In this issue:
- Derivatives
- Bank Prudential Regulation & Regulatory Capital
- Recovery & Resolution
- Financial Services
- Funds
- People
- Excerpt from Derivatives:
SDA Resolution Stay Protocol Announced -
On October 11, 2014, the International Swaps and Derivatives Association (“ISDA”) announced that 18 banks have agreed to sign the new ISDA Resolution Stay Protocol. The Protocol, which will take effect from January 1, 2015, will impose a stay on cross-default and early termination rights in standard ISDA derivatives contracts between any of the 18 firms if one of them is subject to resolution. The press release states that regulators have committed to developing new regulations in their jurisdictions in 2015 that will promote broader adoption of the stay provisions beyond the 18 banks, a commitment that is also being pushed by the Financial Stability Board.
Please see full publication below for more information.