Presentation is loading. Please wait.

Presentation is loading. Please wait.

GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues Paul Landless and Emir Nurmansyah 22 November 2012 Indonesian GMRA Annex.

Similar presentations


Presentation on theme: "GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues Paul Landless and Emir Nurmansyah 22 November 2012 Indonesian GMRA Annex."— Presentation transcript:

1 GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues Paul Landless and Emir Nurmansyah 22 November 2012 Indonesian GMRA Annex

2 Introduction GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues Part A: Framework & Transaction Initiation Part B: Margin & Income Payments Part C: Events of Default & Close-out Part D: Boilerplates GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues 2 22 November 2012

3 Part A: Framework & Transaction Initiation GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues 3 22 November 2012

4 Introduction to GMRA Master Agreement What are Master Agreements? Standard contractual terms apply Why are they used? Formalities Transactions agreed orally over telephone Uncertainty Entire agreement clauses GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues 4 22 November 2012

5 Common Architecture Documentation Architecture Master Agreement produced by trade association GMRA Annex (Annex I) Customised Annexes for particular markets or products Confirmations Forms a single agreement No cherry picking Forms the basis for close-out netting GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues 5 22 November 2012

6 The Repo Master Agreement Standard form principal agreement is Global Master Repurchase Agreement (GMRA) Framework agreement used to carry out any number of individual repo transactions Documentation issued by SIFMA and ICMA GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues 6 22 November 2012

7 Annexes to the GMRA The GMRA is designed for use in particular situations where: UK regulatory requirements and UK tax Issuer of the transferred securities may pay the coupon gross Seller and Buyer act as principals Agency Annex The GMRA may be adapted for use in other situations (e.g. buy/sell-back transactions) GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues 7 22 November 2012

8 Examples of GMRA Annexes Annex I – Supplemental Terms and Conditions Annex II – Confirmation Agency Annex Buy/Sell-back Annex Equities Annex Indonesia Country Annex GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues 8 22 November 2012

9 The Confirmation Commercial terms of an individual transaction or "trade" Standard form in Annex II GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues 9 22 November 2012

10 Details of the Confirmations Date of the relevant GMRA Date of the transaction Type and nominal value of the securities transferred Identifying numbers for the securities Name of the buyer and the seller and bank account details Purchase date Additional terms may also be incorporated Purchase price Currency of the contract Repurchase date (or, if the repo is terminable on demand, a statement to this effect) Repo rate Sell-back price (if the transaction is a sell/buy-back) Agency transaction; if so, name of party acting as agent and as principal GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

11 Negotiating a GMRA Annex Buy/Sell-Back Annex applicable? Net-paying Securities to be covered under the agreement? Agency Transactions permitted? Base Currency Designated Offices Pricing Source Spot Rates Delivery of Confirmations Interest Rate on Cash Margin Interest Payment Intervals Delivery Period for Margin Calls Delivery and payment condition precedent applicable? Event of default for fails on a per trade basis applicable? Addresses for communication Agent for service of process GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

12 GMRA Annex – Key Provisions, Market Standards and Relevant Legal Issues GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

13 Overview - Terms under GMRA Annex (1) Standard Terms common to all transactions, e.g.: Representations and Warranties Events of Default Other matters to be agreed between the parties, e.g.: Base Currency for the Transactions Each Party's Address for Service Name of any Process Agent Supplemental Provisions GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

14 Overview - Terms under GMRA Annex (2) InitiationConfirmationTermination Margin Maintenance Income Payments Payment and Transfer Contractual Currency Substitutions Representations and Warranties Events of DefaultTax EventsInterest GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

15 Parties to the GMRA Each party enters individual transactions though designated offices and authorised individuals Designated offices Authorised individuals Regulatory authority GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

16 Paragraph 1 Buyer on one transaction, Seller on another Buy/sell-back transactions between the parties GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues 16 Applicability 22 November 2012

17 Initiation; Confirmation; Termination Paragraph 3 (a): A transaction may be entered into orally or in writing at the initiation of either the seller or the buyer (b): Obligation to deliver written confirmation (c): Purchase Date (d)&(e):Termination On demand transactions (f): Transfer of Equivalent Securities against payment of the Repurchase Price (Paragraph 2(pp)) Pricing Rate (Paragraph 2(jj)) GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

18 Part B: Margin Maintenance & Income Payments GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

19 Margin maintenance (1) Paragraph 4 Concepts: (1) Exposure Party with Net Exposure in respect of other party may require other party to make Margin Transfer equal to Net Exposure Net Exposure determined with reference to Transaction Exposure Transaction Exposure = diff between Repurchase Price x Margin Ratio and market value of equivalent securities GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

