The regulatory fallout from the 2008 global financial crisis continues to affect derivatives and other instruments traded by private funds. Final rules issued in 2017 by three U.S. federal banking regulators (the U.S. Stay Regulations) alter how certain qualified financial contracts (QFCs) will be treated in U.S. bankruptcy proceedings.
In a Q&A published by The Hedge Fund Law Report on Oct. 18 titled “Steps Fund Managers Should Take Now to Ensure Their Trading of Swap, Repo and Securities Lending Transactions Continues Uninterrupted After January 1, 2019,” hedge funds partner and practice co-leader Leigh Fraser discusses the U.S. Stay Regulations; the impact that these new regulations have on the trading and documentation of qualified financial contracts by private funds; and ways fund managers can ensure compliance with the new regulations, including a discussion of the recently released ISDA 2018 U.S. Resolution Stay Protocol.
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