Table Of Contents:

Preface; Resolution Planning; Which financial institutions must submit a Plan?; Which nonbank financial companies will be deemed systemically important and therefore required to submit a DFA Plan?; When are the initial Plans due?; When must subsequent Plans be filed?; What is the scope of a Plan?; What are the specific elements of a Plan?; What is a “tailored plan” and which Covered Companies are eligible to file one?; How should the DFA Plan take account of foreign operations and requirements?; What are the planning considerations for FBOs?; What other regulatory requirements could affect preparation of a Plan?; How will the Agencies review and approve a Plan?; What is a “credible plan”?; Will the Plans be confidential?; Conclusion; How should a Covered Company begin thinking about early-stage resolution planning?; Annex A: Federal Reserve Board and Federal Deposit Insurance Corporation, Final Rule Requiring Resolution Plans; and Annex B: Financial Stability Board, Key Attributes of Effective Resolution Regimes for Financial Institutions.

With a final rule recently approved by the Federal Reserve Board of Governors (“FRB”) and the Federal Deposit Insurance Corporation (“FDIC”), and a related interim rule applying to covered insured depository institutions, every covered company, U.S. and worldwide, should now begin its early-stage resolution plan process.

For a number of covered companies, this will involve submitting a resolution plan, or “living will,” for the organization as a whole, as well as a separate resolution plan for its covered insured depository institution(s). For all covered companies, this process involves a significant amount of internal organization and coordination, including participation by the board of directors and highest levels of management.

Committed staff and a clear internal communications policy accordingly are essential to effective planning.

We have designed these materials with three principal objectives...