Overview of Public Consultation to Guidance on Cooperation and Information Sharing with Host Authorities of Jurisdictions where a G-SIFI has a Systemic Presence that are Not Represented on its CMG
On 17 October 2014, the FSB published a consultative document – Guidance on Cooperation and Information Sharing with Host Authorities of Jurisdictions Not Represented on CMGs where a G-SIFI has a Systemic Presence – setting out draft guidance on the requirements in the Key Attributes for cooperation and information sharing between Crisis Management Groups (CMGs) and jurisdictions where the firm has a systemic presence locally but that do not participate in the CMG (non-CMG host jurisdictions). In addition, the draft guidance has been subject to consultation with authorities that are not FSB members through the FSB Regional Consultative Groups.
The FSB received 11 responses to the public consultation from official sector bodies, individual G-SIFIs and industry associations. This report summarises the responses to the consultation. Respondents welcomed the FSB’s initiative to develop guidance that supports cooperation and coordination beyond CMG membership, and agreed broadly with the process for identifying non-CMG host jurisdictions where a firm has a systemic presence and the respective roles of home and host jurisdictions.