Mark Hapgood QC appointed to the ISDA External Review Panel

26/01/16

Mark Hapgood QC has been appointed a member of the External Review Panel created under Paragraph 4 of the ISDA Credit Derivatives Determinations Committees Rules.  The Expert Review Panel reviews decisions of the Determination Committees (DCs).

The DCs each consist of 10 sell-side and five buy-side voting firms, alongside three consultative firms and central counterparty observer members. ISDA acts as a secretary to each DC, and does not have a vote.  The role of the DCs is to apply the definitions within credit default swap documentation to specific cases, and make factual, evidence-based determinations on Credit Events and other issues.

The purpose of the pool of external reviewers is to create a resource of experts on which the DC can draw to review certain questions in respect of which the DC has voted and a majority of the DC members (i.e. over 50% of the voting members) has reached a certain conclusion but that majority is not a supermajority of 80%.  A panel of three experts is convened each time such a reviewable question arises.