CLEG Working Groups

CLEG Working Groups


To explore specific industry issues in depth, the Contracts and Legal Education Group (CLEG) has several working groups following and digesting key developments and providing regular updates to members. Current working groups include the Canadian Derivatives Regulatory Working Group, Contract Provision Review Working Group, Dodd-Frank Working Group, Gap Risk Working Group, Letters of Credit Working Group and Master Netting Agreement Working Group. If you are interested in joining or learning more about a specific working group, please contact us.

Alberta Capacity Market Working Group

Chair: Cameron Hughes, McCarthy Tetrault

The Alberta Capacity Market Working Group was formed in September 2017 to address the changing electricity marketplace in Alberta, and the proposed implementation of a capacity market structure in Alberta. The Working Group will: (i) review and discuss AESO’s implementation of a capacity market and the proposed regulatory framework; (ii) examine and make recommendations to the IECA Canada Committee and the Contracts and Legal Education Committee with respect to Alberta’s capacity market restructuring in the context of a Market Disruption Event; and (iii) develop standard contract provisions for use with ISDA documentation for financially settled power transactions, to address capacity market implementation in Alberta. The Working Group will also consider standard contract provisions to address Change in Law and cost-flow through mechanisms for physical power contracts. The Working Group will continue to monitor the development of the regulatory framework and will propose draft contract provisions as the regulatory framework is finalized.

For more information about the Alberta Capacity Market Working Group, contact Chair Cameron Hughes at

Bankruptcy and Creditor's Rights Working Group

Chair: Mickey Etkin, Lowenstein Sandler LLP
Vice Chair: Andrea Pincus, Reed Smith LLP

The BCR now holds regularly scheduled calls to discuss recent events and topics of general interest along with addressing questions forwarded to the dedicated e-mail address. The calls are scheduled at 2:00 p.m. Eastern on the second Wednesday of the month and are intended to last 30-45 minutes, depending on the agenda. The Bankruptcy and Creditor's Rights (BCR) Working Group also provides alerts to CLEG members regarding developments and decisions in the bankruptcy and restructuring arena relevant to the energy industry.

Many of our CLEG members, especially in today’s climate, are confronted with bankruptcy and creditor’s rights issues consistently.  Our hope continues to be to bring together various contract, credit and legal professionals with the expertise, need and/or desire to contribute to an ongoing discussion that offers a full spectrum of views on bankruptcy and creditor’s rights related issues.

We strongly encourage members to email with questions or issues of interest. If you would like to join or participate in the BCR, please contact the IECA office at stating that you want to join or participate in the Bankruptcy and Creditor’s Rights Working Group or BCR.

Canadian Derivatives Regulatory Working Group

Chair: Priscilla Bunke, PetroChina International (Canada) Trading Ltd

As the Canadian securities regulators rulemaking process continue to progress to the proposing of new model provincial rules to regulate over-the-counter ("OTC") derivatives and these model provincial rules become finalized by the different Canadian provinces pursuant to their individual provincial legislative authority, this IECA Canadian Derivatives Regulatory Working Group intends to raise the common concerns relating to these new proposed rules that could significantly impact the IECA membership to Canadian securities regulators.

As Canadian securities regulators are not solely responsible for Canada meeting its G20 commitments regarding the oversight of OTC derivatives in Canada, the Working Group will also follow any regulatory developments by the Bank of Canada to oversee the OTC derivatives market and any amendments to the Bank Act by the Canadian Federal Department of Finance to create explicit regulation-making authority over banks that trade standard derivatives.

For more information about the Canadian Derivatives Regulatory Working Group, contact

Contract Provision Review Working Group

Chair: Jeff Heffernan, O'Heffernan LLC

The Contract Provision Review (“CPR”) Working Group holds regularly scheduled calls to review and discuss the pros and cons of certain contract provisions identified by members.  Many CLEG members routinely work on contracts with limited ability to benchmark their reviews with others.  To promote coordination and collaboration among industry professionals, the CPR Working Group hopes to create a diverse team of contract and legal personnel that can contribute to an ongoing discussion that offers a full spectrum of views on provisions reviewed by the group.

