Columbia International Affairs Online: Working Papers

CIAO DATE: 04/2015

Comments on the September 29, 2014 FSB Consultative Document, "Cross-Border Recognition of Resolution Action"

Steven L. Schwarcz, Mark Jewett, E. Bruce Leonard, Catherine Walsh, David Kempthorne

December 2014

Centre for International Governance Innovation

Abstract

This paper is a response to the call for comments from the Financial Stability Board’s Consultative Document, “Cross-Border Recognition of Resolution Action” released on September 29, 2014. These comments focus on question 3 and question 4 of the consultative document. The comments regarding question 3 examine the appropriate design and implementation of resolution procedures for global systemically important financial institutions, and question 4 examines resolution regimes based on contractual approaches.