This guidance was originally published in October 2011 and was revised in 2014. This version being published now includes changes to Appendix II-Annex 1: Resolution of Financial Market Infrastructures (FMIs) and FMI Participants.

The FSB adopted the Key Attributes of Effective Resolution Regimes for Financial Institutions (Key Attributes) in October 2011. The Key Attributes set out twelve essential features that should be part of the resolution regimes of all jurisdictions. Their implementation should allow authorities to resolve financial institutions in an orderly manner without taxpayer exposure to loss from solvency support, while maintaining continuity of their vital economic functions.

When the FSB adopted the Key Attributes in 2011, it was agreed to develop further guidance on their implementation, taking into account the need for implementation to accommodate different national legal systems and market environments and sector-specific considerations (e.g., insurance, financial market infrastructures) to promote effective and consistent implementation across jurisdictions.

On 15 October 2014, the FSB adopted additional guidance that elaborates on specific Key Attributes relating to information sharing for resolution purposes and sector-specific guidance that sets out how the Key Attributes should be applied for insurers, financial market infrastructures (FMIs), and the protection of client assets in resolution. Those guidance documents were incorporated as annexes (Appendix I and II) to the 2014 version of the Key Attributes document. No changes were made to the text of the twelve Key Attributes of October 2011.

This revised version incorporates amendments to Appendix II-Annex 1: Resolution of Financial Market Infrastructures (FMIs) and FMI Participants, providing additional guidance on financial resources and tools to support orderly CCP resolution.

The twelve Key Attributes remain the umbrella standard for resolution regimes covering financial institutions of all types that could be systemic in failure. The FSB will continue its work to develop further guidance as needed to promote the effective and consistent implementation of the Key Attributes.