Abstract
This progress report reviews what has been achieved so far and sets out further actions to implement the FSB Key Attributes of Effective Resolution Regimes for Financial Institutions fully in substance and in scope and ensure that all global systemically important financial institutions (G-SIFIs) are resolvable. While FSB jurisdictions have made continued progress in adopting the powers needed to resolve failing banks, few jurisdictions have as yet in place resolution regimes that comply fully with the Key Attributes and provide adequate powers for resolving failures in the non-bank financial sectors. The actions identified to help further advance progress include: finalising the common international standard on total loss absorbing capacity for globally systemic banks; achieving the broad adoption of contractual recognition of temporary stays on early termination and cross-default rights in financial contracts; and promoting the full implementation of the Key Attributes beyond the banking sector. The report also includes the initial results from the FSB Resolvability Assessment Process on the resolvability of G-SIFIs.