2017年-FSB全球金融稳定委员会_Principles_on_Bail_30页_602kb

Summary of Principles on Bail-in Execution

Core Content

The Financial Stability Board (FSB) published a consultative document in November 2017 titled Principles on Bail-in Execution to address the operational challenges of implementing bail-in transactions for Global Systemically Important Banks (G-SIBs). The document outlines principles to ensure bail-in processes are credible, timely, consistent across jurisdictions, and transparent to market participants.

Main Objectives

The primary goal of the document is to assist resolution authorities in operationalizing bail-in strategies for G-SIBs. It emphasizes the need for:

• Clear and transparent rules on the scope of bail-in instruments and liabilities.
• Effective valuation processes to support bail-in decisions.
• Compliance with securities law and exchange requirements during the bail-in period.
• Proper governance and control transfers.
• Robust communication strategies to manage market expectations and creditor engagement.

Key Principles

I. Bail-in Scope

• Principle 1: Ex ante transparency is essential to define the scope of instruments and liabilities that may be subject to bail-in. This includes specifying eligible instruments, statutory exclusions, creditor hierarchy, and the "no creditor worse off than in liquidation" (NCWOL) safeguard.
• Principle 2: Discretionary exclusions from bail-in and departures from pari passu treatment should be non-discriminatory and only used in exceptional circumstances to meet resolution objectives. These exclusions must be justified by objective criteria related to financial stability and creditor protection.
• Principle 3: Authorities should ensure firms have the necessary technological infrastructure to provide timely and accurate information about instruments and liabilities within the bail-in scope. This includes details on the type, issuing entity, currency, set-off rights, collateral terms, and legal framework.

II. Valuation

• Principle 5: Home and host authorities must identify and appoint valuers to support the valuation process during resolution.
• Principle 6: Firms should have robust management information systems to enable timely and accurate valuations.
• Principle 7: Valuation methodologies and assumptions should be transparent and consistent with the creditor hierarchy.
• Principle 8: The valuation process should be transparent to ensure market confidence and reduce the risk of legal challenges.

III. Exchange Mechanics

• Principle 9: A clear and operational exchange mechanism is necessary to facilitate the write-down or conversion of liabilities and the issuance of equity during resolution.
• Principle 10: Authorities should disclose and specify the bail-in exchange mechanics to ensure clarity and consistency.

IV. Securities Law and Exchange Requirements

• Principle 11: Authorities must identify and plan for securities law and exchange requirements in advance.
• Principle 12: During the bail-in period, firms must comply with disclosure requirements, and authorities should consider temporary exemptions or postponements if necessary.
• Principle 13: The listing and trading status of affected securities must be planned for during the bail-in period.
• Principle 14: Issuance, registration, and listing requirements should be addressed to ensure legal compliance and market transparency.

V. Resolution Governance

• Principle 15: During the bail-in period, the governance and control of the firm must be managed effectively.
• Principle 16: Resolution authorities should have the power to remove or appoint management as needed.
• Principle 17: The transfer of control to new owners and management should be clearly defined and supported by regulatory approvals.
• Principle 18: Coordination of regulatory approvals between home and host jurisdictions is crucial for a smooth resolution process.

VI. Resolution Communications

• Principle 19: A coordinated communication strategy is necessary to ensure clarity and consistency among all stakeholders.
• Principle 20: Communication should be delivered in a timely and transparent manner to avoid confusion and maintain market confidence.
• Principle 21: At the point of entry into resolution, authorities must communicate the bail-in terms clearly to creditors and market participants.

Key Considerations

• The principles are intended to be flexible, allowing authorities to adapt them to their jurisdictional and firm-specific contexts.
• They apply to both open bank and closed bank bail-in approaches, with different operational implications for each.
• The document invites feedback from stakeholders on whether the principles adequately address all relevant aspects, including cross-border considerations, and whether additional elements should be included.

Call for Comments

The FSB invited responses to the consultative document by 2 February 2018, aiming to refine the principles based on stakeholder input. The responses would be published unless the respondent requested otherwise.