Status: Will be live at 10/31/2016 00:00
Response - FSB Note on Essential Aspects of CCP Resolution Planning
The FSB had sought comment on issues which are considered crucial to the design of an effective resolution framework including resolution approaches and timing of entry into resolution, adequacy of financial resources, tools to return to a matched book, loss allocation, the "˜no creditor worse-off' principle and cross-border issues. Our submission highlighted the industry position in relation to the key issues as well as responding to the 24 sets of specific questions posed in the Note. The Joint Associations will continue to seek active engagement with the FSB in the months ahead with a view to ensuring a clear understanding about the key issues and appropriately informing the further consultation paper which the FSB intends to issue in the early months of 2017. The FSB currently aims to finalise the proposed framework by mid-2017.'