Third, it is recognized that, under certain conditions, an orderly standstill (that is, a temporary suspension of debt-service payments) may be appropriate to give distressed debtors some time to take steps, including debt rescheduling, to address their problems. In addition, the framework encourages greater use of what is known as "collective-action clauses."
Rather, we recognize the systemic importance of these activities and the need to ensure their continued availability in nearly all states of the world, regardless of the firms that offer them or the specific market structure. The industry as a whole should play an important role in shaping the evolution of the settlement infrastructure. Other firms may seek to enter this market.