009 ISDA Close-out Amount Protocol
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        • 2.1.6 2009 ISDA Close-out Amount Protocol
        • 2.1.6.10 Close-out Amount Protocol
        • 2.1.6.20 KWM letter on the Close-out Amount Protocol
      • 2.1.7 2005 ISDA Commodity Definitions
    • 2.2 GMRA
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      • 2.2 GMRA
      • 2.2.1 Use of the GMRA in the Australian market
      • 2.2.2 1995 GMRA
      • 2.2.3 2000 GMRA
      • 2.2.4 2011 GMRA with AFMA Annex I
      • 2.2.5 GMRA Documents
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        • 2.2.5 GMRA Documents
        • 2.2.5.10 1995 GMRA
        • 2.2.5.20 2000 GMRA
        • 2.2.5.25 2011 GMRA
        • 2.2.5.30 GMRA and Australian Annexes Opinion
        • 2.2.5.50 RITS Regulations
    • 2.3 AMSLA/GMSLA
  • 3. Products
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    • 3. Products
    • 3.1 Confirmations (including long form confirmations)
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      • 3.1 Confirmations (including long form confirmations)
      • 3.1.1 Confirmations under an ISDA Master Agreement
      • 3.1.2 Long form confirmations
    • 3.2 Interest rate products
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      • 3.2 Interest rate products
      • 3.2.1 Interest rate swaps
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        • 3.2.1 Interest rate swaps
        • 3.2.1.10 The basics and Australian specific commentary
        • 3.2.1.20 Confirmation with commentary
        • 3.2.1.30 Confirmation without commentary
        • 3.2.1.40 Confirming through Austraclear
      • 3.2.2 Interest Rate Swaptions
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        • 3.2.2 Interest Rate Swaptions
        • 3.2.2.10 The basics and Australian specific commentary
        • 3.2.2.20 Confirmation with commentary
        • 3.2.2.30 Confirmation without commentary
      • 3.2.3 Australian Dollar Overnight Index Swaps
      • 3.2.4 Interest rate caps, collars and floors
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        • 3.2.4 Interest rate caps, collars and floors
        • 3.2.4.10 The basics and Australian specific commentary
        • 3.2.4.20 Interest rate cap confirmation with commentary
        • 3.2.4.30 Interest rate cap confirmation without commentary
        • 3.2.4.40 Interest rate collar confirmation with commentary
        • 3.2.4.50 Interest rate collar confirmation without commentary
        • 3.2.4.60 Interest rate floor confirmation with commentary
        • 3.2.4.70 Interest rate floor confirmation without commentary
      • 3.2.5 Forward rate agreements (FRA)
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        • 3.2.5 Forward rate agreements (FRA)
        • 3.2.5.10 The basics and Australian specific commentary
        • 3.2.5.20 Guide for completing Confirmations for A$ FRAs
        • 3.2.5.30 Guide for completing Confirmations for Non-A$ FRAs
    • 3.3 Currency products
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      • 3.3 Currency products
      • 3.3.1 Currency swaps
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        • 3.3.1 Currency swaps
        • 3.3.1.10 The basics and Australian specific commentary
        • 3.3.1.20 Confirmation with commentary
        • 3.3.1.30 Confirmation without commentary
      • 3.3.2 Currency options
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        • 3.3.2 Currency options
        • 3.3.2.10 The basics and Australian specific commentary
        • 3.3.2.20 Australian Addendum and the 1998 FX and Currency Option Definitions
        • 3.3.2.30 Confirmation for Deliverable Currency Option with commentary
        • 3.3.2.40 Confirmation for Deliverable Currency Option without commentary
        • 3.3.2.50 Confirmation for Non-Deliverable Currency Option with commentary
        • 3.3.2.60 Confirmation for Non-Deliverable Currency Option without commentary
        • 3.3.2.70 Sample Surrender Confirmation for Currency Option with commentary
        • 3.3.2.80 Sample Surrender Confirmation for Currency Option without commentary
      • 3.3.3 Foreign Exchange Transactions
    • 3.4 Credit Derivatives
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      • 3.4 Credit Derivatives
      • 3.4.1 Legal opinion on the 2003 ISDA Credit Derivatives Definitions and the March 2009 Supplement
      • 3.4.2 Legal opinion on CDS Big Bang Protocol
      • 3.4.3 Legal opinion on CDS Small Bang Protocol
      • 3.4.4 Legal opinion on the 2014 ISDA Credit Derivatives Definitions
    • 3.5 Equity Derivatives
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      • 3.5 Equity Derivatives
      • 3.5.1 Legal opinion prepared by KWM
    • 3.6 Securities lending
    • 3.7 Repos
    • 3.8 Electricity
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      • 3.8 Electricity
      • 3.8.1 Introduction
      • 3.8.2 Types of Transactions
      • 3.8.3 How to document electricity transactions
      • 3.8.4 Notes on June 2006 Australian Electricity Addendum
      • 3.8.5 Notes on the 2005 ISDA Commodity Definitions
