What is Resolution stay Protocol?
What is Resolution stay Protocol?
The ISDA 2018 U.S. Resolution Stay Protocol (US Stay Protocol) was created to allow market participants to comply with regulations issued by the Board of Governors of the Federal Reserve System (12 C.F.R. §§ 252.2, 252.81-88), the Federal Deposit Insurance Corporation (12 C.F.R.
What are us stay regulations?
What are the US QFC Stay Rules? US QFC Stay Rules are a set of new requirements that have been adopted by US regulators to mitigate the risk of destabilizing close-outs of qualified financial contracts (QFCs) entered into by US Global Systemically Important Banks (GSIBs) such as BNY Mellon.
What is Dodd-Frank protocol?
The ISDA August 2012 Dodd-Frank Protocol (“DF Protocol 1”) addresses certain requirements of the CFTC External Business Conduct Standards, among others, and applies to US-person (as defined by the CFTC) counterparties to transactions in swaps, foreign exchange swaps or foreign exchange forwards with Deutsche Bank AG (“ …
What are contractual stays?
The power temporarily to suspend termination rights of any party to a contract with either (A) an institution in resolution or (B) a subsidiary of such institution whose obligations are guaranteed or otherwise supported by that institution where the relevant termination right is based solely on the insolvency or …
What is Dodd-Frank Schedule 4?
Schedule 4 includes agreements regarding portfolio reconciliation procedures between counterparties. Under the CFTC rules promulgated under the Dodd-Frank Act, swap dealers and major swap participants are required to reconcile their portfolios and address any discrepancies.
What is a QFC qualified financial contract?
The definition includes any securities contract, commodity contract, forward contract, repurchase agreement, swap agreement and any similar agreement that the Federal Deposit Insurance Corporation (FDIC) determines by regulation, resolution or order to be a qualified financial contract.
