In addition, unlike the NAFMII Framework Agreement (2009 version), the NAFMII Framework Agreement (2009 version) was developed in the form of a bilateral agreement. The bilateral approach to signing addresses concerns that a multi-stakeholder signature model, coupled with the mandatory documentation requirement for a wide range of “financial derivatives” under the NAFMII Framework Agreement (2007 version), could cover certain products (e.g.B. structured deposits) that the parties did not wish to regulate through the Framework Clearing Contract. The lawyer said NAFMII has actively cooperated with a combination of Chinese and international companies in different flows in order to standardize its framework contract and make it acceptable for trading offshore RMB agreements. But if the association manages to push the new agreement, it could weigh on relations with ISDA, its global equivalent, the lawyer noted. ISDA and NAFMII have cooperated in the past to establish the China Interbank Market Financial Financial Derivatives Transactions Master Agreement 2007 and 2009. While the NAFMII Framework Agreement (2007 version) and the CFETS Framework Agreement have been well accepted on the market, the intersection between the two Framework Agreements has raised a number of technical and legal issues, in particular as regards the individual agreement and proximity compensation agreements. The NAFMII Framework Agreement (2009 version) contributes significantly to addressing these concerns. With regard to the context: for the first time in March 2004, the derivatives market in China received official state support, with the granting by the China Banking Regulatory Commission (CBRC) of rules governing derivatives-related activities. In July 2006, SAFE and the China Foreign Exchange Trade Trade System (CFETS) issued the RMB-FX Forward and Swaps Principal Agreement (2006), to regulate all RMB-FX-Forwards and RMB-FX agreements traded through CFETS. The 2006 agreement was the first attempt by the Chinese authority to develop a framework agreement based on Chinese law in order to incorporate new concepts that are well recognized in the international financial and derivatives market, such as the concept of individual agreement, provisions of defective assets and compensation rules. . .