Publicly available information and eligible information

Indra Rajaratnam

18.1 INTRODUCTION

Having taken a deep dive into the requirements of each credit event and the requirements relating to a successor determination, this part of the expedition builds on evidentiary, administrative and timingrelated matters. This chapter specifically covers the type of information that constitutes evidence to establish a credit event and make a successor determination. This chapter expounds the definition of “publicly available information” (PAI) and briefly describes a “notice of publicly available information” (NPAI). The nature of PAI, the acceptable sources of PAI and the types of information that need not be stated in a PAI are explored. The chapter also focuses on confidentiality obligations and describes the impediment such obligations create in establishing the evidence required for determinations under the 2014 ISDA Credit Derivatives Definitions (henceforth the “2014 Definitions”; see International Swaps and Derivatives Association Inc. 2014b). In the concluding section, the wider form of information, namely “eligible information”, which is required in assessments relating to successor determinations and the “credit deterioration requirement”, is outlined