Regulatory Alerts2021-09-30
Added · Updated
Publication of Hong Kong Jurisdictional Module to the ISDA Resolution Stay Jurisdictional Modular Protocol
The Hong Kong Monetary Authority informed authorized institutions that the International Swaps and Derivatives Association published a Hong Kong Jurisdictional Module to the ISDA Resolution Stay Jurisdictional Modular Protocol on 24 September 2021. This module is designed to facilitate compliance with the Financial Institutions (Resolution) (Contractual Recognition of Suspension of Termination Rights—Banking Sector) Rules. The HKMA welcomed this addition as a mechanism to support the regulatory framework for financial institution resolution in the banking sector.
Resolution Office 處 置機制 辦 公 室 Our Ref: B9/124/2/1C 30 September 2021 The Chief Executive All Authorized Institutions Dear Sir / Madam, Publication by the International Swaps and Derivatives Association, Inc. (“ISDA”) of a Hong Kong Jurisdictional Module to the ISDA Resolution Stay Jurisdictional Modular Protocol This letter is to bring to your attention that ISDA published a Hong Kong Jurisdictional Module to the ISDA Resolution Stay Jurisdictional Modular Protocol on 24 September 2021. The HKMA welcomes the addition of the Hong Kong Jurisdictional Module, which is intended to facilitate compliance with the Financial Institutions (Resolution) (Contractual Recognition of Suspension of Termination Rights—Banking Sector) Rules (Cap. 628C). Yours faithfully, Stefan M Gannon Commissioner Resolution Office cc: The Chairperson, The Hong Kong Association of Banks The Chairperson, The DTC Association FSTB (Attn: Ms Candy Lau)