Tag: Contractual Stays
Taking the Shine off the Silver Bullet – PRA Provides Gentle Warning Against Over-Reliance on ISDA Resolution Stay Protocol
On 13 November the PRA published its policy statement and supervisory statement containing final rules requiring contractual stays in financial contracts governed by third country law (see this blog post for more detail). The policy statement requires firms to amend “financial arrangements” entered into, or materially amended, after the relevant effective dates.[1] Whilst the PRA […]
More Wet Towels on Order as ISDA Relaunches Resolution Stay Protocol
On 12 November 2015, ISDA relaunched the ISDA 2014 Resolution Stay Protocol (now called the “ISDA 2015 Universal Resolution Stay Protocol”). Twenty-one major banks have signed the 2015 protocol at launch. Both the 2014 protocol and the 2015 protocol seek to address the question of “too big to fail”. Specifically, they look to tackle the […]
Devil in the Detail: FSB Eyes Extension of Contractual Stays for G-SIIs?
On 3 November 2015, the Financial Stability Board (FSB) published a consultation paper on “Developing Effective Resolution Strategies and Plans for Systemically Important Insurers”. The consultation paper develops themes first documented in the FSB’s “Key Attributes of Effective Resolution Regimes for Financial Institutions” (the “Key Attributes”). Amongst other things, it discusses the way in which […]
PRA Hold Buy-Side in Headlock Over Early Termination
Introduction On 26 May 2015, the Prudential Regulation Authority (PRA) published Consultation Paper CP 19/15, “Contractual stays in financial contracts governed by third-country law”. The consultation period closes on 26 August 2015 and seeks comment on two aspects of current regulation which impact on portfolios of trading documentation – contractual stays and data mining. Contractual […]