Insights & Publications
Diversity & Inclusion
© 2020 Debevoise & Plimpton LLP
Back to Top
U.S. Resolution Stay Regulations and the ISDA 2018 U.S. Resolution Stay Protocol
26 October 2018
View Debevoise Update
U.S. banking regulators have issued final rules requiring certain global systemically important banking organizations (GSIBs) to amend all of their qualified financial contracts (QFCs), which include all ISDA Master Agreements and repurchase agreements, to (1) explicitly provide that the exercise of default rights by their counterparty will be subject to certain limitations under Title II of the Dodd-Frank Act and the Federal Deposit Insurance Act and (2) limit the exercise of certain cross-default rights by the counterparty.
The compliance date for most financial counterparties (other than GSIBs and their affiliates) is July 1, 2019, and for non-financial counterparties is January 1, 2020.
The requirements to amend QFCs apply retroactively (to existing QFCs) to the extent any new QFC is entered into after January 1, 2019.
Emilie T. Hsu
UK Modern Slavery Act Transparency Statement
Debevoise Login (2)
Debevoise Women's Review