The FIA Law & Compliance Give-Up Subcommittee will be opening the customer and trader versions of the EFP Agreement for comments from members on Wednesday, November 20, 2019. The comment period will be open from November 20, 2019 to December 18, 2019. During this time, FIA members are encouraged to send their written suggestions for changes to the language in the agreements via the template submission form attached. Completed submission forms should be sent to Beth Thompson by December 18, 2019. In order to provide needed and timely updates to these agreements, we intend to adhere to this deadline.
The purpose of this open comment period is to allow member input and to provide a structured process for modifications to form agreements. We intend to use this process for other agreements moving forward.
Please keep the following in mind as you complete the submission form:
- The template agreements are intended to be generic;
- The template agreements need to be acceptable in multiple jurisdictions;
- Please consult with your legal and compliance staff for help with drafting appropriate language for submission;
- In addition to describing your suggested changes via the submission form, please also include a blackline of the relevant agreement showing your proposed changes. We’re attaching here an initial mark-up of the EFP Agreement from the Give-Up Subcommittee. Please consider these proposed changes and feel free to build on them.
At the close of the submission period, the Give-Up Subcommittee will compile and review all timely submissions. The Subcommittee may reach out to you for clarification on your submission or to explore an alternative solution. After considering all timely submissions, the Give-Up Subcommittee will use its discretion to recommend revised language to the Law & Compliance Executive Committee. Adopted suggestions will generally be included in the next version release of the relevant template agreement(s), which will be published by FIA and FIA Tech along with a memo explaining the changes in the updated agreement(s). FIA will continue to assert copyright over all form agreements that it publishes, including those that incorporate suggestions from industry.
If you have any questions, please contact Beth Thompson.