概览
《初始保证金条例》的第五阶段即将来临，第六阶段可能也为期不远。未偿衍生品账面价值超过80亿美元/欧元的保险公司、对冲基金、退休基金、大型企业和资产管理公司都要遵守该条例，从而面临很高的法律要求。
““在解释全球衍生品法规面临的所有新问题方面，该所被公认为是思想领袖。其实在起草法规修订稿方面，该所也是一个权威，且极具创新能力。”” ——“孖士打是保证金领域的高手”，《全球资本》，2019年9月
举例来说，一家保险公司若拥有50份ISDA主协议，可能需要协商逾300份共受6种法律管辖的新协议，才能满足四种监管制度下的规则。
孖士打拥有一支市场领先的衍生品业务团队，随时准备协助客户迎接衍生品市场有史以来面对的最大挑战。我们广受好评的YouTube系列视频“2019年和2020年未清算衍生品初始保证金”正涵盖了其中的主要议题。
“举例来说，一家保险公司若拥有50份ISDA主协议，可能需要协商逾300份共受6种法律管辖的新协议，才能满足四种监管制度下的规则。”
到底是怎么回事？
《欧洲市场基础设施监管规则》保证金监管技术标准、美国《多德-弗兰克法案》和其他主要全球法规在分阶段引入一项要求：未清算场外衍生品总名义价值超过80亿美元/欧元（或等值）的交易对手方须从其他受类似影响的交易对手方收取“初始保证金”（ IM）。
由于这些保证金必须被隔离，该等安排被称为“初始保证金隔离”（IM Seg）要求。我们的初始保证金系列视频第一套第一集提供了完整的概述。
该要求正在分阶段引入。一开始的说法是将分为五个阶段，但现在可能会分六个阶段。第一阶段于2016年9月和2017年2月生效，要求交易对手方与受类似影响的交易对手方支付和接收IM，适用的情况为双方的衍生品总名义价值都超过3万亿美元/欧元。
第二阶段（2017年）和第三阶段（2018年）分别适用于衍生品总名义价值超过2.25万亿美元/欧元和1.5万亿美元/欧元的交易对手方。第四阶段（2019年）将门槛调低至7,500亿美元/欧元。
第五阶段（2020年9月起适用）本来计划涵盖衍生品总名义价值超过80亿美元/欧元的交易对手方，但现在其门槛可能会调高至750亿美元/欧元，而80亿美元/欧元的门槛会推迟到适用于2021年9月新实施的第六阶段。
业界估计，多达1,100家银行、退休基金、资产管理公司及保险公司将需要遵守第五和第六阶段的要求。适用于第一至第四阶段的金融机构也面临巨大挑战：它们必须为那些被规则涵盖的衍生品准备合规文件。
文件要求十分庞大。业界估计，将有9,500份ISDA主协议需要新文件或对文件进行修订，需要设立多达19,000个隔离IM托管账户。
因为需要进行谈判的法律协议数量众多且极为复杂，衍生品市场的参与者面临着前所未有的挑战。我们的初始保证金系列视频第二套第四集讨论了这一任务的艰巨程度。
可以举例说明这一点：一家拥有50份ISDA主协议的保险公司可能需要根据英国、比利时、法国、卢森堡、美国和爱尔兰法律准备多达300份新文件，其中可能包括IM信用支持附件、信用支持契据、抵押品转让协议以及各种账户控制协议和托管协议及辅助文件。
我们可以提供何种帮助？
为了应对这一挑战，受影响者将需要得到具备下列能力的专业服务机构的协助：
- 全球法律和监管咨询服务能力；
- 广泛业务覆盖以及IM谈判和执行能力；及
- 全面的顾问服务能力，可就托管人、模型和基础架构的选择与实施提供建议。
孖士打正与替代性法律服务提供商DRS和咨询公司Margin Reform携手，创建一项独立但经过整合的安排：IMpact3。
这是一项成本效益极佳的服务——由孖士打提供优质的监管咨询意见和法律分析，以实施正确的IM基础架构；高质量的执行工作和顾问服务则分别交由DRS和Margin Reform完成。
面临第五阶段及潜在第六阶段要求的受影响金融机构将需要其顾问提供下列服务：
- 制定模板和剧本：准备IM文档模板；编制和更新谈判“剧本”；
- 就复杂/定制事宜提供咨询：考虑跨司法辖区IM谈判期间出现的复杂或定制（即非剧本）的法律和监管问题；及
- 提供项目完成后的保证：起草合规/法律备忘录（如果需要）；协助履行登记义务（如果需要）。
上述服务由孖士打提供。面临第五和第六阶段要求的受影响金融机构还将需要下列服务：
- 律师助理服务：创建IM合同草案；与客户联络及跟进；审查客户修订；创建修订草案；创建执行副本；维护文件管理系统（DMS）/项目数据；
- 审查：核实律师助理团队的工作；管理上报利益相关者的程序；确保剧本合规；
- 联络：与外部律所和内部法务团队的联络及培训事宜；及
- 流程管理外包：流程管理；管理信息制作；服务级别协议（SLA）/关键绩效指标（KPI）的监控及资源管理。
上述服务由DRS提供。我们的初始保证金YouTube系列视频第一套第二集讨论了其中的关键议题。
作为Impact3的一部分，甚至在开始具体程序之前，受影响金融机构已经可以享受到专业咨询公司Margin Reform的服务。该公司在披露、技术解决方案、模型选择、抵押品转换、托管人选择等方面积累了多年的经验和知识，能够提供优质的专业顾问服务。Margin Reform的Chetan Joshi在我们初始保证金YouTube系列视频第一套第五集讨论了其中的许多议题。
以上服务由Margin Reform提供。
请参阅我们的 IMpact3手册，以了解更多资历和背景信息；您也可以观看本所的“2019年和2020年未清算衍生品初始保证金”系列视频。欲了解更多信息和展开进一步讨论，请以电邮联络Edmund Parker。
奖项荣誉
Bonds & Loans Awards
International Bond Deal of the Year, 2017
Financial Institutions Financing Deal of the Year, 2017
Mayer Brown represented Turkiye Vakiflar Bankasi A.S. in connection with a EUR 500 million first-ever covered bond issuance by a Turkish bank. The team in London assisted the bank with the related hedging arrangements, which involved complex front and back swap arrangements aimed at eliminating any Turkish lira convertibility risk for the covered bondholders. We also had to ensure compliance of the transaction documentation with the criteria established both by the Turkish Capital Markets Board and Moody’s.
