Jurisdictional Modules

On May 5, the International Swaps and Derivatives Association, Inc. (ISDA) launched the ISDA Resolution Stay Jurisdictional Modular Protocol (Protocol), which is designed to assist market participants in complying with new regulations governing the cross-border enforceability of stays on contractual termination rights. The Protocol was developed in reaction to new regulatory changes, such as a framework established by the Financial Stability Board, whereby various national regulators are requiring certain banks in their jurisdiction to obtain counterparty consent for statutory stays on early termination rights, regardless of the contract’s governing law. These changes are designed to reduce the uncertainty regarding the cross-border enforceability of such stays.
Continue Reading ISDA Launches Protocol Regarding Cross-Border Enforceability of Stays on Contractual Termination Rights