Regulatory Technical Standards on the contractual recognition of stay powers under BRRD

status: Under development

These draft Regulatory Technical Standards (RTS) for contractual recognition of stay powers under the Bank Recovery and Resolution Directive (BRRD) support the effective application of temporary restrictions on early termination rights (resolution stays) in relation to financial contracts governed by the law of a third country. In particular, they specify the contents of the contractual term required to be included in relevant financial contracts where no alternative mechanism (i.e. statutory) exists to secure the recognition by the counterparty of the resolution authority’s powers to suspend or restrict rights and obligations.

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