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What is the ISDA 2016 Credit Support Annex for Variation Margin?

The 2016 Credit Support Annex for Variation Margin (VM) published by the International Swaps and Derivatives Association (ISDA) (2016 CSA VM) forms part of a suite of credit support documents introduced by ISDA to facilitate Compliance with margin Requirements for derivatives that are not subject to mandatory clearing under the European Market Infrastructure Regulation (EU) 648/2012 (OJ L 201, 27.7.2012, p. 1) (EU EMIR) in the EU (with EU EMIR being onshored into the UK as of IP completion day (31 December 2020) byAssimilated Regulation (EU) 648/2012 (UK EMIR)), the Dodd Frank Wall Street Reform and Consumer Protection Act (Dodd Frank) in the US and equivalent legislation in other major financial jurisdictions.

The 2016 CSA VM updates the 1995 ISDA Credit Support Annex (Bilateral Form—Transfer) (1995 CSA) but only in the context of variation margin (VM). This allows parties to establish VM arrangements that meet the regulatory requirements for uncleared swaps. The structure of the document is the same as