Chambers Europe
Ranked for Capital Markets: Structured Finance (Europe-wide)
Ranked for Capital Markets: Structured Finance (Germany)
“Offers strong US capacity across Europe, helping clients with all aspects of US securities law.” Chambers Europe
Chambers Global
Ranked for Capital Markets: Structured Finance, Securitisation & Derivatives (Global-wide)
Ranked for Capital Markets: Structured Finance (Europe-wide)
Ranked for Capital Markets: Structured Finance (Germany)
Ranked for Capital Markets: Structured Finance & Derivatives (UK)
Ranked for Capital Markets: Derivatives (USA)
“A popular adviser to global financial institutions, regularly sought after for advice on cross-border and transatlantic securitisations and structured finance transactions, driven from the firm's US, London and Hong Kong offices.” Chambers Global
Chambers UK
Ranked for Capital Markets: Structured Finance & Derivatives (London Firms)
“Sources say: ‘They have a very good geographical reach, and they can give clients a good steer as to what is possible in those jurisdictions,’ adding that ‘they're very proactive in answering questions, and can propose solutions to roadblocks.’” Chambers UK
Chambers USA
Ranked for Capital Markets: Derivatives (Nationwide)
“Frequently provides regulatory advice to trade associations, asset managers and banks on issues concerning Dodd-Frank and the Volcker Rule. Also handles extensive transactional work for banking clients and offers notable experience advising on the netting process, as well as margin loans and equity derivatives.“ Chambers USA
Financial Times Asia-Pacific Innovative Lawyers Report 2017
Commended for the Legal Expertise: Managing Complexity & Scale (International) category in relation to the Myingyan Power Project in Myanmar.
“Advised the lenders on risk allocation and negotiated key protections with the government in Myanmar’s first internationally and competitively tendered power project. The Myingyan IPP provides a model for public-private partnerships in Myanmar.” Financial Times
GlobalCapital Americas Derivatives Awards
Americas Law Firm of the Year (Overall), 2019, 2018
US Law Firm of the Year (Regulatory), 2017, 2016
“Be it giving guidance on the cross-border implications of post-crisis regulations or advising on the execution of an esoteric trade, the firm has built a business that can deal with a range of cross-border complexities for both US and non-US clients.” GlobalCapital
GlobalCapital Global Derivatives Awards
Global Law Firm of the Year (Overall), 2019
European Law Firm of the Year (Transactional), 2018, 2017
European Law Firm of the Year (Regulatory), 2016
“Mayer Brown has a practice with equal depth in both New York and English derivatives law, the two regimes that govern 90% of the global derivatives market…. Together with its partners in continental Europe and Hong Kong, Mayer Brown is a truly global derivatives practice. As a result, it has a seat on most banks’ panels of law firms.” GlobalCapital
IFLR1000
Ranked for Capital markets: Derivatives (United Kingdom)
Ranked for Capital markets: Derivatives (United States)
Ranked for Capital markets: Structured finance and securitisation (Germany)
The Legal 500 Germany
Ranked for Structured finance and securitisation
The Legal 500 UK
Ranked for Derivatives (including commodities)
Ranked for Structured products and securitisation
“The practice is at the cutting edge of the derivatives market and it has an impressive buy-side client base advising hedge funds, asset managers, pension funds, insurance companies and multinationals. The firm's combination of US and English law capability in London enables it to handle cross-border transaction work and advise key market players on changes in US and European regulatory markets, including the Dodd-Frank Act.” The Legal 500 UK
The Legal 500 US
Ranked for Structured finance: Derivatives & structured products
Ranked for Financial products (Tax)
“With a number of high-profile partner and counsel hires in 2018, Mayer Brown strengthened what was already 'a creative and pragmatic team', which is well known for its expertise in 'complex derivatives-based products' and its 'excellent regulatory knowledge'.” The Legal 500 US
MPF Awards
Best Philanthropy Engagement, 2019
“Mayer Brown’s outstanding work required not only technical acumen but resilience and patience given the respective demands of the multiple stakeholders in two jurisdictions.” Managing Partners' Forum