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FINMA publishes temporary no-action letter with respect to the requirement for banks to amend their financial contracts
On 21 March 2018, FINMA in its regulatory guidance 01/2018 (the "Guidance") on implementing the requirement for amending financial contracts pursuant to Art. 12 para. 2bis of the Banking Ordinance in conjunction with Arts. 56 and 61a of the Bank Insolvency Ordinance-FINMA (BIO-FINMA) clarified its supervisory practice regarding the implementation of the stay regulation. The Guidance allows banks, for a period of up to nine months, to forego putting a trade stop in place vis-à-vis counterparties whose recognition of such stay right cannot be obtained in due time.