20 Margin maintenance – Example 1 On Purchase Date: Exposure - Purchased Securities: $100- Cash: $100 - Exposure = 0- Exposure: 0 GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012 Buyer Seller Purchase Price: $100 Purchased Securities: $100 market value Buyer Seller

21 Margin maintenance – Example 2 Exposure mid-way through transaction - Purchased Securities: $150 - Repurchase Price: $120 - Exposure = 0 - Exposure: $30 Margin call - Purchased Securities: $150 - Repurchase Price: $120 - Exposure = 0- Cash (Cash Margin): $30 - Exposure: 0 GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012 Buyer Seller Buyer $30 Cash Margin Seller

22 Margin maintenance (2) (2) Initial Margin Fixed proportion or ratio of collateralisation for one party (3) Haircut Discount to actual market value of a security Purchased Securities or Margin Securities (for 2011 GMRA) GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

23 Margin maintenance – Example 3 Initial Margin (GMRA 1995 & 2000): 10% in favour of Buyer: OR 10% in favour of Seller: GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012 Buyer Seller Purchase Price: $100 Purchased Securities: $110 market value Buyer Seller Purchase Price: $110 Purchased Securities: $100 market value

24 Margin maintenance (3) – Margin Call Maintenance of Margin (1)Margin Call (Paras 4(a)-(h)) Paragraph 4(a)-(b): Margin calls / Margin call notices Paragraph 4(c): Net Exposure (Exposure, Haircuts and Initial Margin) Paragraph 4(d): Composition of margin transfers Paragraph 4(e)&(f): Cash Margin Paragraph 4(g): Delivery period for margin Paragraph 4(h)&(i): Alternative methods of margining GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

25 Margin Maintenance (4) - Repricing & Adjustment Parties can agree that Net Exposure may instead be eliminated by repricing (Para 4(j)), adjustment (Para 4(k)) or a combination: (2) Repricing (Paragraph 4(j)) Repurchase Date under original transaction deemed to occur Parties deemed to enter into a new transaction Net sum is payable (diff between Repurchase Price under original transaction and Purchase Price under new transaction which is based on market value of securities on Repricing Date) (3) Adjustment (Paragraph 4(k)) Similar to repricing Net amount of securities delivered on Adjustment Date GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

26 Income Payments Paragraph 5 Purpose – economic nature vs legal relationship Manufactured income payments Buyer to credit the seller's account with income on the securities during the term of the repo Income on securities provided as margin / collateral Voting rights and corporate actions? Relevant Legal Issues Recharacterisation issues Power of attorney required? GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

27 Payment and Transfer (1) Paragraph 6 Payment and transfers (Para 6(a)) Method for transferring securities Gross-up (Para 6(b)) Gross-up unless otherwise agreed Para 11 – Tax Events Delivery versus payment (Para 6(c) & (d)) May waive simultaneous transfer/payment but must be on same day Outright title transfer (Para 6(e)&(f)) Absolute title transfer of title to all securities and money Indonesia Annex: paragraph 6 Formalities for the transfer of Indonesian securities / bonds? GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

28 Payment and Transfer (2) Time of the essence (Para 6(g)) Close-out provisions and EODs Settlement netting provisions (Paragraph 6(h) & (i)) Settlement netting vs close-out netting Cash payments Deliver of Securities Paragraph 6(j): Suspension of obligations Optional No Potential EOD Currently the subject of litigation in English courts Indonesian legal position? Recharacterisation-related issues re transfer of Margin Securities? GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

29 Contractual Currency Paragraph 7 Contractual Currency (Para 7(a)) Base Currency (Paragraph 2(d)) Indonesian rupiah FX Issues Foreign exchange restrictions Reporting obligations GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

30 Substitution Paragraph 8 Sellers right to substitute equivalent securities for the securities transferred Equivalent Margin Securities /Equivalent Securities (Paragraphs 2(r)&(s)) Buyers consent required (Para 8(a)) Buyer re-transfers the original securities back to Seller (or an agreed portion of them) (Para 8(b) & (d)) Seller transfers the substitute securities (Para 8(b) & (d)) At least market value as at the date of the re-transfer (Para 8(a) & (d)) Timing of valuation GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

31 Part C: Events of Default & Close-out GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

32 Representations and Warranties (1) Paragraph 9(a) – (h) Breach or representations and warranties an EOD The representations and warranties are repeated on The date on which any transaction is entered into On each day on which the securities are transferred Due authorisation (Para 9(a)) Acting as principal (Para 9(b)) Governmental and regulatory authorisations (Para 9(d)) GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

