On August 13th, the International Swaps and Derivatives Association announced the launch of the August 2012 Dodd-Frank Protocol. The ISDA Protocol is designed to allow swap market participants to simultaneously amend multiple ISDA Master Agreements for the purpose of facilitating compliance with Dodd-Frank regulatory requirements, such as External Business Conduct Rules and others, as they are finalized. It consists of a series of amendments to existing documentation, as well as standardized questionnaires that must be completed by counterparties to satisfy new regulations. These questionnaires must be delivered to each relevant counterparty for the amendments and compliance to be effective. ISDA Press Release.