On 3 May 2016, ISDA published the Resolution Stay Jurisdictional Modular Protocol, following the release of the Universal Resolution Stay Protocol in 2015 and the Resolution Protocol in 2014 – jointly supported by the Financial Stability Board (“FSB”) to uphold in a cross-border context the stay of early termination rights and related rights against important financial institutions benefiting from certain special resolution regimes and U.S. insolvency proceedings.
A new normal begins to emerge in Protocols, as ISDA is shifting from an all-or-nothing formula towards a more flexible proposition under which adhering parties are permitted to make certain elections and additional modules are made available to adhere over time.
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