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Access to FMI services is essential for banks to be able to continue performing their critical functions or critical services under all circumstances, including in cases where banks need to be resolved.
The FSB Framework for information from FMI Intermediaries to support resolution planning and the FSB Questionnaire for FMIs on the same topic have been developed to assist FMI service providers in identifying information that is potentially relevant for clients and resolution authorities and their resolution planning. Recent crisis cases in various jurisdictions have reinforced the need for banks to be prepared in this area.
In October 2022, the FSB Resolution Steering Group surveyed banks, FMI intermediaries and FMIs about their experiences with the FSB Framework. The survey responses demonstrated, among other points, that:
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The FSB guidance is seen as a helpful reference for gathering relevant information to support resolution planning, but further uptake by FMIs and FMI intermediaries is needed.
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Some FMI service providers noted that they would welcome feedback on their Questionnaire responses from the users of that information.
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A respondent noted that not only banks, but also FMI service providers have information needs to support their own contingency planning.
Based on this feedback, the FSB considers that its existing publications on the topic of firms’ continuity of access to FMI services in resolution do not currently need revision. However, this document provides a set of clarifications to further support the information exchange between FMI service providers and FMI service users for contingency planning.
A significant number of internationally active FMIs have prepared a response to the FSB Questionnaire. The FSB strongly encourages all FMIs that have not done so already to prepare a response to the FSB Questionnaire and to review their response periodically to ensure continued accuracy and usefulness.
