The associations appreciate the FSB's awareness that the operationalization of bail-in requires not only banks but also authorities and providers of market infrastructure, to develop reliable and robust procedures. In our view, the draft Principles identify most of the relevant aspects of a bail-in transaction: The process to determine the required recapitalization amount, the processes in the clearing systems to effect the changes to creditor rights and shareholders, the mechanics to deliver new shares and the related governance aspects. However, we suggest strengthening the focus on the cross-border aspects of a bail-in transaction. In general, ex ante and ex post transparency and disclosures in conjunction with predictability and credibility of the various authorities fostered by international cooperation and coordination are key to the successful execution of a bail-in. Against this backdrop, the associations deem it as highly important to develop communication strategies for a situation in which a firm gets closer to the PONV. This also extends to the communication strategy of supervisors and resolution authorities during the same crucial time period.'