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ARTICLE · 15 OCTOBER 2014

FSB Consults On Cross-Border Recognition For Resolution Action

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FSB released a consultation, on September 29, 2014, on establishing an effective cross-border recognition framework for cross-border resolution.

European UnionFinance and Banking
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The Financial Stability Board ("FSB") released a consultation, on September 29, 2014, on establishing an effective cross-border recognition framework for cross-border resolution. The FSB is proposing: (i) a set of elements for inclusion in statutory cross-border recognition frameworks; and (ii) contractual approaches to cross-border recognition including (a) temporary stays on early termination rights in financial contracts; and (b) bail-in of debt instruments. For temporary stays, the FSB paper states that the International Swaps and Derivatives Association has developed a draft protocol to its Master Agreement which would support the cross-border enforcement for OTC derivatives governed by the Master Agreement between adopting parties. The draft protocol is expected to be launched in the near future and an initial set of G-SIBs are expected to adhere to it by the end of October. It is intended that the adopted protocol would govern existing and new OTC derivatives

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