Event Publicly Available Information:
Is the obligation set out in Column C of Annex 1 of the attached document a Substitute Reference Obligation of the relevant Affected Reference Entity set out in Column A of Annex 1, while preserving the economic equivalent, as closely as practicable, of the delivery and payment obligations of two hypothetical parties to a Relevant Transaction that would be affected by the identification of a Substitute Reference Obligation?
| Date | Description | Document |
|---|---|---|
| Closed | October 16, 2014: The DC decided that each of the obligations set out in Column C of the table annexed to the resolution is a Substitute Reference Obligation of the relevant Affected Reference Entity in respect of the corresponding Reference Obligation(s) set out in Column B thereof, for the purposes of July 2009 Supplement Transactions and March 2009 Supplement Transactions referencing any such Affected Reference Entity and any such Reference Obligation. The DC Secretary informed the DC that the entity who raised this DC Question has asked the DC Secretary that the Reference Obligation with ISIN XS0129239454 in respect of Banco Comercial Portugues, S.A. be withdrawn from the scope of this DC Question. As a result, the DC further decided to dismiss this DC Question in so far as it relates to the determination of a Substitute Reference Obligation of Banco Comercial Portugues, S.A. with respect to the Reference Obligation with ISIN XS0129239454. | |
| Ongoing | October 10, 2014: The DC met today to discuss the DC Question further. The DC decided that each of the obligations set out in Column C of the first table annexed to the resolution is a Substitute Reference Obligation of the relevant Affected Reference Entity in respect of the corresponding Reference Obligation(s) set out in Column B thereof, for the purposes of July 2009 Supplement Transactions and March 2009 Supplement Transactions referencing any such Affected Reference Entity and any such Reference Obligation. The DC decided that the obligation with ISIN number XS0222841933 is NOT a Substitute Reference Obligation of BANCA POPOLARE DI MILANO SOC. COOP. A R.L. in respect of the Reference Obligation with ISIN number XS0131739665, for the purposes of July 2009 Supplement Transactions and March 2009 Supplement Transactions referencing such Affected Reference Entity and such Reference Obligation. The DC further decided to defer resolution of a Substitute Reference Obligation of the relevant Affected Reference Entity in respect of the Reference Obligations set out in Column B of the second table annexed to the resolution as further time is required to attempt to review and to procure further documentation.
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| Ongoing | October 7, 2014: The EMEA DC met on Tuesday 7 October 2014 to discuss the DC Question. The EMEA DC noted that it required further time to attempt to procure further documentation with respect to certain obligations and agreed to reconvene at a later date to be notified to them by the DC Secretary. | |
| Ongoing | September 18, 2014: The DC considered the DC Question and determined that more time was needed to review the documentation in order to reach a determination on the question. DC members agreed to extend the deadline for holding a binding vote on this DC Question and to defer deliberation of the DC Question until a memo analysing the documentation was produced by the Member who submitted the DC Question and that memo was reviewed by the DC. The next meeting will be held at a time to be determined by the DC Secretary. Furthermore, DC Members added that in circumstances where Eligible Market Participants request the DC to make Substitute Reference Obligation determinations in future, they would be required to provide sufficient information for the DC to make such determinations. | |
| Request Accepted by DC |