Earlier this week, the International Swaps and Derivatives Association published the "ISDA DF Protocol Extension". As described by ISDA, the newly-published document allows market participants who have already adhered to the ISDA March 2013 DF Protocol (commonly referred to as "DF Protocol 2.0") to facilitate compliance with the portfolio reconciliation and dispute resolution requirements under EMIR without adhering to the ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol (the "July EMIR Protocol").
In sum, the Protocol Extension permits parties that have adhered to DF Protocol 2.0 to agree bi-laterally to use their existing DF Protocol 2.0 arrangements as a substitute for formal adherence to the July EMIR Protocol. As a practical matter, the Protocol Extension functions as a "documentation patch" that either modifies or restates provisions in the DF Protocol 2.0 to bring that protocol document into compliance with certain requirements under Regulation (EU) No.648/2012 of the European Parliament and of the Council of 4 July 2012 on derivatives, central counterparties and trade repositions (often-called, "EMIR").
The ISDA DF Protocol Extension and a very helpful explanatory memorandum can be found here.