by Edmund D. Harllee
Tuesday, November 1, 2011, the Board of Governors of the Federal Reserve System
(the "Board") and the Federal Deposit Insurance Corporation (the "FDIC") each
issued a final rule to implement the requirement, under Section 165(d) of the
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Act"),
that "covered companies" submit to the Board, the FDIC and the Financial
Stability Oversight Council (the "Council"), on a periodic basis, a plan for
the company's rapid and orderly resolution in the event of a material financial
distress or failure. The final rule takes effect on November 30, 2011.
Previously, on April 22, 2011, the Board and the FDIC had issued a proposed
rule for public comment with respect to this requirement. Comments were to have
been received by June 10, 2011.
This final rule applies to the following "covered companies":
Covered companies will be required to submit resolution plans (so-called
"living wills") to the Board and the FDIC on an annual basis and make them
available to the Council upon request. Initial resolution plans must be
submitted as follows:
The content requirements of resolution plans, and the procedure for the
resubmission of deficient resolution plans, are set forth in detail in the
If you have any questions about the information in this Alert, please
contact Ed Harllee at firstname.lastname@example.org.
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