The International Swaps and Derivatives Association (ISDA) has published the ISDA March 2013 Dodd-Frank Protocol (DF Protocol 2.0), which is intended to facilitate industry compliance with three final rulemakings by allowing market participants to:

• supplement the terms of existing written agreements under which parties may execute swaps; or
• enter into an agreement to apply selected Dodd-Frank compliance provisions to their trading relationship in respect of swaps.

The protocol and corresponding FAQs can be found here. The DF Protocol 2.0 adds notices, representations and covenants responsive to Dodd-Frank requirements that must be satisfied at or prior to the time that swap transactions are offered and executed. In addition, the DF Protocol 2.0 includes additional bilateral delivery requirements, including a Protocol Questionnaire, to allow counterparties to make certain elections related to their swap trading relationship under Dodd-Frank. The Protocol is open to ISDA members and non-members. In order to facilitate implementation of Dodd-Frank rulemakings, ISDA plans to launch future Protocols to simplify documentation changes for upcoming CFTC and SEC final rules, as well as changes under EMIR, MiFiD and MiFIR. This last point is important to note and shows the importance of such protocols to the industry as a whole. Watch the proceedings of ISDA carefully and use to your best advantage.