The counterparties also retain certain safeguards that apply only to agreements under EU/EEA law. For example, some EU national insolvency laws require contracts to be governed by EU and EEA law in order to be eligible for protection of safe ports in the event of bankruptcy. Any branch, institution or fund established in the Union and acting with documents of the English rule of law is confronted with these problems. These new framework contracts are therefore not used to document domestic transactions in the French and Irish markets. The new framework contracts will be contractual instruments designed to meet the needs of market users throughout the EU to document their transactions and relationships, even if no French party is involved. It is difficult to predict how the market will use these new master`s contracts. It is not unreasonable, however, to think that European banks and counterparties will see advantages in using the new contractual instruments offered by ISDA for their intercontinental European activities, not least because after Brexit, French and Irish legislation was chosen to represent both civil law and common law systems. These two legal conditions also relate to the feasibility of ISDA protocols, which allow for the effective and scalable change of several agreements between the member parties. In addition to the publication of the new masteragrements, ISDA has also updated the corresponding compensation notices. Agreements under English law are considered third-party jurisdictional agreements based on the positions of a resolution and the directive on the redress and resolution of bank failures, which means that they all need to be revised – by agreements, protocols or other bilateral means – and supplemented by a voluntary contractual submission to EU resolution rules. Looking to the future: as the UK withdraws from the European Union`s system of judicial cooperation, banks and their counterparties who enter into a derivative transaction will find advantages in the use of the new contractual instruments offered by the 2002 ISDA masteragrement (French law). It is likely that the United Kingdom will withdraw from the EU`s system of judicial cooperation, which means that English judicial decisions will lose the advantage of automatic recognition under regulation Brussels 1 (redesign) and will have to undergo a process of control of the potentially lengthy and costly exequatur; Jones Day`s publications should not be construed as legal advice on specific facts or circumstances.