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152.   Claims relating to eligible financial contracts

Revised Laws of Saint Lucia (2021)

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152.   Claims relating to eligible financial contracts

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    (1)   In determining the rights and obligations between the licensed financial institution or licensed financial holding company and its contractual counterparties, effect shall be given to the termination provisions of eligible financial contracts between them, except during the period of any temporary stay on the exercise of the right that the Central Bank may determine.

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    (2)   The temporary stay of termination provisions shall be subject to any safeguard standards as the Central Bank shall issue to facilitate liquidation of the licensed financial institution or licensed financial holding company while at the same time minimizing disruption to the markets for eligible financial contracts.

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    (3)   The net termination value determined in accordance with an eligible financial contract between them shall be a claim of the licensed financial institution or licensed financial holding company on the counterparty or shall be admitted after its validation as a claim of the counterparty on the licensed financial institution or licensed financial holding company.

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    (4)   For the purposes of this section —

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      (a)     “eligible financial contracts” includes securities contracts, commodities contracts, swaps, repurchase agreements, and similar financial contracts, determined by the Central Bank, and may include a master agreement covering more than one type of contract; and

    1.  

      (b)     “net termination value” means the net amount obtained after setting off the mutual obligations between the parties to an eligible financial contract in accordance with its provisions.

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