Tue, Apr 10, 2018Event Details for ISDA Master Agreement and Credit Support Annex: Negotiation Strategies Register Now for ISDA Master Agreement and Credit Support Annex: Negotiation Strategies
This symposium offers an ideal opportunity to understand the ISDA Resolution Stay Protocols and their interplay with resolution regimes, including Title II of the Dodd-Frank Act, the Federal Deposit Insurance Act or the U.S. Bankruptcy Code in the United States. It will specifically provide an introduction to the ISDA US Resolution Stay Protocol, which ISDA developed in response to recent US regulations requiring limitations on close out rights and other remedies in financial contracts. These regulations have implications for almost all market participants that transact with US G-SIBs and US operations of non-US G-SIBs.
Prior to the conference, attendees will receive documents with background information on the challenges and concerns that motivated the US resolution regimes and stay protocols.
3.5 CLE Credit Hours Available (New York)
Transitional and Nontransitional
3.5 CPE Credit Hours Available
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Tuesday, April 24, 2018
12:00 PM Registration and Buffet Lunch
12:30 PM Introduction and Welcoming Remarks
12:45 PM Introduction to Stays on Termination Rights and other Remedies under Special Resolution Regimes, including in particular the US Resolution Regimes
Work since the recent financial crisis has focused on the development of resolution regimes for systemically important financial institutions. A key element of these resolution regimes is the ability to stay termination rights and other remedies. These stays typically apply to counterparties of the financial institution in resolution and counterparties of that institution’s affiliates. This panel will cover global standards for stays as set forth by the Financial Stability Board’s Key Attributes of Effective Resolution Regimes for Financial Institutions and stays under resolution regimes in various jurisdictions, with a focus on Title II of the Dodd-Frank Act, the Federal Deposit Insurance Act and the US Bankruptcy Code.
1:15 PM Introduction to ISDA Resolution Stay Protocols
ISDA has published several resolution stay protocols to address concerns that the imposition of stays under the laws of one jurisdiction may not be respected or enforced by courts in other jurisdictions, particularly with respect to contracts governed by the laws of such other jurisdictions. The ISDA 2015 Universal Resolution Stay Protocol provides for the recognition of stays under certain resolution regimes and provides a framework for preventing the exercise of termination rights and other remedies based on an affiliate of a counterparty entering proceedings under the US Bankruptcy Code. The ISDA Resolution Stay Jurisdictional Modular Protocol enables a wide variety of market participants, including the buy-side, to comply with regulations requiring contractual recognition of stays in certain jurisdictions.
2:00 PM US Stay Regulations
In 2017, the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) each issued final regulations requiring contractual recognition of stays under Title II of the Dodd-Frank Act and the Federal Deposit Insurance Act. These regulations also require covered financial institutions to ensure that their counterparties and counterparties of their affiliates would be temporarily stayed from exercising default rights and other remedies if certain of their affiliates enter proceedings under the US Bankruptcy Code. This panel will provide an overview of these regulations and cover the various potential methods for complying with the new requirements.
3:00 PM Coffee Break
3:15 PM ISDA US Resolution Stay Protocol
The US stay regulations require compliance starting in January of 2019. In 2018, ISDA will publish the ISDA US Resolution Stay Protocol to enable compliance with these regulations. As required by the regulations, the ISDA US Resolution Stay Protocol will be based on the ISDA 2015 Universal Resolution Stay Protocol, with certain changes and amendments to facilitate adherence by a broader range of market participants, including the buy-side.
4:15 PM Symposium Concludes
VenueBack to Top
JW Marriott Marquis Miami, 255 Biscayne Boulevard Way, Miami, FL 33131, Phone: +1 (305) 421-8600.
Course LevelBack to Top
Some knowledge of derivatives documentation is assumed. No advance preparation is required.
AccreditationBack to Top
ISDA is an accredited provider of continuing education credits by the following organizations:
ISDA has been certified by the New York State Continuing Legal Education Board as an Accredited Provider of continuing legal education in the state of New York.
ISDA is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors: 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417. www.nasba.org
ContactBack to Top
ISDA Symposium is a registered trademark of the International Swaps and Derivatives Association, Inc.