      • 3.8.6 AFMA Electricity Addendum
      • 3.8.7 Additional Clauses
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        • 3.8.7 Additional Clauses
        • 3.8.7.1 Recommended incorporation clauses
        • 3.8.7.2 Additional credit support
        • 3.8.7.3 Optional generator clauses
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          • 3.8.7.3 Optional generator clauses
          • 3.8.7.3.1 Regulatory disruption
          • 3.8.7.3.2 Force Majeure Provision
        • 3.8.7.4 1992 ISDA Master Agreement
    • 3.9 Environmental products
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      • 3.9 Environmental products
      • 3.9.1 Introduction
      • 3.9.2 Description
      • 3.9.3 Documenting Environmental Products Transactions
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        • 3.9.3 Documenting Environmental Products Transactions
        • 3.9.3.10 Commentary on the AFMA Environmental Products Addendum
        • 3.9.3.20 Commentary on Standard Form Fixed Forward Confirmation
        • 3.9.3.30 Commentary on Standard Form Option for the Fixed Forward Sale of Environmental Products
        • 3.9.3.40 Commentary on the AFMA Environmental Products Spot Contract
        • 3.9.3.50 Commentary on the AFMA RGGO Spot Contract
      • 3.9.4 Documents
    • 3.10 Gas
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      • 3.10 Gas
      • 3.10.1 Introduction
      • 3.10.2 Description
      • 3.10.3 Using the AFMA Gas Addendum
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        • 3.10.3 Using the AFMA Gas Addendum
        • 3.10.3.1 Commentary – AFMA Gas Addendum
        • 3.10.3.2 Commentary – STTM/DWGM Confirmation
        • 3.10.3.3 Commentary – Wallumbilla Confirmation
      • 3.10.4 AFMA Gas Addendum
    • 3.11 Carbon
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      • 3.11 Carbon
      • 3.11.1 Introduction
      • 3.11.2 Description
      • 3.11.3 Documenting Environmental Products Transactions
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        • 3.11.3 Documenting Environmental Products Transactions
        • 3.11.3.10 Commentary on the AFMA ACCU Master Agreement
        • 3.11.3.20 Commentary on the AFMA ACCU Spot Agreement
        • 3.11.3.30 Commentary on the AFMA ACCU Forward Contract
      • 3.11.4 Documents
      • 3.11.5 Additional Clauses
  • 3.8.7.3.1.1 Introduction
  • 3.8.7.3.1.2 Rationale and principles for regulatory disruption provision
  • 3.8.7.3.1.3 Notes on the Regulatory Disruption clause
  • 3.8.7.3.1.4 Regulatory Disruption clause - optional
  • 3.8.7.3.2.1 Rationale and principles for force majeure provision
  • 3.8.7.3.2.2 Notes on the Force Majeure Provision
  • 3.8.7.3.2.3 Force Majeure provision
  • 4. Issues
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    • 4. Issues
    • 4.1 Regulation
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      • 4.1 Regulation
      • 4.1.1 Australian Financial Services Legislation
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        • 4.1.1 Australian Financial Services Legislation
        • 4.1.1.10 What is a derivative under the Corporations Act
        • 4.1.1.20 When an Australian Financial Services Licence is needed for derivatives
        • 4.1.1.30 Documents and disclosure
      • 4.1.2 Foreign exchange regulation
      • 4.1.3 Insurance legislation
      • 4.1.4 Gaming and wagering legislation
      • 4.1.5 Trade practices legislation
    • 4.2 Tax/stamp duty
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      • 4.2 Tax/stamp duty
      • 4.2.1 Tax
      • 4.2.2 Stamp Duty
    • 4.3 Netting
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      • 4.3 Netting
      • 4.3.1 Netting under the ISDA Master Agreement
      • 4.3.2 Netting in Australia
      • 4.3.3 KWM legal opinions on Enforceability of Close-out Netting
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        • 4.3.3 KWM legal opinions on Enforceability of Close-out Netting
        • 4.3.3.1 KWM update opinion dated 5 March 2025
        • 4.3.3.2 KWM opinion on netting under the AFMA ACCU Master Agreement date 26 November 2024
    • 4.4 Investment managers
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      • 4.4 Investment managers
      • 4.4.1 Contents and summary of this part
      • 4.4.2 Introduction
      • 4.4.3 Legal commentary on the Investment Manager Supplement
      • 4.4.4 Commentary on completing the Investment Manager Supplement
      • 4.4.5 Checklist for using the IMS
      • 4.4.6 Copy of Investment Manager Supplement - Details
      • 4.4.7 Copy of Investment Manager Supplement - Provisions
    • 4.5 Novations
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      • 4.5 Novations
      • 4.5.1 Introduction to novation agreements
      • 4.5.2 Commentary on suggested form of Novation Agreement
      • 4.5.3 Suggested form of Novation Agreement
      • 4.5.4 Commentary on the ISDA Novation Agreement
      • 4.5.5 ISDA 2005 Novation Protocol
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        • 4.5.5 ISDA 2005 Novation Protocol
        • 4.5.5.10 Legal opinion prepared by KWM
