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BRRD- the other shoe drops

The BRRD includes broad contractual stay powers enabling EEA Regulators to temporarily:  suspend payment/delivery obligations, restrict the enforcement of security interests and suspend termination rights. Affected financial contracts comprise the majority of English law derivatives, repo and securities lending contracts as well as relevant master agreements. On 22 April 2021 the Commission adopted a delegated […]

Approaching Terminal Complexity? ISDA Publishes JMP

Introduction On 3 May 2016 The International Swaps and Derivatives Association (ISDA) launched the “ISDA Resolution Stay Jurisdictional Modular Protocol” (the “JMP”).  The JMP is designed to enable market participants to comply with regulations in a number of jurisdictions which, broadly, require banks to obtain consent from their counterparties for the inclusion of statutory stays […]

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