33 Representations and Warranties (2) No breach of law, constitution or agreement (Para 9(e)) Non-reliance and acceptance of risks (Para 9(g)) Ability to transfer securities free of encumbrances (Para 9(h)) Indonesia Annex No events of default No litigation or arbitration Capacity Portfolio management purpose GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

34 Events of Default (1) Paragraph 10(a) Events of Default and Close-out Netting Events of Default following service of Default Notice Exception: Act of Insolvency (Paragraph 2(a)) Revocation of business license? 2011 GMRA changes to Default Notice Grace Periods? Business Day (Paragraph 2(e)) Mini close-out provisions (Para 10(g) & (h)) GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

35 Events of Default (2) Events of Default (Para 10(a)) Failure to pay Purchase Price or Repurchase Price (Para 10(a)(i)) Failure to deliver securities (optional) (Para 10(a)(ii)) Failure to comply with margin maintenance provisions (Para 10(a)(iv)) Failure to pay manufactured payments (Para 10(a)(iii)) GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

36 Events of Default (3) Act of Insolvency (Para 10(a)(vi)) Indonesia Annex: Business licence revocation: liquidation Bankruptcy and Suspension of Tagment Consent, approval and acquiescence of above Business licence revocation: new 10(a)(xi) Breach of representations in any material respect (Para 10(a)(vii)) Regulatory action against party (Para 10(a)(ix)) Sweep up clause – breach of any other obligations – 30 day grace period (Para 10(a)(x)) GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

37 Mini close-out Provisions Mini close-out (Paras 10(g) and (h)) Failure by Seller to deliver securities on Purchase Date (Para 10(g)) Failure by Buyer to deliver securities on Repurchase Date (Para 10(h)) Termination of transaction Determination default market value of securities and repurchase price Set-off Timing Indonesia Annex: Articles 1425 – 1435 of Code GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

38 Consequences for counterparty upon Event of Default Default Notice Notification of EOD or Potential EOD Required for all events except presentation of winding up petition or appointment of a liquidator Practical difficulties of serving notice Special default notice procedure GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

39 What happens on a default? – what will you seek to recover? Value of positions Recovery of expenses Your hedging costs No liability for consequential loss GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

40 Close-out netting – Example (1) Transaction 1 Purchase Date: 3 months later: - Purchased Securities: $90 - Repurchase Price: $110 GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012 Party A Party B Purchase Price: $100 Purchased Securities: $100 Party A Party B

41 Close-out netting – Example (2) Transaction 2 Purchase Date: 3 months later: - Purchased Securities: $120 - Repurchase Price: $105 GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012 Party B Party A Purchase Price: $100 Purchased Securities: $100 Party B Party A

42 Close-out netting – Example (3) Event of Default occurs: Step 1: Acceleration of obligations GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012 Party A Party B Repurchase Price: $110 Purchased Securities: $90 Party B Party A Purchased Securities: $120 Repurchase Price: $105 T1 T2

43 Close-out netting – Example (4) Step 2: Conversion of delivery obligations into cash obligations GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012 Party A Party B Repurchase Price: $110 DMV: $90 Party B Party A DMV: $120 Repurchase Price: $105 T1 T2

44 Close-out netting – Example (5) Step 3: Netting Single net close-out balance GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012 Party A Party B $15 Party B Party A T1 T2 $20 Party A T1 + T2 Party B $35

45 What happens on a default? – close- out netting Paragraphs 10(b)-(f) & (i)-(k) Repurchase Date accelerated Cash margin repayable and equivalent margin securities deliverable Non-defaulting party establishes Default Market Value of securities, the amount of cash margin to be transferred and the repurchase prices payable Amounts set off to produce single net amount payable by one party to the other Limits on rights to set-off & net? Preferential Transfers under Indonesian Bankruptcy Law? Automatic Early Termination? GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

46 Part D: Boilerplates & Other General Provisions GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

47 Tax Event Paragraph 11 Material adverse effect on that transaction Action by tax authority or change in fiscal or regulatory regime Affected party may give notice to terminate The notice must specify a date for close-out (at least 30 days after the date of notice) Other party may serve counter-notice to prevent such termination The counter-notice will constitute the other party's agreement to indemnify the first party against the adverse effect If no counter-notice, termination will go ahead and the first party will indemnify the other party against any reasonable legal and other professional expenses incurred by the other party Stamp Duty Issues? Sale of Indonesian shares or bonds GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

