This report recommends a policy framework for addressing the systemic and moral hazard risks associated with systemically important financial institutions (SIFIs) whose disorderly failure, because of their size, complexity and systemic interconnectedness, would cause significant disruption to the wider financial system and economic activity. It sets out recommendations for improving the authorities' ability to resolve such institutions in an orderly manner, without exposing tax-payers to loss, while maintaining continuity of their vital economic functions. This will require changes to resolution regimes and tools at national levels, and legislative changes to enable resolution authorities to co-ordinate in cross-border resolutions. The report recommends that in particular financial institutions that are clearly systemic in a global context (G-SIFIs) should have higher loss-absorbency capacity than the minimum levels agreed in Basel III. These institutions must also be subject to more intensive coordinated supervision and resolution planning to reduce the probability and impact of their failure.