The US Stay Regulations and How they Impact South African Entities
Regulations issued by the FRB, the FDIC and the OCC (‘US Stay Regulations’) require US global systemically important banks (‘GSIBs’) and US branches and subsidiaries of foreign GSIBs to amend certain qualified financial contracts (‘QFCs’) with their clients, regardless of the jurisdiction of the clients. As a result, this regulatory requirement will impact on any South African entity that has, for example, an ISDA, GMRA or GMSLA with a US GSIB. What is the purpose of the US S