Regulatory Alerts2017-12-21
Added · Updated
Hong Kong Country Annex to the ISDA 2015 Universal Resolution Stay Protocol
The Hong Kong Monetary Authority notified authorized institutions of the International Swaps and Derivatives Association's publication of a Hong Kong Country Annex to the ISDA 2015 Universal Resolution Stay Protocol. This annex extends the protocol's coverage to the Hong Kong resolution regime under the Financial Institutions (Resolution) Ordinance, enabling contractual recognition of stays and overrides of termination rights to reduce cross-border resolution risks. While adherence is currently voluntary, the regulator expects global systemically important banks to join and intends to develop mandatory rules for broader adoption in 2018.
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