Share This Conference

The ISDA Resolution Stay Protocols and the ISDA 2016 Bail-in Article 55 BRRD Protocol

Implementing the New Approaches to Dealer Insolvency

6.25 CPD Credit Hours Available (England and Wales)

7 CLE Credit Hours Available (New York)
Transitional and Nontransitional


Thursday, May 18, 2017
One Bishops Square
London

PROGRAM AGENDA

8:15 AM

 

Registration and Continental Breakfast

 

 

 

9:00 AM

 

Introduction and Welcoming Remarks
Ann Battle, Assistant General Counsel, ISDA

 

 

 

9:05 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 panel 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).
Benoit Lamour, Manager, Bank of England
Kate Sumpter, Partner, Allen & Overy LLP

 

 

 

10:15 AM

 

Morning Break

 

 

 

10:30 AM

 

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 and US SRRs and contrast them with the safe harbors for early termination rights under the US Bankruptcy Code.
Knox L. Mcilwain, Counsel, Cleary Gottlieb Steen & Hamilton LLP
Richard Tredgett, Partner, Allen & Overy LLP

 

 

 

11:15 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 Protocol 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.
Ann Battle, Assistant General Counsel, ISDA

Jennifer Marshall, Partner, Allen & Overy LLP

 

 

 

12:15 PM

 

Luncheon

 

 

 

1:15 PM

 

Contractual Recognition of Bail-in - ISDA 2016 and 2017 Bail-in Article 55 BRRD Protocols
This session will focus on the key Article 55 BRRD requirements and the ISDA 2016 and 2017 Bail-in Article 55 BRRD Protocol, which allows entities to efficiently comply with such requirements.
David Gasser, Bank Resolution Expert, Single Resolution Board
Emma Lancelott, Senior PSL, Allen & Overy LLP

 

 

 

2:00 PM

 

Contractual Recognition of Stays - 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 recognise 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

Ann Battle, Assistant General Counsel, ISDA
Knox L. Mcilwain, Counsel, Cleary Gottlieb Steen & Hamilton LLP

 

 

 

3:00 PM

 

Afternoon Break

 

 

 

3:15 PM

 

Stay Regulations and Jurisdictional Modules

This session provides an overview of the currently enacted Stay Regulations in the United Kingdom,Germany, Japan and Switzerland and how the published UK (PRA Rule) Jurisdictional Module, German Jurisdictional Module and Japanese Jurisdictional Module enable compliance with these Stay Regulations, including:

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

Ann Battle, Assistant General Counsel, ISDA
Benoit Lamour, Manager, Bank of England
Knox L. Mcilwain, Counsel, Cleary Gottlieb Steen & Hamilton LLP

 

 

 

4:00 PM

 

Status of Stay Regulations in Other Jurisdictions

This session provides an overview of the status of regulations in other jurisdictions, including France and the United States, with particular focus on the rules proposed in the US by the Board of Governors of the Federal Reserve System, The Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency.

Ann Battle, Assistant General Counsel, ISDA
David Gasser, Bank Resolution Expert, Single Resolution Board
Knox L. Mcilwain, Counsel, Cleary Gottlieb Steen & Hamilton LLP

 

 

 

4:30 PM

 

Panel and Q&A 

This panel session will include an explanation of:

  • Next steps on the ISDA Jurisdictional Modular Protocol
  • Creditor perspectives
  • Delegates will have the opportunity to ask questions at the end of this session

Moderator: Ann Battle, Assistant General Counsel, ISDA
David Gasser, Bank Resolution Expert, Single Resolution Board
Benoit Lamour, Manager, Bank of England

 

 

 

5:00 PM

 

 Conference Concludes

 

 

 


Agenda is subject to change

- REGISTRATION FEE* -
$ 850 U.S. (member) / $ 975 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.

 

Allen & Overy LLP, One Bishops Square, London, E1 6AD. Phone +44 (0) 203 808 9700.
A map to the venue can be found here.
You will be required to provide photo identification in order to enter the venue. Please ensure you present this at the ground floor reception or you may be refused entry.


 


For more information regarding conferences or exhibition opportunities, please contact the ISDA conference department

at +1 212-901-6000  or e-mail conferences@isda.org