Principles for Cross-Border Cooperation in Crisis Management
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These principles are based in part on the recommendations in the FSF, BCBS, IOSCO and G10's Joint Task Force Report (2001) on Winding Down an LCFI, and EU principles for financial crisis management. These high-level principles for cross-border cooperation on crisis management have been developed and endorsed by the members of the Financial Stability Forum and include a commitment to cooperation between relevant authorities, including supervisory agencies, central banks and finance ministries, both in making advanced preparations for dealing with financial crises and in managing them. They also commit national authorities from relevant countries to meet regularly alongside core colleges to consider together the specific issues and barriers to coordinated action that may arise in handling severe stress at specific firms, to share information where necessary and possible, and to ensure that firms develop adequate contingency plans.