This standard contractual recognition clause is intended to enable financial institutions in the EEA jurisdictions covered therein, each of which have implemented Article 71a of the EU Bank Recovery and Resolution Directive (“BRRD”), to include contractual recognition of stay powers language in non-EEA law governed agreements subject to the requirements under Article 71a of BRRD as transposed by the applicable EEA jurisdiction.

The Member States covered in Version 1.0 of the Standard Contractual Recognition of EU Resolution Stay Clause, published on 14 September 2021, are Austria, Belgium, Denmark, France, Finland, Greece, Germany, Ireland, Luxembourg, Spain and Sweden.

The legislative references for Greece were updated in Version 1.1 of the Standard Contractual Recognition of EU Resolution Stay Clause, published on 6 October 2021.

The additional Member States covered in Version 2.0 of the Standard Contractual Recognition of EU Resolution Stay Clause, published on 31 March 2022, are Bulgaria, Croatia, Cyprus, Czech Republic, Estonia, Gibraltar, Hungary, Italy, Lithuania, Malta, Netherlands, Romania and Slovakia.

The additional Member States covered in Version 3.0 of the Standard Contractual Recognition of EU Resolution Stay Clause, published on 25 October 2022, are Latvia and Poland.

The additional Member States covered in Version 4.0 of the Standard Contractual Recognition of EU Resolution Stay Clause, published on 28 June 2023, are Liechtenstein, Norway and Portugal.

The additional Member State covered in Version 5.0 of the Standard Contractual Recognition of EU Resolution Stay Clause, published on 17 October 2023, is Iceland.