On August 26, 2015, ISDA® announced that the 2014 Resolution Stay Protocol (RSP) is undergoing revisions and will relaunch later this year. While the protocol still remains open, it should be noted that no parties are expected to adhere during this time. Parties that wish to adhere during this period are advised to contact [email protected], prior to submitting an adherence letter.

The protocol was developed by an ISDA working group in coordination with the Financial Stability Board (FSB) to support the orderly cross-border resolution of global financial institutions in the event of a failure of one or more of these institutions (see Legal Update, ISDA: Major Banks Agree to Stay on Swap Agreement Termination Rights in Event of Failure). The protocol was signed by 18 major banks at launch, and became effective as of January 1, 2015 for those banks.

ISDA has designated a cutoff date for this protocol of November 2, 2015. After this date, ISDA will not accept any further adherence letters to the ISDA 2014 RSP. Existing adherence letters and amendments made by the terms of the protocol are not impacted by this designation.