SIFMA recommended a new approach to strengthen cross-border cooperation among regulators to "enhance the coherence of their respective regulations" and "enshrine[] cooperation within legally binding trade agreements."
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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 Resolution Stay Jurisdictional Modular Protocol intended to help market participants comply with newly amended regulations relating to the cross-border enforceability of stays on contractual termination rights.