    • 4.6 Collateral
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      • 4.6 Collateral
      • 4.6.1 Introduction
      • 4.6.2 Types of credit support documentation
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        • 4.6.2 Types of credit support documentation
        • 4.6.2.10 Overview of ISDA documentation
        • 4.6.2.20 English Annex
        • 4.6.2.30 English Deed
        • 4.6.2.40 New York Annex
        • 4.6.2.50 Margin Provisions
        • 4.6.2.60 ISDA Collateral Asset Definitions
        • 4.6.2.70 2005 ISDA Collateral Guidelines
        • 4.6.2.80 Amendments to the English Annex and New York Annex
        • 4.6.2.90 2002 Master Agreement Protocol
      • 4.6.3 Commentary on ISDA credit support documentation
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        • 4.6.3 Commentary on ISDA credit support documentation
        • 4.6.3.10 Summary of how the English Annex works
        • 4.6.3.20 Summary of how the English Deed works
        • 4.6.3.30 Summary of how the New York Annex works
        • 4.6.3.40 Australian legal opinion
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          • 4.6.3.40 Australian legal opinion
          • 4.6.3.40.1 KWM legal opinion on the English Annex
        • 4.6.3.50 Australian specific tax commentary
        • 4.6.3.60 Australian specific stamp duty commentary
      • 4.6.4 Completing the English Annex
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        • 4.6.4 Completing the English Annex
        • 4.6.4.10 Front page
        • 4.6.4.20 Paragraph 11(a) - Base Currency and Eligible Currency
        • 4.6.4.30 Paragraph 11(b) - Credit Support Obligations
        • 4.6.4.40 Paragraph 11(c) - Valuation and Timing
        • 4.6.4.50 Paragraph 11(d) - Exchange Date
        • 4.6.4.60 Paragraph 11(e) - Dispute Resolution
        • 4.6.4.70 Paragraph 11(f) - Distributions and Interest Amount
        • 4.6.4.80 Paragraph 11(g) - Addresses for Transfers
        • 4.6.4.90 Paragraph 11(h) - Other Provisions
        • 4.6.4.100 Additional provisions for the 1992 ISDA Master Agreement
        • 4.6.4.110 Additional provisions for the 2002 ISDA Master Agreement
      • 4.6.5 Issues relating to indirectly held securities
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        • 4.6.5 Issues relating to indirectly held securities
        • 4.6.5.10 Introduction
        • 4.6.5.20 International initiatives
        • 4.6.5.30 Hague Convention
        • 4.6.5.40 UNIDROIT Project
    • 4.7 Unfair Contract Terms
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      • 4.7 Unfair Contract Terms
      • 4.7.1 Introduction
      • 4.7.2 The ISDA EMU Protocol
      • 4.7.3 The July 1998 AFMA issues paper
      • 4.7.4 The KWM legal opinions
    • 4.8 PPSA
    • 4.9 Cases on Derivatives
  • 5. Update Notices
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    • 5. Update Notices
    • 5.1.1 Current updates
    • 5.1.2 updates as at june 30
  • 6. Archive
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    • 6. Archive
    • 6.1 Past Legal Opinions
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      • 6.1 Past Legal Opinions
      • 6.1.2.3 - opinion on GMRAs governed by Australian law
      • 6.1.2.4 - opinion on GMSLAs governed by Australian law and AMSLAs
    • 6.2 IFEMA
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      • 6.2 IFEMA
      • 6.2.1.1 IFEMA - KWM opinion
    • 6.3 Short Form FX Agreement
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      • 6.3 Short Form FX Agreement
      • 6.3.1 AFMA Short Form FX Agreement
    • 6.4 Electricity Documentation
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      • 6.4 Electricity Documentation
      • 6.4.1 Electricity
      • 6.4.2 August 2010 Australian Carbon Benchmark Addendum
    • 6.5 Past Environmental Products Documentation
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      • 6.5 Past Environmental Products Documentation
      • 6.5.1 Environmental Products
      • 6.5.2 Past Environmental Products Documentation - 12 July 2013 JWS Explanatory Note
      • 6.5.3 June 2017 - Environmental products
      • 6.5.4 August 2023 Environmental Products Documents
    • 6.6 Past Gas Documentation
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      • 6.6 Past Gas Documentation
      • 6.6.1 Gas Trading
      • 6.6.2 Australian Gas Trading Addendum (edition July 2013)
      • 6.6.3 Sample confirmation - physical delivery
      • 6.6.4 Sample confirmation - cash settled VIC
      • 6.6.5 Sample confirmation - cash settled STTM
      • 6.6.6 Sample confirmation - cash settled MSV
    • 6.7 Past Carbon Documentation
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      • 6.7 Past Carbon Documentation
      • 6.7.1 AFMA Form of Part [6] and Commentary
      • 6.7.2 AFMA Form of Part [7] and Commentary
      • 6.7.3 Pre-November 2024 Carbon Documentation.
    • 6.8 EMU
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      • 6.8 EMU
      • 6.8.1 Introduction
      • 6.8.2 The ISDA EMU Protocol
      • 6.8.3 The July 1998 AFMA issues paper
      • 6.8.4 The KWM legal opinions

