Guidance on Central Counterparty Resolution and Resolution Planning
This report sets out guidance for resolution and resolution planning of central counterparties (CCPs). The guidance complements the FSB Key Attributes of Effective Resolution Regimes by providing guidance on implementing the Key Attributes in resolution arrangements for CCPs. The guidance sets out powers for resolution authorities to maintain the continuity of critical CCP functions; discusses the use of loss allocation tools; and describes steps authorities should take to establish crisis management groups for relevant CCPs and develop resolution plans.
The guidance was developed as part of the workplan by the FSB, Basel Committee on Banking Supervision, Committee on Payments and Markets Infrastructures and the International Organization of Securities Commissions to strengthen the resilience, recovery and resolution of CCPs.
The guidance was finalised following a public consultation on the draft guidance in February 2017 and a discussion note on essential aspects of CCP resolution planning in August 2016.
The FSB will undertake further work on financial resources for CCP resolution and, based on further analysis and experience gained in resolution planning, determine by end-2018 whether it should develop further guidance on this issue.