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ARTICLE · 21 MAY 2019

QFC Resolution Stay Regulations: Not Just For Derivatives

Jones Day
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The Resolution Stay Regulations require GSIBs to amend or otherwise remediate a wide range of financial contracts and are reaching into potentially unexpected corners of the markets.

United StatesFinance and Banking
Jones Day
Jones Day
Dickson Chin
Dickson Chin
Locke McMurray
Locke McMurray
Tracy Oley
Tracy Oley
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In Short

The Situation: Banking regulators in the United States have issued the so-called "Resolution Stay Regulations," which require "global, systemically-important banks" ("GSIBs") to amend a broad variety of "qualified financial contracts" ("QFCs"), including spot and forward physical commodity contracts, securities underwritings, and other offerings.

The Result: GSIBs are required to bring all QFCs transacted on or after January 1, 2019 with "financial" counterparties into compliance by July 1, 2019 and with corporate clients by January 1, 2020.

Looking Ahead: Although often equated with derivatives, corporate counterparties and issuers of securities are starting to see "QFC resolution stay" provisions being proposed for insertion into QFCs in potentially unexpected circumstances, including in overseas offerings that have no connection with the U.S.

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