5.1.2 Updates as at June 30 2007

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UPDATE DESCRIPTION

Update 18 – April 2007

Update 17 – December 2006

Update 16 – October 2006

Update 15 – July 2006

Update 14 – November 2005

Update 13 – November 2005

Update 12 – September 2005

Update 11 – July 2005

Update 10 – February 2005

Update 9 – August 2004

Update 8 – November 2003

Update 7 – November 2003

Update 6 – August 2003

Update 5 – June 2003

Update 4 – March 2003

Update 3 – December 2002

Update2  – May 2002

Update 1 – January 2002

This legal opinion relates to changes in Update 1 – Mallesons Stephen Jaques, September 11th 2001

 

 


Last Update Date 13 Apr 2011

1. About this guide
  • 1.1 Background to the guide
  • 1.2 Legal opinions overview
  • 1.3 Cautions and Update
  • 1.4 Help Topics
2. Master Agreements
  • 2.1 ISDA
  • 2.2 GMRA
  • 2.3 AMSLA/GMSLA
3. Products
  • 3.1 Confirmations (including long form confirmations)
  • 3.2 Interest rate products
  • 3.3 Currency products
  • 3.4 Credit Derivatives
  • 3.5 Equity Derivatives
  • 3.6 Securities lending
  • 3.7 Repos
  • 3.8 Electricity
  • 3.9 Environmental products
  • 3.10 Gas
  • 3.11 Carbon
4. Issues
  • 4.1 Regulation
  • 4.2 Tax/stamp duty
  • 4.3 Netting
  • 4.4 Investment managers
  • 4.5 Novations
  • 4.6 Collateral
  • 4.7 Unfair Contract Terms
  • 4.8 PPSA
  • 4.9 Cases on Derivatives
5. Update Notices
  • 5.1.1 Current updates
  • 5.1.2 updates as at june 30
6. Archive
  • 6.1 Past Legal Opinions
  • 6.2 IFEMA
  • 6.3 Short Form FX Agreement
  • 6.4 Electricity Documentation
  • 6.5 Past Environmental Products Documentation
  • 6.6 Past Gas Documentation
  • 6.7 Past Carbon Documentation
  • 6.8 EMU

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