The Clearing House Association filed a comment letter with the Bank of England’s Prudential Regulation Authority (PRA) responding to its Consultation Paper which would require the contractual adoption of resolution stays in certain financial contracts governed by non-EEA law. In the letter, TCH broadly supports the PRA’s proposal and also requests certain adjustments, including: adoption of a more robust framework requiring the amendment of existing transactions and coordination of the final rule’s timing with anticipated regulations in the U.S.
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