Today, the Federal Reserve and FDIC released the public sections of the 2018 165(d) resolution plans of Barclays, Credit Suisse, Deutsche Bank and UBS, which were due on July 1, 2018. The plans contain strategies for the rapid and orderly resolution of each firm’s U.S. operations under the Bankruptcy Code … Read More
Resolution
Federal Reserve and FDIC Issue Proposed Guidance on U.S. G-SIBs’ 2019 Resolution Plan Submissions
By The Davis Polk FIG Team on
Today, the Federal Reserve and FDIC issued and invited comments on proposed guidance on the 2019 and subsequent submissions of the U.S. G-SIBs’ 165(d) resolution plans. The Proposed Guidance is available here.
The Proposed Guidance is largely similar to the guidance issued by the Agencies in April 2016, with … Read More
Treasury: Retain but Reform OLA + Add New Chapter 14 to Bankruptcy Code
By Randall D. Guynn & Dana E. Seesel on
Posted in FDIC, Resolution
In a long-awaited report to the President, the Treasury Department recommended reforming—but not repealing—the orderly liquidation authority (“OLA”) created by Title II of the Dodd-Frank Act (“Title II”), while also recommending the addition of a new Chapter 14 to the Bankruptcy Code. Concluding “unequivocally that … Read More
The Bank of England’s Presumptive Path
By Randall D. Guynn & Andrew Samuel on
Posted in Bank Regulation, Resolution
Last week, the Bank of England updated its public disclosure about how it would use its resolution powers to ensure that systemically important banks can be allowed to fail without destabilizing the financial system or using public funds to bail out their private sector shareholders or bondholders. See The Bank … Read More