U.S. special resolution regimes.

CFR · 2024-01-01 · US · Title 12

(a) (i) The covered QFC designates, in the manner described in paragraph (a)(2) of this section, the U.S. special resolution regimes as part of the law governing the QFC; and (ii) Each party to the covered QFC, other than the covered bank, is: (A) An individual that is domiciled in the United States, including any State; (B) A company that is incorporated in or organized under the laws of the United States or any State; (C) A company the principal place of business of which is located in the United States, including any State; or (D) A U.S. branch or U.S. agency. (2) A covered QFC designates the U.S. special resolution regimes as part of the law governing the QFC if the covered QFC: (i) Explicitly provides that the covered QFC is governed by the laws of the United States or a state of the United States; and (ii) Does not explicitly provide that one or both of the U.S. special resolution regimes, or a broader set of laws that includes a U.S. special resolution regime, is excluded from the laws governing the covered QFC. (b) (1) In the event the covered bank becomes subject to a proceeding under a U.S. special resolution regime, the transfer of the covered QFC (and any interest and obligation in or under, and any property securing, the covered QFC) from the covered bank will be effective to the same extent as the transfer would be effective under the U.S. special resolution regime if the covered QFC (and any interest and obligation in or under, and any property securing, the co

official document · source cfr-2024 · id 12:§ 47.4