Include suspension of payment or delivery obligations, restriction of enforcement of a security interest, suspension of termination rights re regulated entity under resolution.
The revised BRRD also clarifies that certain crisis prevention or management measures would not constitute enforcement events or insolvency proceedings.
BRRD II Omnibus Module
ISDA BRRD II omnibus module covers jurisdictions that have transposed the revised BRRD into national law and have been identified as a priority by market participants,
The jurisdictions include Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Luxembourg, Spain and Sweden; it supersedes earlier French and German modules to the JMP that enabled compliance with local resolution legislation.
Other jurisdictions will be added to the omnibus module based on market participant feedback as and when they implement the revised BRRD into local law.
Requirement to include language in contracts recognizing resolution stay powers intends to address risk that powers may not be effective in a third-country law.
Auditor; B/D; Bank; BHC; Depo; Exch; SIFI
PR, 9/14/2021; Reg 2021/1340; BRRD Dir 2014/59, Reg 806/2014;