The ISDA 2018 U.S. Resolution 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. §§ 382.1-7) and the Office of the Comptroller of the Currency (12 C.F.R. §§ 47.1-8) (US Stay Regulations). The US Stay Regulations impose requirements on the terms of swaps, repos and other qualified financial contracts of global systemically important banking organizations.

The ISDA 2025 Notices Hub Protocol enables parties to Protocol Covered Documents to amend the terms of each such Protocol Covered Document to allow for the use of the ISDA Notices Hub Platform.

The ISDA 2021 SBS Top-Up Protocol (the “SBS Top-Up Protocol”) is part of ISDA’s Dodd-Frank Documentation Initiative aimed at assisting the industry in implementing and complying with the regulatory requirements imposed under Title VII of the Dodd–Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”). Specifically, the SBS Top-Up Protocol facilitates industry compliance with rulemakings promulgated by the U.S. Securities and Exchange Commission (“SEC”) related to Security-Based Swaps (“SBS”). For those parties who have adhered to either or both of ISDA’s August 2012 DF Protocol and March 2013 DF Protocol, this protocol allows the terms previously included by the parties for CFTC compliance to be “topped up” for SEC compliance.

The Protocol is relevant for parties that entered into credit derivatives transactions referencing German banks. On July 21, 2018, a change in German law allowed German banks to issue two types of senior unsecured debt obligations – senior preferred and senior non-preferred. On November 26, 2018, the ISDA Credit Steering Committee issued a statement regarding changes to the documentation practice for credit default swap transactions referencing German banks to allow for trading of CDS on both senior preferred and senior non-preferred terms. The Protocol amends legacy transactions referencing certain German banks to apply these new documentation terms to ensure fungibility with new transactions.
**IMPORTANT UPDATE** The Cut-off Date for adherence to this Protocol has been extended to Friday, April 26, 2019. The Cut-off Time remains 5:00 p.m., New York time. The Implementation Date is now May 11, 2019.

**IMPORTANT UPDATE on the ISDA 2019 German Bank CDS Protocol:** This protocol is now closed as of 5 pm, New York time, on Friday, April 26, 2019, and per the terms of the protocol agreement you are no longer able to submit an adherence letter for this protocol. ISDA has determined that ten Reference Banks have adhered to the Protocol as at 5pm New York time on Friday, April 26, 2019, and therefore the Protocol Effectiveness Condition is satisfied.