In November 2012, the structured and derivatives team of the Jones Day Paris office was appointed advisor to the French Banking Federation (FBF) for its plan to update the French market master contract for non-prescription derivatives transactions, which it first published in 1994 (the “FBF agreement”). The updated FBF agreement was published on 25 June with a standard timetable, a complementary agreement that allows parties to a 2007 FBF agreement to supplement it with the new provisions of the 2013 version and the EMIR schedules to incorporate the eMIR requirements into the agreements signed by the FBF in their 1994 version. 2001 or 2007. The structured and derivatives team also translated the FBF`s updated agreement into English. compensation by a central counterparty. Article 11.13 provides that where one or more transactions must be authorized by a central counterparty in accordance with laws or regulations or agreements between the contracting parties, these parties agree to the conclusion and execution of appropriate supporting documents in order to continue and delete the transactions concerned within the applicable time frame. If the transactions could not be authorized within the applicable time frame, a further change in circumstances (Article 126.96.36.199) allows the parties to terminate these relevant transactions. Unlike other dominant contracts, the FBF agreement does not require that the delay event continue to form the basis for termination. The occurrence of such a delay event is sufficient to give the non-failing party the right to terminate its rights, unless it has waived that right expressly or by continuing the contract. No hierarchy among standard events. The new version specifies that the non-failing party may decide, at its sole discretion, on the basis of which such delay events terminate the captain`s contract and that one of them will not go beyond the other. The new definition of “replacement value.” The definition specifies what was already the case, but which has been the subject of market discussions, that the party, which has obtained various market quotes from the major market players, is free to choose the one of its choice to determine the replacement value.