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    FSB Publishes Questionnaire on Access to FMIs for Firms in Resolution

    August 14, 2020

    FSB published a questionnaire template to gather information about continuity of access to financial market infrastructures (FMIs) for firms in resolution. The questionnaire covers general information on the FMI and its legal structure, information on the rulebook or contractual provisions regarding termination, the phase prior to resolution (during signs of distress at the FMI participant), the resolution phase, and the arrangements and operational processes to facilitate continued access in resolution. FSB encourages FMIs to consider the indicative timeline for providing a standardized set of responses.

    All FMIs are encouraged to complete the questionnaire and to publish their responses, or to make them available in other ways to FMI service users and resolution authorities to inform their resolution planning. The questionnaire should help authorities and firms to understand and anticipate, to an extent, the potential action that FMIs could take in a resolution or in the lead-up to resolution and to understand how FMIs can support resolution actions, where necessary and possible. The information collected should serve as a basis for, and supplement, an appropriate level of direct engagement between firms and/or resolution authorities and FMIs regarding actions in recovery and resolution of firms, or any other resolution planning requirements for firms in any jurisdiction.

    FSB will hold a webinar for stakeholders on September 23 to explain the questionnaire and answer any questions. Finalization of the questionnaire responses, submission to authorities and FMI participants, and publication of the responses or "presumptive path" summaries is expected to take place in November or December 2020. This questionnaire is a living document. The experience with the use of the questionnaire will be evaluated after the first iteration, in the course of 2021. FMIs and banks, as well as other stakeholders, will then have the opportunity to provide feedback and suggestions on the questionnaire and the process. 

    The questionnaire follows from a workshop held in May 2019 with stakeholders about the implementation of the FSB guidance on continuity of access to FMIs for a firm in resolution. The guidance sets out arrangements and safeguards to facilitate continued access to critical clearing, payment, settlement, custody, and other services provided by FMIs in cases where firms need to be resolved. In the second half of 2019, the Cross-border Crisis Management Working Group of FSB for banks, in consultation with FMIs and banks, developed a draft questionnaire and consulted relevant FMI oversight authorities with the assistance of CPMI-IOSCO Secretariats. FSB had then finalized the questionnaire.


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    Keywords: International, Banking, Securities, FMI, Resolution Framework, Resolution Planning, Questionnaire, Continuity of Access, Basel, FSB

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