Application of QFC Stay Rules to Underwriting Agreements

SIFMA memo relating to application of the new U.S. “QFC Stay Rules” to underwriting and similar agreements. These rules will soon require U.S. global systemically important banking organizations (GSIBs) and their subsidiaries worldwide, as well as the U.S. subsidiaries, branches and agencies of foreign GSIBs, to include new language in certain of their underwriting and similar agreements recognizing U.S. special resolution regimes.