The May 1, 2013 compliance date for final Dodd-Frank external business conduct (EBC) rules for swap dealers (SDs) and major swap participants (MSPs) is approaching (see Legal Update, Further Compliance Delays for Dodd-Frank External Business Conduct and Other Swap Dealer Rules). The final EBC rules require SDs and MSPs to obtain certain information from their non-SD/MSP swap counterparties and provide them with certain information about the swaps they are entering into (see Practice Note, Swap Dealers and MSPs: Final Dodd-Frank External Business Conduct (EBC) Rules).

Market participants should consider updating their swap documentation to conform to the new EBC requirements. For information on useful provisions that parties may include in their swap documentation to help satisfy some of the safe harbors contained in the final EBC rules, see Standard Clause, The ISDA Master Agreement: Sample ISDA Schedule Part 5 Representations. Swap counterparties may also facilitate compliance with the final EBC rules without disruption to their swap trading activities by adhering to the ISDA August 2012 DF Protocol (see Practice Note, The ISDA Dodd-Frank Protocol).

For a full complement of Dodd-Frank swap compliance dates, see Checklist, Dodd-Frank Swaps Calendar.