2016年-FSB全球金融稳定委员会_Guidance_on_Continuity_of_Access_to_Financial_Market_Infrastructures_FMIs_for_a_Firm_in_Resolution_31页_423kb

FSB Guidance on Continuity of Access to Financial Market Infrastructures (FMIs) in Resolution

Core Content

The Financial Stability Board (FSB) has issued a consultative document on continuity of access to Financial Market Infrastructures (FMIs) for firms in resolution. This guidance aims to support the orderly resolution of firms that are systemically important by ensuring that their critical functions can continue without disruption. It outlines arrangements at three levels: providers of critical FMI services, firms, and relevant authorities.

The guidance is built upon the Key Attributes of Effective Resolution Regimes and the FMI-Annex, and complements earlier FSB guidance on operational continuity in resolution. It addresses the need for clarity, consistency, and transparency in how FMIs and their intermediaries manage access during resolution scenarios.

Main Objectives

• Ensure continuity of access to critical FMI services during the resolution of a firm or its parent/affiliate.
• Promote resolvability by reducing the risk of systemic disruption.
• Support resolution planning and contingency planning for firms that rely on FMI services.
• Facilitate co-operation between resolution authorities and FMI providers to manage risks effectively.

Key Points and Main Views

1. Arrangements at the Provider Level

• Providers of critical FMI services must clearly define contractual rights, obligations, and procedures that apply when an FMI participant, its parent, or affiliate enters resolution.
• These arrangements should not discriminate between domestic and foreign participants.
• Safeguards must be in place to ensure that the safe and orderly operations of the FMI are not compromised.
• Termination or suspension of access should be subject to appropriate procedures, and not automatically triggered by a firm entering resolution.
• Ancillary services that support the continuity of critical FMI services must be included in the definition of critical FMI services.

2. Arrangements at the Firm Level

• Firms must develop contingency plans to ensure continued access to critical FMI services during resolution.
• These plans should include:
  • Information mapping on service providers, key services, and liquidity requirements.
  • Operational, governance, and communication arrangements.
  • Liquidity management strategies for different resolution scenarios.
  • Impact analysis of potential access disruptions on critical functions.
• Firms should engage with FMI providers to understand expected responses and additional requirements during resolution.

3. Co-operation Among Authorities

• Resolution and supervisory authorities should cooperate with FMI providers to:
  • Identify and manage financial stability risks.
  • Share information in advance and during resolution.
  • Engage periodically to discuss resolution strategies and contingency plans.
  • Assess the credibility of firms’ plans to maintain access.
• Pre- and post-resolution communication is essential for transparency and coordination.

Critical FMI Services Definition

• Critical FMI services include:
  • Clearing, payment, securities settlement, and custody.
  • Ancillary services necessary for the continuation of these functions.
• These services are provided directly by FMIs or indirectly via FMI intermediaries.
• FMI intermediaries are entities that provide services to firms and have direct or indirect access to FMIs.

Key Questions for Comments

The FSB invites responses to the following questions:

1. Does the document address tensions between financial stability objectives?
2. Are the definitions of critical FMI services appropriate?
3. Should contractual arrangements clearly outline resolution-related procedures?
4. Are procedures and safeguards for termination or suspension of access adequate?
5. Should domestic and foreign participants be treated equally?
6. Is the risk management engagement with FMI participants balanced?
7. Should contingency planning be required for all firms?
8. Does the document cover all aspects of contingency planning?
9. Should different approaches be considered for direct and indirect access?
10. Are information and communication methods appropriate for key decision-making?

Conclusion

The guidance emphasizes the importance of preparation, transparency, and co-operation in ensuring that firms can continue accessing critical FMI services during resolution. It aims to reduce the risk of systemic disruption and moral hazard by promoting consistent and resolvable arrangements across all stakeholders.

Responses to the consultative document should be submitted by 10 February 2017 to fsb@fsb.org.