ISDA added a Japanese jurisdictional module to its Resolution Stay Jurisdictional Modular Protocol. The new module is intended to facilitate compliance with Japanese regulations that require contractual stays to be included in certain financial contracts that are not governed by Japanese law.
Several trade associations submitted comment letters responding to the FDIC's proposed rulemaking to restrict the contractual provisions of qualified financial contracts entered into by certain FDIC-supervised institutions.
The MFA warned that a Federal Reserve Board proposal to restrict the qualified financial contracts of systemically important U.S. banking organizations could "harm the stability of the financial markets while also eroding long-standing and deeply rooted rights of investors, end users and other market participants."
ISDA launched a new protocol to help market participants comply with the EU Bank Recovery and Resolution Directive and to make certain acknowledgments of bail-in powers.