On November 13, 2014, the International Swaps and Derivatives Association (“ISDA”) published the ISDA 2014 Resolution Stay Protocol, which is an  industry initiative towards addressing the too-big-to-fail issue by improving the efficiency of cross-border resolution of the largest banks. Parties to derivatives contracts that adhere to the protocol are able to amend their ISDA master agreements and related arrangements to opt-in to resolution regimes that stay certain default rights that would otherwise arise when a bank fails. Eighteen banks have already adhered to the Protocol and the provisions will become effective for these initial adhering parties on January 1, 2015. All entities can adhere to the Protocol.

The Protocol is available at:

http://assets.isda.org/media/f253b540-25/958e4aed.pdf.