48 Interest Paragraph 12 Interest is payable on late payments The rate of interest is the greater of the repo rate specified in the confirmation and LIBOR 2011 GMRA: Applicable Rate GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

49 Governing law Paragraph 17 Indonesia Annex Arbitration Clause: Annex I election BAPMI / BANI / SIAC / other Waiver of immunity GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

50 Buy/Sell back vs Repo: Key differences GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues 50 Buy/Sellback vs Repo: Key differences Buy / sellbackRepo Documentation Simple: structured as two separate transactions (spot purchase and forward sale) not under a master agreement More complex: sale and repurchase structured as one transaction under a master agreement Close-out netting Not available due to absence of master agreement All transactions under a master agreement can be terminated if an Event of Default occurs under any one transaction If Party A defaults on any one transaction, Party B must wait for other transactions with Party A to mature 22 November 2012

51 Buy/Sell back vs Repo: Key differences GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues 51 Buy/Sellback vs Repo: Key differences (2) Buy / sellbackRepo Margining Typically not margined Securities regularly valued or marked-to-market and margin called for accordingly Documentation provides for non- compliance and release of excess margin Insolvency Risk Risk that a party becomes insolvent after initial purchase but before forward sale Reduced exposure due to operation of close-out netting Solvent party could be unsecured creditor as regards all sums owing to it from the insolvent party Solvent party will be unsecured creditor only as regards the net balance owing to it from the insolvent party 22 November 2012

52 Buy/Sell back vs Repo: Key differences GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues 52 Buy/Sellback vs Repo: Key differences (3) Buy / sellbackRepo Insolvency Risk Cherry picking a possibility in some jurisdictions Accounting treatment Treated as outright sale Seller retains securities on its balance sheet Securities leave Sellers balance sheet Coupon accrues for benefit of the Seller Securities appear on Buyers balance sheet Coupon accrues for benefit of the Seller 22 November 2012

53 Buy/Sell back vs Repo: Key differences GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues 53 Buy/Sellback vs Repo: Key differences (4) Buy / sellbackRepo Regulatory capital treatment Increased requirement based on gross exposure to counterparty due to lack of close-out netting and margin Reduced requirement based on net exposure to counterparty as obligations can be netted and/or margined Distributions Buyer keeps income when distributed Buyer promptly pays equivalent sum to Seller (manufactured dividend) Accounted for in sellback price paid at maturity Convention only – no contractual obligation on Buyer to pay distributions to Seller 22 November 2012

54 Questions? GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues November 2012

55 Your Contacts GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues 55 Paget Dare Bryan Partner 28th Floor Jardine House One Connaught Place Central Hong Kong SAR T F E Paul Landless Counsel Clifford Chance 12 Marine Boulevard 25 th Floor Tower 3 Marina Bay Financial Centre Singapore Singapore T F E Terry Yang Senior Associate 28th Floor Jardine House One Connaught Place Central Hong Kong SAR T F E 22 November 2012

56 56 Philip Payne Foreign Of Counsel Graha CIMB Niaga 24th Floor Jl. Jend. Sudirman Kav. 58 Jakarta T F , 5121, 5122,5392 E Emir Nurmansyah Partner Graha CIMB Niaga 24th Floor Jl. Jend. Sudirman Kav. 58 Jakarta T F , 5121, 5122,5392 E Your Contacts GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues 22 November 2012

57 A premier law firm in Asia Pacific with deep ties to leading local players Our lawyers advise a diverse client base including domestic and multi-national corporates, banks and other financial institutions, governments and other regulatory bodies, and international partnerships. We have been active in the Asia Pacific region for more than 50 years: –with eight offices across the region and more than 400 lawyers in Bangkok, Beijing, Hong Kong, Perth, Shanghai, Singapore, Sydney and Tokyo –practising English, US, Hong Kong, Japanese, Singapore, Thai and Australian law and providing local law advice in all offices, where the regulatory framework permits, and working with local lawyers in other jurisdictions –receiving one of the first Qualifying Foreign Law Practice licences issued by the Singapore Government, allowing us to provide Singapore law advice –with a joint marketing and cooperation arrangement with VILAF-Hong Duc in Vietnam –creating strong working relationships with local law firms in Malaysia, Indonesia, the Philippines, South Korea and elsewhere in Asia Pacific –providing a multilingual service to reflect the nature of the region November 2011

