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The Bank Recovery and Resolution Directive (BRRD) establishes a common approach within the European Union (EU) to the recovery and resolution of banks and investment firms. The BRRD represents an important step forward in ensuring that the EU effectively addresses the risks posed by the banking system. It came into force in January 2015.
As part of a desire to eliminate close-out rights triggered by potential cross border resolution of G-SIBS, home authority regulators initially requested that ISDA revise their master agreements with the addition of so called ‘stay’ provisions in 2014. ISLA, ICMA and SIFMA received similar requests in early 2015 to add stay provision contractual changes to their respective master agreements. This process was completed in November 2015.
Jurisdictional Modular Protocols that provide mechanics for buy-side to adhere to stay provisions, have been progressively implemented since 2016.