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Resolution Frameworks and Ending Too-Big-To-Fail: With a focus on Asia

The ISDA Resolution Stay and BRRD Article 55 Protocols

 


Wednesday, June 28, 2017
The Excelsior
Hong Kong

PROGRAM AGENDA

8:15 AM

 

Registration and Morning Coffee

 

 

 

9:00 AM

 

Introduction and Welcoming Remarks

 

 

 

9:05 AM

 

Keynote Address: Regulatory Update

Eamonn White, Head, Resolution Office, HKMA

 

 

 

9:25 AM

 

The Financial Crisis and the Development of Special Resolution Regimes

The experience of the recent financial crisis has led to the development of new legal regimes for addressing the failure of dealers and other global systemically important banks (GSIBs). This session will highlight some of the concerns from the financial crisis that led to the development of Special Resolution Regimes (SRRs) and some of the common features of SRRs, including the bail-in strategy. In particular, this panel will focus on EU SRRs under the Bank Recovery and Resolution Directive (BRRD).

Ludovic Coll, Director, Global Regulatory Reforms, Standard Chartered Bank

Francis Edwards, Partner, Clifford Chance

 

 

 

10:10 AM

 

Hong Kong Special Resolution Regime

This session provides an overview of the Financial Institutions (Resolution) Ordinance and the development of subsidiary legislations.

I-Ping Soong, Counsel, Capital Markets, Linklaters

 

 

 

10:40 AM

 

Morning Break

 

 

 

10:55 PM

 

Stays on Early Termination Rights

A key element of SRRs is the ability to stay (and potentially override) early termination rights that may arise during resolution. These stays and overrides generally apply not just to counterparties of the entity in resolution, but also to counterparties of affiliates of the entity in resolution. This panel will focus on the stays and overrides under the EU, US and Hong Kong SRRs and contrast them with the safe harbors for early termination rights under the US Bankruptcy Code.

Francis Edwards, Partner, Clifford Chance

Martin Wong, Executive Director, Head of Legal, Asia, MUFG 

 

 

 

11:40 AM

 

Cross-Border Recognition of Resolution Powers

This panel will focus on the challenges that motivated both the ISDA 2016 Bail-in Article 55 BRRD Protocols and ISDA Resolution Stay Protocols – concerns that resolution actions taken under the laws of one jurisdiction will not be respected/ enforced by courts in other jurisdictions, particularly with respect to contracts governed by the laws of such other jurisdictions.

Patricia Ho, Senior Legal Counsel, HSBC Global Markets

Yvonne Siew, Partner, Allen & Overy

     

12:25 PM

 

Luncheon

 

 

 

1:25 PM

 

Contractual Recognition of Bail-in - ISDA 2016 Bail-in Article 55 BRRD Protocol

This session will focus on the key Article 55 BRRD requirements and the ISDA 2016 Bail-in Article 55 BRRD Protocol, which allows entities to efficiently comply with such requirements.

Eoin Gillen, CIB Legal Asia-Pacific, Head of Global Markets, BNP Paribas

Melody Ma, Assistant General Counsel, ISDA

 

 

 

2:10 PM

 

Contractual Recognition of Bail-in - The ISDA Resolution Stay Protocols

This session will examine the Contractual Recognition of Stays in the context of the ISDA Protocols.

 

ISDA 2015 Universal Resolution Stay Protocol

This session will contain a high level overview of the development, structure and effect of the ISDA 2015 Universal Resolution Stay Protocol, which enables adherents to opt-in to and recognize stays applicable to their counterparties, regardless of the governing law of their financial contracts and provides a framework for preventing the early termination of contracts based on an affiliate of a counterparty entering proceedings under the US Bankruptcy Code.

 

ISDA Resolution Stay Jurisdictional Modular Protocol

To expand the contractual approach to Cross-Border recognition of resolution actions, regulators are introducing requirements for banks to obtain contractual consents and opt-ins from their counterparties under a variety of financial contracts (Stay Regulations). To enable market participants to efficiently comply, ISDA created the ISDA Jurisdictional Modular Protocol. This session provides an overview of the structure of the ISDA Jurisdictional Modular Protocol and adherence mechanics.

This session includes detailed information on the following topics:

  • Relationship between the ISDA Resolution Stay Protocols
  • The modular structure and each Jurisdictional Module’s relationship to Stay Regulations

Melody Ma, Assistant General Counsel, ISDA

Yvonne Siew, Partner, Allen & Overy

 

 

 

3:10 PM

 

Afternoon Break

 

 

 

3:25 PM

 

Stay Regulations and Jurisdictional Modules

This session provides an overview of the Stay Regulations in the United Kingdom, Germany, France, Japan, Switzerland and the US (rules proposed by the Federal Reserve and the Office of the Comptroller of the Currency), and how the published UK (PRA Rule) Jurisdictional Module, the German Jurisdictional Module and Japanese Jurisdictional Module enable compliance with these Stay Regulations, including:

  • Scope of contracts covered
  • Scope of entities covered
  • Substantive amendments

Michael Hardy, Managing Associate, Linklaters

Tina Tsui, APAC Legal Head for Global Markets, Managing Director & Senior Managing Counsel, The Bank of New York Mellon

 

 

 

4:25 PM

 

Panel Discussion – Future Developments

This panel session will cover implementation challenges and the future development of SRRs, including resolution of financial market infrastructure.

Delegates will have the opportunity to ask questions at the end of this session.

Moderator: Melody Ma, Assistant General Counsel, ISDA

Patricia Ho, Senior Legal Counsel, HSBC Global Markets

Ryan Ingram, Risk Policy and Strategy, Risk Management and Platform Development Division, Hong Kong Exchanges and Clearing

Sarah Oliver Scemla, CIB Legal Asia-Pacific, Fixed Income and Legal Asia Regulatory Advisory, BNP Paribas

 

 

 

5:00 PM

 

Conference Concludes


Agenda is subject to change

- REGISTRATION FEE* -
$ 650 U.S. (member) / $ 750 U.S. (non-member)
*The invoice total must be paid in full - registration fees are net of tax and wire transfer fees are not included.

We suggest registering at least two weeks in advance to ensure your seat.

Please click here for the Conference Registration Form.

 

The Excelsior, 281 Gloucester Rd, Causeway Bay, Phone: + 852 2894 8888

 


 


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