The beneficiary of the FDIC of the Stay Regulations resolution is relatively simple and undisputed, and «simple» requires GSIB to guarantee the agreement of counterparties, with certain exceptions for domestic situations, the provisions of US law on residence and transfer with respect to the settlement stay and transfer of their FQs and credit enhancements in accordance with a settlement transfer. The «Stay Regulations» resolution requires GSIBs to modify or draft a wide range of financial contracts and move forward in potentially unexpected corners of the markets. CFQs are often equated with derivatives and «repo» agreements, but they also include cash and advance contracts for physical products and «sale, sale or loan» contracts and therefore cover the ordinary activities of the capital market in which securities are purchased directly by the issuer for resale to investors. In the United States and abroad, corporate clients have provisions in the «Stay» resolution regarding inclusion in derivatives, physical commodity contracts and syndication agreements. It is important to recognize that the Stay Regulations resolution does not directly require non-GSIBs to be required to do something (and references to what is «necessary» in the Stay Regulations resolution must be understood under this requirement). On the contrary, they prohibit the implementation of QFB that do not comply with QFC regulations, and the approval of QFC rules is therefore a precondition for transactions with all «in-scope» GSIbs. However, any «failure» in compliance or other errors is the sole responsibility of the GSIB concerned. In conclusion of the 2018 Protocol, counterparties of covered companies generally accept that, notwithstanding all explicit contractual rights in their covered QFCs or in the applicable legal provisions of such agreements, the default rights and transfer restrictions contained in these covered CFQs should be limited in accordance with Sections 1 and 2 of the 2018 Protocol. While some contracts, such as exchange contracts and pension contracts, clearly fall within the definition of a CFQ, the term is broad enough to encompass many types of agreements that are not normally considered derivatives.