This is a U.S. regulation that applies to certain prime brokers
and the experts in Duff & Phelps' UK
Compliance Consulting practice have created a short memo to
provide firms with some information on this.
What are the U.S. Stay Regulations?
They are regulations issued by a series of U.S. regulators (The
Board of Governors of the Federal Reserve System, the Federal
Deposit Insurance Corporation and the Office of the Comptroller of
the Currency) that require U.S. global systemically important banks
(G-SIBs) and U.S. branches and subsidiaries of foreign G-SIBS to
amend certain qualified financial contracts (QFCs) with their
clients.
Which contracts are affected?
QFCs could include any agreements to transact in swaps,
repurchase agreements, securities lending transactions, FX
transactions, securities contracts (including all contracts for the
purchase, sale or loan of securities), forward contracts and
commodities contracts.
