Key points

• There are good legal and economic reasons for courts to enforce regulatory contracts per the plain meaning of their terms as long as that meaning is not inconsistent with the objectives of the applicable regulatory framework.
• However, when the plain meaning of a regulatory contract is inconsistent with those objectives, courts should instead seek to align the contract’s meaning with those objectives through regulatory interpretation.
• Regulatory interpretation of contracts must be based on clearly defined regulatory objectives and a clear understanding of how a more conventional interpretation would undermine the achievement of those objectives.
• While the regulatory interpretation of a contract reduces the flexibility afforded by the plain meaning interpretation, it can ultimately increase the efficiency and safety of markets and benefit market participants.
• It can also promote legal and market certainty in particular when the alternative is the invalidation of a contract or its provision—an outcome that should be avoided given the legal and market uncertainty it would create.

中文翻译：

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合同规定：ISDA主协议

关键点

• 只要法院的含义与适用的监管框架的目标没有矛盾，就有充分的法律和经济理由使法院按照其条款的简单含义执行监管合同。
• 但是，当监管合同的明确含义与这些目标不一致时，法院应改为通过监管解释寻求使合同的含义与这些目标保持一致。
• 合同的监管解释必须以明确定义的监管目标为基础，并且对更常规的解释将如何破坏这些目标的实现有清晰的了解。
• 尽管合同的监管解释降低了简单含义解释所提供的灵活性，但它最终可以提高市场的效率和安全性，并使市场参与者受益。
• 它还可以促进法律和市场的确定性，尤其是当替代方法是合同或其条款的无效时-考虑到可能产生的法律和市场不确定性，应避免这种结果。