09 November 2017
Further update on the contractual recognition of a stay on termination rights
ISDA has launched the Swiss Module to the ISDA Resolution Stay Jurisdictional Modular Protocol
The International Swaps and Derivatives Association, Inc. (ISDA) has launched a Swiss Jurisdictional Module (Swiss Module) to the ISDA Resolution Stay Jurisdictional Modular Protocol (Protocol). It provides Swiss banks and their counterparties with an efficient mechanism to implement the contractual recognition requirement set forth in art. 12 para. 2bis of the Banking Ordinance. This is the fourth jurisdictional module launched by ISDA since it published the Protocol in May 2016.
10 April 2017
Update on the contractual recognition of a stay on termination rights
Swiss banks and securities dealers (hereinafter together the "banks") must make sure that the counterparties of certain contracts contractually recognize, in advance, a possible temporary stay on the termination of contracts imposed by FINMA. This should ensure that FINMA's insolvency measures are internationally enforceable (on this subject, see our article here)Read more