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SIFMA’s Asset Management Group today released a statement from Laura Martin, managing director and associate general counsel, after the announcement of the expanded ISDA 2015 Universal Resolution Stay Protocol (“Protocol”), a standardized approach for banks to comply with prudential regulatory initiatives relating to cross-border contracts:
“SIFMA's Asset Management Group has been actively engaged with ISDA, the Prudential Regulators and banks in developing an ISDA Resolution Stay Protocol for non-bank counterparties, including SIFMA AMG members, projected for 2016 that will have a modular approach tailored on a jurisdictional basis for implementing new and expected prudential regulations that impact non-bank counterparties to cross-border contracts. SIFMA AMG has and will continue to advocate buy-side perspectives to Prudential Regulators and banks on the development of this next phase of the protocol to promote the interests of asset managers’ clients.”
SIFMA’s Asset Management Group members represent U.S. asset management firms whose combined assets under management exceed $30 trillion. The clients of AMG member firms include, among others, registered investment companies, endowments, state and local government pension funds, private sector Employee Retirement Income Security Act of 1974 (“ERISA”) pension funds, and private funds such as hedge funds and private equity funds. For more information, visit http://www.sifma.org/amg.
A general SIFMA statement on the ISDA 2015 Universal Resolution Stay Protocol and its new Securities Financing Transaction Annex, which was developed jointly by SIFMA, the International Capital Market Association and the International Securities Lending Association, in coordination with ISDA and the Financial Stability Board, is available here.
