2014年-FSB全球金融稳定委员会_Report_to_the_G20_on_Progress_in_Reform_of_Resolution_Regimes_and_Resolution_Planning_for_G_33页_638kb

Summary of the FSB Report on Full Implementation of Key Attributes of Effective Resolution Regimes for Financial Institutions

Core Content

This report outlines the progress and remaining challenges in implementing the FSB Key Attributes of Effective Resolution Regimes for Financial Institutions across all parts of the financial sector, with a focus on G-SIFIs (Global Systemically Important Financial Institutions). The report was prepared for the G20 and reflects the FSB's commitment to eliminating the "Too Big To Fail" (TBTF) risk by ensuring that resolution strategies and plans are feasible, credible, and can be implemented in practice.

Main Views

The report emphasizes the following main views:

• Legislative reforms are essential to align resolution regimes with the Key Attributes, but full implementation remains incomplete, particularly in non-bank sectors.
• Loss-absorbing capacity (LAC) is a critical component for ensuring that G-SIFIs can be resolved without taxpayer-funded bailouts.
• Cross-border cooperation is vital for the effective resolution of multinational financial institutions, but legal and operational barriers still exist.
• Resolution planning for G-SIBs (Global Systemically Important Banks) and G-SIIs (Global Systemically Important Insurers) has advanced, but further work is needed to address legal, operational, and financial barriers.

Key Information

1. Progress in Legislative Reforms of Resolution Regimes

• The Key Attributes represent an international standard for resolution regimes.
• FSB jurisdictions have made progress in transposing the Key Attributes into national laws, particularly in the banking sector.
• The EU's BRRD (Bank Recovery and Resolution Directive) is a major step forward for EU members, with implementation due by the end of 2014.
• Non-bank sectors (e.g., insurers, FMIs) are less advanced in implementation, though some jurisdictions have taken cross-sectoral approaches.
• The FSB will continue monitoring and conducting peer reviews to ensure consistent progress.

2. Loss-Absorbing Capacity in Resolution

• The FSB has developed draft principles and a term sheet on the loss-absorbing capacity (LAC) of G-SIBs.
• The TLAC (Total Loss-Absorbing Capacity) requirement is central to these principles, with a common minimum floor agreed upon.
• The FSB is conducting impact assessments, including a Quantitative Impact Study (QIS), to finalize the calibration of TLAC requirements.
• Host jurisdictions need to be confident that sufficient LAC exists in subsidiaries to support orderly resolution.
• Disclosures under the Basel III framework will be further defined in collaboration with the BCBS.

3. Addressing Remaining Obstacles to Cross-Border Cooperation

• Cross-border recognition of resolution actions is a key challenge, as resolution measures in one jurisdiction may not be recognized in another.
• The FSB recommends statutory and contractual mechanisms to support cross-border recognition.
• ISDA Protocol was developed to enable the temporary stay of early termination rights in OTC derivatives contracts.
• Cooperation and information sharing with non-CMG host jurisdictions is necessary for effective resolution of G-SIFIs that are locally systemic in those jurisdictions.
• A new Annex to the Key Attributes provides guidance on information sharing and confidentiality regimes.

4. G-SIB Resolution Planning and Resolvability Assessments

• CMGs (Crisis Management Groups) are in place for all G-SIBs identified in 2013.
• Recovery and resolution plans are being developed, with a preference for Single Point of Entry (SPE) strategies.
• The Resolvability Assessment Process (RAP) has been initiated, with initial assessments of 10 G-SIBs showing progress but also identifying legal, operational, and financial barriers.
• The RAP aims to ensure consistent and adequate reporting on the resolvability of G-SIFIs and to address recurring issues.

5. G-SII Recovery and Resolution Planning

• Cross-border CMGs have been established for most G-SIIs.
• The FSB has developed sector-specific guidance for the insurance sector to identify critical economic functions.
• A draft guidance on cooperation with non-CMG host jurisdictions is being finalized by 2015.

Summary of Actions and Timelines

Conclusion

The FSB report highlights the progress made in aligning resolution regimes with the Key Attributes, while also emphasizing the remaining challenges in cross-border cooperation, loss-absorbing capacity, and implementation consistency. Continued legislative reform, regulatory coordination, and international cooperation are necessary to ensure that all G-SIFIs are resolvable in a manner that protects financial stability and avoids taxpayer burden.