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Legislative Update: European Edition
Europe has struggled during the last several years to triage a long series of critical blows to the economies of the 28 countries that comprise the European Union, as well as the collective viability of the 19 eurozone economies. Here we provide a snapshot of some recent changes implemented by certain European nations aimed at modernizing their respective insolvency laws to promote rehabilitation of ailing enterprises wherever possible and to level the playing field for stakeholders.
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No Stay of Termination Without Legislation: Investors Oppose Proposed ISDA Stay Protocol Regarding Derivatives Contracts
In late 2014, at the request of and in coordination with the global Financial Stability Board (FSB), the International Swaps and Derivatives Association (ISDA) developed the ISDA Resolution Stay Protocol, which “will impose a stay on cross-default and early-termination rights within standard ISDA derivatives contracts between G-18 firms in the event one of them is subject to resolution action in its jurisdiction. The stay is intended to give regulators time to facilitate an orderly resolution of a troubled bank.” The Stay Protocol was officially published by ISDA on Nov. 4, 2014, and 18 global banks have agreed to adhere to the Stay Protocol, § 1 of which went into effect on Jan. 1, 2015.
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