Prior to each call, CPR Working Group members can submit contract provisions that they are working on (or have worked on since the last call) that they would like to propose for group review and discussion.  In addition, time will be reserved on each call for a general discussion on provisions that were not provided in advance.

The Working Group plans to index each provision discussed by its members along with pros, cons and any recommended variations for consideration.  Over time, the end result is expected to be an online resource (available only to CPR working group members) of all the provisions reviewed and related discussions organized by contract type (e.g., 1992 ISDA, 2002 ISDA, EEI, NAESB, etc.) and the type of provision (e.g., Cross Default, Set Off, etc.).  The goal is for this contract provision database to become a useful resource for CPR Working Group members in reviewing and negotiating similar provisions in their company’s various trading agreements.  If you would like more information or to join, please contact Jeff Heffernan at

Share your contract provisions for review--Click Here!
Do you have provisions that you would like the Contract Provision Review (''CPR") Working Group to review or discuss? Submit them by clicking the link above to be considered for potential inclusion on the agenda for a future CPR conference call. 

Dodd-Frank Working Group

Chair: Philip Lookadoo, Haynes & Boone LLP

As the Dodd-Frank Act rulemaking process has entered a phase of modifying some of its existing rules and interpretations, the role of the IECA’s Dodd-Frank Working Group ("DFWG"), chaired by Phil Lookadoo of Haynes and Boone LLP, has become potentially more relevant to the regulators and to IECA members than ever before.   Since the inception of the DFWG, the group has filed a number of comment letters and petitions with the CFTC regarding issues that are of significant impact to the IECA membership.  As a result of these filings and other work done by the DFWG, the CFTC is making modifications to its regulations to ensure that swap markets continue to work for commercial end-users.

The DFWG is responsible for producing a number of documents to help the IECA members address their Dodd-Frank related obligations including the IECA Amendment Adopting, Incorporating and Amending ISDA® August 2012 DF Supplement, IECA Amendment Adopting, Incorporating and Amending the ISDA® March 2013 DF Supplement, IECA Dodd-Frank Act Representations And Reporting Amending Agreement, IECA Amendment Adopting, Incorporating and Amending the ISDA® DF Protocol ExtensionEMIR Protocol Reconciliation, Dispute Resolution and Disclosure and more.   Further, the DFWG continues to actively monitor and participate in various initiatives being undertaken by ISDA® including its Resolution Stay Protocol.

The IECA’s DFWG provides a continuing educational service to the IECA’s members by providing a free weekly update call every Friday morning and periodic email updates during the week. If you would like to join our efforts, whether simply to keep up on Dodd-Frank developments affecting the energy industry or to actively participate in our efforts to ensure that regulatory and transactional developments recognize the interests of energy companies, please contact Phil Lookadoo at, KC Hairston at, or Wendy Lewis at
Share Your Dodd-Frank Implementation Issues--Click Here!
IECA is collecting feedback on issues related to Dodd-Frank implementation for purposes of identifying potential areas of common concern. The association may seek clarification from the CFTC on these common issues and will not respond to individual comments. Please note you may remain anonymous when sharing your feedback.

Master Netting Agreement Working Group

Co Chair: Scott Le Bouef, Stroock & Stroock & Lavan, LLP
Co Chair: Zack Starbird, BP - Oil Americas

The IECA launched its Master Netting Agreement Working Group to develop a straightforward master netting agreement that is easy to negotiate, flexible enough to cover a variety of physically- and financially-settled transactions, and effective under both English and New York law.  This effort arose as a reaction to the relative complexity of existing master netting agreement forms, and in some regions, the lack of a commonly used form.  The working group is currently finalizing a bilateral form of master netting agreement and has engaged Reed Smith LLP to provide legal opinions under both New York and English law.  Following completion of the bilateral master netting agreement, the working group intends to develop a form of credit support annex to be used in conjunction with the master netting agreement and a user’s guide for both documents.  Longer term, the working group will consider developing a form of cross-affiliate master netting agreement for industry use.  The working group is always open to new members.