U.S. federal banking regulations that go into effect next year require certain major financial institutions to ensure that their qualified financial contracts (QFCs), such as swaps and repurchase agreements, are subject to temporary or permanent limitations on counterparties' legal abilities to exercise default rights in the event that the financial institution becomes subject to a resolution regime as a result of financial distress, such as that which may result from capital or liquidity problems. Many QFCs contain termination rights that are triggered upon the insolvency of a counterparty or an affiliate of a counterparty. These rights are ordinarily not subject to the U.S. Bankruptcy Code's automatic stay on proceedings against a debtor and are ordinarily not affected by the appointment of the Federal Deposit Insurance Corporation as receiver of an insured depository institution.