Standard Contractual Recognition of Canadian Resolution Stay Clause

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This standard contractual recognition clause is intended to allow market participants to bilaterally amend contracts to comply with the Canada Deposit Insurance Corporation Eligible Financial Contracts By-law, SOR/2022-55 regarding contractual stays in certain financial contracts that are governed by the law of a third country or to which at least one of the parties is neither an individual resident in Canada nor a “Canadian entity” (as such term is defined in section 2 of the Bank Act (Canada), S.C. 1991, c. 46).

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