2013年-FSB全球金融稳定委员会_Application_of_the_Key_Attributes_of_Effective_Resolution_Regimes_to_Non_3页_3mb

FSB Consultation on Resolution Guidance for Non-Bank Financial Institutions and Information Sharing Principles

Core Content

The Financial Stability Board (FSB) has launched a public consultation on the implementation of the Key Attributes of Effective Resolution Regimes for Financial Institutions (Key Attributes) to non-bank financial institutions. This initiative aims to ensure that resolution regimes are effective and can manage the failure of systemically important institutions (SIFIs) without causing systemic disruption or taxpayer burden.

The Key Attributes are a central policy tool endorsed by G20 leaders to address the "too big to fail" (TBTF) problem. They serve as an umbrella standard applicable to all parts of the financial sector that could pose systemic risks. The consultation includes guidance on three key areas:

1. Resolution of Financial Market Infrastructure (FMI) and its participants
2. Resolution of insurers
3. Client asset protection during resolution

These guidance documents are developed in collaboration with standard-setters such as the Committee on Payment and Settlement Systems (CPSS), the International Association of Insurance Supervisors (IAIS), and the International Organization of Securities Commissions (IOSCO).

Main Points

• Resolution of Financial Market Infrastructure (FMI):
  The guidance is designed to support the resolution of FMI entities, including central counterparties (CCPs), central securities depositories, and securities settlement systems. It complements the CPSS and IOSCO consultative report on FMI recovery, providing a comprehensive framework for both recovery and resolution.

• Resolution of Insurers:
  The guidance on insurer resolution aligns with the Global Systemically Important Insurers (G-SILs) policy measures published by IAIS. It includes recovery and resolution planning requirements for G-SILs, which were first listed in July 2013. Crisis management groups for these insurers must be established by July 2014, and recovery and resolution plans must be completed by the end of 2014.

• Client Asset Protection:
  The guidance on client asset protection builds on IOSCO's 2013 consultation report, emphasizing the need to safeguard client assets during resolution processes.

Key Information

• The FSB is seeking comments by 15 October 2013 on the consultative document.
• Responses should be sent to fsb@bis.org and may be published unless the respondent requests otherwise.
• The Key Attributes were first released in November 2011 and were endorsed by G20 leaders at the Cannes Summit.
• The FSB first published a list of G-SIFIs in November 2011, with an update in 2012 listing 28 banking groups.
• In July 2013, the FSB published an initial list of 9 G-SILs, and the resolution planning for these institutions is a priority.
• A Progress Report on the implementation of the Key Attributes was released on 19 April 2013.
• The FSB Resolution Steering Group, led by Paul Tucker (Deputy Governor of the Bank of England), is responsible for developing the Key Attributes and overseeing resolution planning.
• The FSB is chaired by Mark Carney, Governor of the Bank of England, and its Secretariat is located in Basel, Switzerland, hosted by the Bank for International Settlements (BIS).

Information Sharing Principles

The FSB is also consulting on principles for information sharing during resolution. These principles are intended to facilitate the exchange of non-public information between domestic and foreign authorities, which is essential for effective crisis management and resolution planning. The guidance includes provisions for national legal gateways and confidentiality regimes, as well as requirements for cross-border cooperation agreements (COAGs) for G-SIFIs.

• The goal is to ensure that information-sharing and confidentiality regimes are robust and used in practice.
• Without such frameworks, cooperation during crises and joint planning would be severely limited.
• These principles are part of the FSB's broader effort to enhance financial stability through coordinated international action.

Conclusion

This consultation marks a significant step in the international effort to address TBTF risks beyond the banking sector. By developing specific guidance for insurers and FMIs, and by promoting effective information sharing, the FSB aims to ensure that all systemically important financial institutions are subject to robust resolution frameworks. This aligns with the broader objective of reducing moral hazard and systemic risk in the global financial system.