Four new Annexes to the Key Attributes set out guidance covering:
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Resolution of Financial Market Infrastructures (FMIs), including central counterparties (CCPs), and resolution of systemically important FMI participants
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Resolution of insurers
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Client asset protection in resolution
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Information sharing for resolution purposes
The Annex on FMI resolution together with the report on FMI recovery published by CPMI and IOSCO provide a comprehensive set of guidance on recovery and resolution for different kinds of systemically important FMI.
The Annex on resolution of insurers elaborates in further detail on the resolution framework for systemically important insurers and should assist authorities and firms in implementing the resolution planning requirements set out in the policy measures for global systemically important insurers (G-SIIs) published by the IAIS in July 2013.
The Annex on client asset protection in resolution builds on IOSCO's Report on Recommendations Regarding the Protection of Client Assets of January 2014.
The Annex on information sharing for resolution purposes sets out principles for the design of national legal gateways and confidentiality regimes to allow the exchange with domestic and foreign authorities of non-public information that is necessary for planning and carrying out resolution. It also includes provisions on information sharing and confidentiality that should be included in the institution-specific cross-border cooperation agreements (COAGs) that the Key Attributes require for all global systemically important financial institutions (G-SIFIs).
Mark Carney, Chair of the Financial Stability Board (FSB), said: "The guidance is another significant step to giving authorities the tools to manage the failure of any type of systemic institution. The development of resolution regimes for non-bank financial institutions will complement the progress made in enabling the resolution of banks. With the introduction of mandatory central clearing of OTC derivatives, it is crucial that we avoid the threat of CCPs becoming the new "too big to fail" institutions."
Full press release
Full Key Attributes document
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