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July 06, 2017

FSB published its sixth report on the implementation of post-crisis resolution reforms. The report highlights that during ten years post the global financial crisis, considerable progress has been made toward ending "too big to fail." However, significant work remains in a number of areas to achieve full implementation of policies developed to ensure resolution of the systemically important institutions.

The report describes the reform progress since the onset of the global financial crisis. It reports the findings from the Resolvability Assessment Processes for global systemically important banks (G-SIBs) and global systemically important insurers (G-SIIs) and sets out the further actions necessary to fully implement the Key Attributes and ensure that all global systemically important financial institutions are resolvable. The report highlights the following key issues:

A milestone was achieved in 2017 in the form of the adoption of guidance on central counterparty resolution and resolution planning.

Significant work remains to address cross-border resolution and authorities need to continue efforts to address the remaining obstacles to the adoption of institution-specific cross-border cooperation agreements, including effective information-sharing arrangements, which are not yet in place for all G-SIBs.

Resolution planning for G-SIIs is progressing slowly. The absence of effective resolution regimes for insurers in several G-SII home jurisdictions remains an important impediment to resolvability.

Implementation of the Key Attributes of Effective Resolution Regimes for Financial Institutions across jurisdictions and sectors remains uneven.

The focus going forward will be on the comprehensive and consistent implementation of agreed resolution policies and on the evaluation of the effects of resolution reforms. 

 

Related Link: Report on Implementation of Resolution Reforms (PDF)

Keywords: International, FSB, Banking, Insurance, FMI, Resolution Planning, Regulatory Reform, Securities

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