Standard Contractual Recognition of Singapore Resolution Stay Clause

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Each of these standard contractual recognition clauses is intended to enable market participants in Singapore to include contractual recognition of the application of stays on termination language in agreements which are:

(a) subject to the requirements of regulation 27A of the Monetary Authority of Singapore (Resolution of Financial Institutions) Regulations 2018 (the “MAS Resolution Regulations”) issued under section 126 of the Monetary Authority of Singapore Act 1970 of Singapore (the “MAS Act”); and

(b) when Part 8 of the Financial Services and Markets Act 2022 of Singapore (the “FSM Act”) comes into force, subject to the requirements of regulation 33 of the Financial Services and Markets (Resolution of Financial Institutions) Regulations 2024 (the “FSM Resolution Regulations”) issued under section 135 of the FSM Act.

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Standard Contractual Recognition of Singapore Resolution Stay Clause (pdf)