EU banks signing contracts in London, New York must include standard stay clauses, EBA says
( December 16, 2020, 15:51 GMT | Official Statement) -- MLex Summary: EU banks who sign financial contracts in London or New York will need to include standard contractual clauses as set out by the European Banking Authority today, allowing non-EU agreements to be suspended in the event the bank is wound up by local authorities. The new rules are needed to meet bank-resolution laws due to take effect on Dec. 28, in spite of industry calls to allow a six- to 12-month implementation period.Statement follows. Document including draft law attached. ...
Prepare for tomorrow’s regulatory change, today
MLex identifies risk to business wherever it emerges, with specialist reporters across the globe providing exclusive news and deep-dive analysis on the proposals, probes, enforcement actions and rulings that matter to your organization and clients, now and in the longer term.
Know what others in the room don’t, with features including:
- Daily newsletters for Antitrust, M&A, Trade, Data Privacy & Security, Technology, AI and more
- Custom alerts on specific filters including geographies, industries, topics and companies to suit your practice needs
- Predictive analysis from expert journalists across North America, the UK and Europe, Latin America and Asia-Pacific
- Curated case files bringing together news, analysis and source documents in a single timeline
Experience MLex today with a 14-day free trial.