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June 29, 2018

The US Agencies (FDIC and FED) proposed the revised resolution plan guidance for the 2019 and subsequent resolution plan submissions of the eight largest, most complex U.S. banks. The proposed guidance would apply beginning with the July 01, 2019 resolution plan submissions of the firms. Comments on the proposal will be accepted for 60 days after its publication in the Federal Register.

The proposed guidance is largely similar to the guidance issued by the agencies in April 2016, with updates to the agencies' expectations for how the resolution strategy of a firm should address derivatives and trading activities and payment, clearing, and settlement (PCS) activities of the firm. The update to the derivatives guidance sets expectations for firms about their capability to book, monitor, and identify their derivatives exposures, including for exposures that transfer risks between affiliates. The proposed guidance also reduces burden by eliminating certain information requirements. The proposed PCS update directs firms in their resolution planning to take account of both the firm's role as a user of PCS services and as a provider of PCS services for clients.

Resolution plans, commonly known as living wills, must describe the company's strategy for rapid and orderly resolution under bankruptcy in the event of material financial distress or failure of the company. The resolution planning process helps ensure that a firm's failure would not have serious adverse effects on the financial stability of the United States.

 

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Keywords: Americas, US, Banking, Resolution Planning, Guidance, US Agencies

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