58 Worldwide contact information 33* offices in 23 countries *Clifford Chance also has a co-operation agreement with Al-Jadaan & Partners Law Firm in Riyadh Abu Dhabi Clifford Chance 9th Floor Al Sila Tower Sowwah Square PO Box Abu Dhabi United Arab Emirates Tel +971 (0) Fax +971 (0) Bucharest Clifford Chance Badea Excelsior Center Academiei Street 12th Floor, Sector 1 Bucharest, Romania Tel Fax Istanbul Clifford Chance Kanyon Ofis Binasi Kat. 10 Büyükdere Cad. No Levent Istanbul Turkey Tel Fax Moscow Clifford Chance Ul. Gasheka Moscow Russian Federation Tel Fax Rome Clifford Chance Via Di Villa Sacchetti, Rome Italy Tel Fax Warsaw Clifford Chance Norway House ul. Lwowska Warszawa Poland Tel Fax Amsterdam Clifford Chance Droogbak 1A 1013 GE Amsterdam PO Box AG Amsterdam The Netherlands Tel Fax Doha Clifford Chance QFC Branch Suite B, 30th floor Tornado Tower Al Funduq Street West Bay PO Box Doha State of Qatar Tel Fax Kyiv Clifford Chance 75 Zhylyanska Street Kyiv Ukraine Tel Fax Munich Clifford Chance Theresienstraße Munich Germany Tel Fax São Paulo Clifford Chance Rua Funchal th Floor São Paulo SP Brazil Tel Fax Washington, D.C. Clifford Chance 2001 K Street NW Washington, DC USA Tel Fax Bangkok Clifford Chance Sindhorn Building Tower 3 21st Floor Wireless Road Pathumwan Bangkok Thailand Tel Fax Dubai Clifford Chance Building 6, Level 2 The Gate Precinct Dubai International Financial Centre PO Box 9380 Dubai United Arab Emirates Tel Fax London Clifford Chance 10 Upper Bank Street London, E14 5JJ United Kingdom Tel Fax New York Clifford Chance 31 West 52nd Street New York, NY USA Tel Fax Shanghai Clifford Chance 40th Floor Bund Centre 222 Yan An East Road Shanghai China Tel Fax Barcelona Clifford Chance Av. Diagonal Barcelona Spain Tel Fax Düsseldorf Clifford Chance Königsallee Düsseldorf Germany Tel Fax Luxembourg Clifford Chance 2-4 place de Paris B.P L-1011 Luxembourg Grand-Duché de Luxembourg Tel Fax Paris Clifford Chance 9 Place Vendôme CS Paris Cedex 01 France Tel Fax Singapore Clifford Chance 12 Marina Boulevard 25th Floor Tower 3 Marina Bay Financial Centre Singapore Singapore Tel Fax Beijing Clifford Chance 33/F, China World Office 1 No. 1 Jianguomenwai Dajie Chaoyang District Beijing China Tel Fax Frankfurt Clifford Chance Mainzer Landstraße Frankfurt am Main Germany Tel Fax Madrid Clifford Chance Paseo de la Castellana Madrid Spain Tel Fax Perth Clifford Chance Level 12, London House 216 St Georges Terrace Perth, Western Australia 6000 Australia Tel Fax Sydney Clifford Chance Level 16 No. 1 O'Connell Street Sydney NSW 2000 Australia Tel Fax Brussels Clifford Chance Avenue Louise 65 Box Brussels Belgium Tel Fax Hong Kong Clifford Chance 28th Floor Jardine House One Connaught Place Hong Kong Tel Fax Milan Clifford Chance Piazzetta M.Bossi, Milan Italy Tel Fax Prague Clifford Chance Jungmannova Plaza Jungmannova Prague 1 Czech Republic Tel Fax Tokyo Clifford Chance Akasaka Tameike Tower, 7th Floor 17-7 Akasaka 2-Chome Minato-ku, Tokyo Japan Tel Fax Riyadh (Co-operation agreement) Al-Jadaan & Partners Law Firm PO Box 3515, Riyadh Fifth Floor, North Tower Al-Umam Commercial Centre Salah-AlDin Al-Ayyubi Street Al-Malaz, Riyadh Kingdom of Saudi Arabia Tel Fax

59 Clifford Chance, 10 Upper Bank Street, London, E14 5JJ © Clifford Chance LLP 2011 Clifford Chance LLP is a limited liability partnership registered in England and Wales under number OC Registered office: 10 Upper Bank Street, London, E14 5JJ We use the word 'partner' to refer to a member of Clifford Chance LLP, or an employee or consultant with equivalent standing and qualifications SINGAP v1 GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues


Download ppt "GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues Paul Landless and Emir Nurmansyah 22 November 2012 Indonesian GMRA Annex."

Similar presentations


Ads by Google